What is Blue Ocean Strategy by Extrovision digital solution


What is the blue ocean strategy?

In order to open up new market space and develop new demand, Blue Ocean Strategy is a simultaneous pursuit of differentiation and low cost. Uncontested market space is the goal of this strategy, making the competitors unimportant. It is predicated on the idea that the actions and opinions of industry actors can reshape market limits and industry structure.


Is there any difference between red and blue ocean?

To characterise the market universe, Chan Kim and Renée Mauborgne coined the terms "red" and "blue" in their book, Blue Ocean Strategy.




The RED OCEANS represent the current market space, which includes all industries now in operation. The competitive rules of the game are well-defined and accepted in industries with red oceans.

In this market, corporations compete to outperform their rivals in order to gain a larger piece of the market. Profits and growth are slashed when the market becomes more competitive. Cutthroat or brutal competition ensues when products become commodities. As a result, the waters are referred to as "red" oceans.


BLUE OCEANS, on the other hand, represent all of the sectors that do not yet exist — the untapped, uncontaminated market space. Demand is produced rather than fought over in blue oceans. There is a lot of room for rapid and profitable expansion.

Competition is irrelevant in blue oceans since the rules of the game have yet to be established. The metaphor of a "blue ocean" refers to the vastness and depth of untapped market potential. A blue ocean is huge, deep, and powerful when it comes to generating profits.



Differences between red and blue ocean strategies can be summarised as follows:

Red Ocean Strategies:

  • Confront the already-existing market
  • Beat your rivals
  • Take advantage of a current need
  • Make a trade-off between cost and value.
  • A company's actions should be aligned with its strategic choice of distinction or low cost.

Blue Ocean Strategies:

  • Establish a market sector that is free of competition.
  • Eliminate the need for the competitors.
  • Develop and satisfy unmet consumer needs.
  • Avoid making sacrifices in terms of value and cost.
  • Organize a company's activities in such a way that the end goal is to differentiate themselves while maintaining low costs.




For anyone tired of competing head-to-head and wanting to seize new growth. 

If you're looking for a best digital marketing strategy or an idea to boost your business we're just a call away.  




Written by : Chetan Singh

For more info, visit us on : www.extrovisiondigital.com

Follow us on : Facebook  |  Instagram  |  Linkedin  |  Twitter


Location: Indore, Madhya Pradesh, India

Comments

Post a Comment

Popular posts from this blog

What is Digital Marketing & career options?

Image
Become a digital marketer and take your career to a new level. Everything has gone digital in our time. The Internet has improved our quality of life, allowing us to take advantage of numerous features that were previously unavailable unless on a phone or laptop. Internet-based promotion of goods and services through the use of digital tools is referred to as digital marketing. Display advertising via mobile phone applications and any other digital medium is included in this category.  Today's era is all about online shopping, ticket booking, recharging, bill payment, and so on, and we can do all of these things from the comfort of our own homes. For any firm, digital marketing is essential in a market where roughly 80% of purchasers conduct internet research before purchasing any product or service. What is Digital Marketing? Few years ago, people used to sell and deliver their goods to customers using a variety of methods, such as posters, templates, advertisements, and newspaper...
Read more

Unlocking Success: 10 Effective Strategies to Boost Your Organic Search Rankings

Image
Introduction In today's digital landscape, ranking high in organic search results is crucial for driving targeted traffic to your website. With the right strategies in place, you can improve your search engine rankings and increase your online visibility. In this blog post, we will explore 10 effective strategies that can help you climb the search engine ladder and achieve organic search success. As a leading digital marketing agency, ExtroVision Digital Solution understands the importance of organic search rankings. With over a decade of experience in the industry, we have witnessed the ever-evolving search landscape and mastered strategies that deliver results. By implementing these 10 proven techniques, you can enhance your website's visibility, attract more organic traffic, and ultimately, boost your online success.  Keyword Research and Optimization : Conduct comprehensive keyword research to identify relevant, high-value keywords for your industry. Optimize your website...
Read more