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Of Blue ocean strategy have roots in innovating and developing new demands, making and rendering the competition irrelevant and consequential breaking of the cost of value tradeoffs. Development of new demands and markets over the current ones encompasses six routes; strategic groups, industry, product or service offering scope and both emotional and functional offering is mandatory (Kim & Mauborgne, 2005). Minimization of risks and maximization of profits due to competition threat calls for the best principles of boundary exploration. The opportunities of the big untapped spaces in the market can easy acquire boundary expansion for development purposes.The Blue strategy has great importance in the business world. It gives an opportunity for a business to sell its products and services experiencing little or no competition at all from other companies. The strategy can be very helpful more so, to a new business which lacks enough funds for intensive advertisements. In the event of a new market entrant in the space where other companies have strong brand recognition, Blue ocean strategy is the key to adopt. To gain perfect share of the prevailing market, a company can use Blue ocean strategy not to compete with the prevailing competitors but to create unique business model for new clients’ attraction (Kim & Mauborgne, 2005).Blue ocean strategy is very useful in the case of decline or saturation of the market. In its prime use, there is a need to analyze the companies in existing markets to find out the necessary expenses for further investments. There is a need to eliminate the expenses that are non-profit making even if the competitors over-rely on them. Combination of the useful features in two market places purposively to create an advantageous product over the both markets competitor emanates from blue ocean strategy (Koontz & Weihrich, 2010).There are various corresponding services and products, which can have consideration as examples of a blue ocean move. Video game playing is one perfect example of this kind of service. In the current situation, Nintendo’s Wii is the best to quote. In this bid, there is a good strategy application to target the customers not famous in the field of video games, but seeking a way to outshine the competitors. Instead of releasing a more complicated video game console with additional feature than the traditional one, Nintendo opted for a release of a unique video games console with distinct controls to

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Kim, W., & Mauborgne, R. (2005). Blue ocean strategy (1st ed.). Boston, Mass.: Harvard Business School Press.

Koontz, H., & Weihrich, H. (2010). Essentials of management (1st ed.). New Delhi: Tata McGraw Hill Education Private Ltd.

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preview essay on BLUE OCEAN STRATEGY
  • Pages: 4 (1000 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Masters
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