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Essay Available:
Pages:
6 pages/β‰ˆ1650 words
Sources:
2 Sources
Style:
Harvard
Subject:
Business & Marketing
Type:
Coursework
Language:
English (U.K.)
Document:
MS Word
Date:
Total cost:
$ 31.1
Topic:

Blue Ocean Strategy Idea

Coursework Instructions:

You have two tasks:
Task 1) Task 2) Report (1300 words)
oDefine the following three terms and relate them to your own Blue Ocean Strategy idea:
1. Focus
2. Divergence
3. Tag line
oUsing the Four Action Framework - you are required to identify 12 x critical success factors (CSFs) – 3 x CSF’s for each of the Four Actions. You should justify your choices of CSF’s through research evidence and analysis.
Four Action Framework - factors:
1.Reduce
2.Eliminate
3.Raise
4.Create
oUsing your Blue Ocean Idea and your 12 x CSF’s, you are then required to create your own strategy canvas which should have two curves:
1.Red Ocean value curve (existing industry)
2.Blue Ocean value curve (new industry curve)
oThrough Market Research, you are required to identify: 3 tiers of non-customer groups for your blue ocean idea and justify your decisions with research evidence.
oChoosing 3 x CSF’s from 4 Framework Factors (They do not have to be from the same factor, you may choose 3 from a mixture of the 4 framework factors)
You will draw 2 x sketches for each of your chosen 3 x CSF’s. These drawings will pictorially present the changes from the current red industry to your new blue ocean industry, if your blue ocean strategy were to launch:
3 x CSF’s
ο‚·- 1 x blue ocean sketch
ο‚·- 1 x red ocean sketch
= 6 x sketches in total.
Assessment Criteria – YOUR reports are required to undertake the following
oProvide a front sheet with your p number, title of Report, tutor name, your Group, and a word count that ONLY includes the report content (excludes Reference List and Title sheet)
oNO Executive Summary
oThe Introduction should be limited to three sentences
oInclude a strategy canvas. The canvas should be an insert so that it is not included in the word count
oA reference List with a minimum of: 4 industry sources; 8 academic sources.
oSketches should be your own originals. They can be in cartoon, comic, digital or other pictorial formats that are prepared by you
oThere will be a penalty of a deduction of 10% of the mark for work exceeding the word limit by 10% or more

Coursework Sample Content Preview:

Blue Ocean Strategy
Student’s Name
Institutional Affiliation
Course Details
Instructor’s Name
Date of Submission
Blue Ocean Strategy
Introduction
Many theories exist in the business world that aim at guiding business individuals and organizations in decision making so that they can remain relevant in the market. The blue ocean strategy is such that theory that has been adopted by millions of business entities in accomplishing their goals and objectives (Carton, 2020). Ideally, the strategy is a theory that is designed to create an uncontested market space which makes competition an irrelevant aspect. Due to the changing business needs in the modern world, entities often look for innovative inputs that can put them in a competitive advantage over others in the same market niches (Carton, 2020). With the blue ocean approach, businesses tend to create new demand in the market and find solutions which is difficult for their competitors to match. Thus, after creating demand, they offer the products or services to satisfy consumer needs (Carton, 2020). Instead of competing for the existing market demand, businesses utilizing this strategy have an objective of expanding the market so that they can benefit more. Research indicates that this strategy has been implemented successfully by millions of businesses that seek to expand their market coverage as well as maintain a long term success in the market.
Definition of Terms
Focus is defined as concentrating on a particular aspect of business with an aim of achieving uncontested advantage over competitors. With the blue ocean theoretical strategy, businesses often focus on identifying a particular element of the business within the niche they operate in. the objective is to create a value proposition for the product or service overall. In so doing, a business sis able to uniquely identify and segment itself from its competitors. In relation to this, adopting this can create an environment where the business entity has a greater competitive advantage over others in the same niche.
Additionally, divergence is the practice of breaking away from the traditional norms of operating business with an aim of being more successful. In an ideal situation, most businesses often adapt the existing traditional business approaches of operations. Thus, they may find it challenging to fight with the competition in meeting the consumer needs. Considering the blue ocean strategy, businesses often adopt divergence by introducing new and unique products and services that are more difficult for the competitors to challenge. This, in the long term, the entities using the divergence tactic gain a greater competitive advantage.
A tagline is a short and catchy phrase that is used to communicate the brand image of a company. The tagline is designed to ensure that consumers understand the value proposition of the products or services offered by a business. In the blue ocean strategy business entities often utilize catchy taglines that sets them apart from the existing competitors. This way they are able to convince the existing and prospective consumers on the value proposition of their products.
Four Action Framework
Chan Kim and Renee Mauborgne who authored the blue oc...
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