5_BOS

Question 1

What is the blue ocean strategy?

Answer 1

A business approach that seeks to create a new market space, where competition is irrelevant

Question 2

What are the reasons for entering a blue ocean?

Answer 2

1) Untapped market potential
2) Differentiation
3) Reduced competition
4) Higher profit margins

Question 3

What are the challenges and risks related to the blue ocean strategy?

Answer 3

1) Market uncertainty
2) Innovation demands
3) Internal resistance
4) Competitive response

Question 4

Explain the three tiers of noncustomers

Answer 4

1) Soon to be: noncustomers who are on the edge of your market waiting to jump ship
2) Refusing: noncustomers who consciously choose against your market
3) Unexplored: noncustomers who are in markets distant from yours