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Marketing Strategy and Innovation > Blue Ocean Strategy > Flashcards

Blue Ocean Strategy Flashcards

1
Q

What are the 3 competition levels

A
  1. Generic competition
  2. Category competition
  3. Competition between brands
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2
Q

What is the generic competition

A

Companies competing for the money of the same customers

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3
Q

What is category competition

A

Alternatives to satisfy a necessity and or a desire. Sectoral competition. Set of products within the same sector

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4
Q

What is competition between brands

A

Set of brands the consumer considers as substitutes among themselves

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5
Q

What is the blue ocean strategy

A

Positioning is showing that your brand is better than competitors to resolve the problems of your target consumers

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6
Q

What are the biggest differences between red ocean and blue

A

Blue creates uncontested market space, red competes in existing

Blue makes the competition irrelevant, red beats the competition

Blue creates and captures new demand, red exploits existing demand

Blue breaks the value cost trade off, red makes the value cost trade off

Blue alligns the whole system of a firm activities in pursuit of differentiation and low cost, red alligns the whole system of a firm activitiws with its strategy choice of differentiation or low cost

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7
Q

What is the 4 framework for strategic canvas

A

Raise, create, reduce and eliminate

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8
Q

according to blue ocean strategy, the thrid tier of nonconsumers is people who refuse to use your industrys offering. TRUE OR FALSE

A

FALSE. that is second tier

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9
Q

First tier of non customers

A

“soon to be” non customers who are on the edge of your market, waiting to jump ship

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10
Q

second tier of non customers

A

“refusing” noncustomers who consciously choose against your market

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11
Q

thrid tier of non consumers

A

“unexplored” non customers who are in markets distant from yours

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12
Q

Blue ocean strategy argues that lasting success comes from battling competitors in the red ocean

true or false

A

falsa

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13
Q

blue ocean strategy doesnt provide a set of tools and frameworks to create new market spaces

true or false

A

false

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14
Q

adopting a red ocean strategy means that a company is

A

competing in existing market space,

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15
Q

Quais são os principais riscos de apostar no Blue Ocean Strategy?

A

a) O primeiro a fazer a primeira jogada, raramente ganha o jogo
b) Ignorar competidores de mercados paralelos
c) Dificil encontrar um Blue Ocean eficaz/definitivo~

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16
Q

Change in behavior is an example of importante individual challenges that come with innovation.
t or f

A

true

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17
Q

According to Harvard, the latest Era of Marketing is characterized by:

A

Relevance

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18
Q

Business model innovation is about changing key elements of the business such as the value proposition to customers or the operating model of the company.
true or falsae

A

treue

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19
Q

In business model innovation, foresight is about determining which customer’s needs have been ignored so far.
t f

A

false

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20
Q

The purpose of UX Laddering is to…

A

Uncover the basic emotions that feed into a customer’s decision to purchase a certain product

Allow researchers to reach deeper levels of customer understanding and to reveal the “reasons behind the reasons”

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21
Q

A company should articulate a strong vision for the years (e.g., 10 years) in the future while being open to iterating on the strategy

t f

A

true

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22
Q

Gamechangers search for new possibilities articulating ideas that are disruptive and contagious in their markets. Ideas come from…

A

Everywhere
Our imagination, but require stimulus and stretch
A need to make something better

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23
Q

Open thinkers, as opposed to closed thinkers, are described as being:

A

Customer / application-centered

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24
Q

Revenue model innovation is part of the business model innovation and is about changing networks with employees, suppliers, customers and other.

A

false

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25
Q

) According to blue ocean strategy, the third tier of noncustomers is people who refuse to use your industry’s offerings.

A

false

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26
Q

Blue Ocean Strategy argues that lasting success comes from battling competitors in the red ocean.

A

false

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27
Q

Blue Ocean Strategy doesn’t provide a set of tools and frameworks to create new market spaces.

A

false

28
Q

Buyer value is enhanced in value innovation by offering elements the industry has never provided

A

true

29
Q

Value Innovation doesn’t involve pursuing differentiation while increasing costs.

A

true

30
Q

Triggers are long-term macro changes that shape the direction of consumer trends.

A

false

31
Q

In the Expectation Economy, customers are amazed by the efficiency of global markets

A

false

32
Q

Rising quality, positive impact, and personal expression are the three strands of customer expectation in this economy.

A

true

33
Q

Businesses should catch up with and surpass the curve of accelerating expectations in the Expectation Economy.

A

true

34
Q

A consumer trend is a new manifestation among people — in behavior, attitude, or expectation — of a fundamental human need, want, or desire.

A

true

35
Q

Rapid growth or sudden shifts in data can be ignored if they are small in absolute numbers.

A

false

36
Q

Trend driven innovation suggests that trends are primarily driven by constant changes in consumer preferences.

A

true

37
Q

Adopting a red ocean strategy means that a company is…

A

Competing in existing market space.

38
Q

Empathy is described as the ability to engage in the action and design with your client.

A

true

39
Q

Extrinsic value is…

A

The value derived from the appreciation of the offering.

40
Q

According to the information provided, what is the primary goal of Design Thinking?

A

Solving complex problems through a human look

41
Q

The Value Proposition Canvas is a tool that intends to achieve the fit between the Customer Profile (Gains, Pains and Customer jobs) and the Value Map (Gain creators, Pain relievers and Products and services). Considering Uber as an example, how would you use this tool to understand the value proposition for different customer segments? (e.g. Drivers vs Users)

A

Use one Value Map for each Customer Profile.

42
Q

The hierarchy of the products stretches from basic fundamental needs to specific items that satiate the particular needs. According to product hierarchy, which of this level classifies the various products within a product line?

A

Product type

43
Q

Although its overall benefit, SWOT may also be a limited tool. Why?

A

a) The SWOT analysis is subjective
b) With the SWOT there is a lack of prioritization
c) With the SWOT there is a lack of clarity

44
Q

“Futurism” - can be positioned in a Consumer Trend Radar, in one of the four impact areas of the organization. Where could we position this trend in this radar?

A

d) “Futurism” is a not a consumer trend, therefore it is not included in this radar

45
Q

What kind of brand would you consider DISNEY and LEGO to be?

A

Both are traditional purchase and new usage brands

46
Q

In the Yelowtail given example in class how do they define their way to achieve their business goals?

A

c) Critical success factors

47
Q

Most of the companies fail because they try to create products/solutions that no one wants. What does it needs to exist between the Value Map and the Costumer profile to increase the chances of success of a company?

A

e) Fit

48
Q

Choose from the below options the one that corresponds to a Product Category competitor level:

A

c) Ibis and Hilton

49
Q

According to the HBR article ‘’ Marketters need to stop focusing on Loyalty and start thinking about Relevance’’, discussed in class, what is relevance?

A

a) Give the right incentives to customers;
b) A good 4P’s Strategie (Product, Price, Place and Promotion);
c) Implement the new 4P’s (Purpose, Pride, Partnership, Protection);
d) Being relatable;
e) None of the above;

50
Q

How can we develop a product hierarchy?

A

use for step from , Drill down the core to scale your product hierarchy

51
Q

Among the competition levels and considering only “Budget Competition”, is that correct to Burger King analyse and be aware about market trends regarding which business models?

A

d) Online tv and movies streaming

52
Q

All the options below are saying correct things about Consumer Trend Canvas, except one. Which is?

A

c) Consumer Trend Canvas is something to do to innovate a product / company. Therefore, any innovation that has already been made in competing companies should be discarded.

53
Q

Based on your knowledge about the 4 Levels of Competition, select the FALSE alternative:

A

) A good strategy for products and services that are at the Product Category Level is to convince that your product or service is the most appropriate way for customers to spend their money.

54
Q

What’s the difference between Red Ocean Strategy and Blue Ocean Strategy:

A

a) Red ocean compete in existing market space and blue ocean create uncontested market space
b) Red ocean beat the competition and blue ocean make the competition relevant

55
Q

You notice a massive demand for fried chicken & fast food in your locality, you act on the opportunity and set up a restaurant with fresh, organic & sustainable food supplies, also offering vegan meat options, at an affordable rate. Which of the C’ in strategy innovation is being prioritized here & why?

A
56
Q

What is the key point which distinguishes the relevance loyalty eras?

A

Attracting customers into orbit around a brand based on their potential needs

57
Q

Considering the theory of the topic Competition Level, please give an example of 2 Companies that compete with the same target segment and the same Budget.?

A

d) Cabify and Kapten

58
Q

Customer Engagement is the emocional connection between a customer and a brand. Why is important for companies to have this connection …

A

a) Highly engaged customers buy more
b) Provides a high-quality customer experience
c) Highly engaged customers demonstrate more
d) Highly engaged customers promote more

59
Q

139) What is the first step of the Strategy Innovation Framework?

A

c) Identify a business opportunity focuses in your Customers, Competitors and your Company

60
Q

Which of those following options are all included in the Seven Common types of Non-Consumer Trends?

A

d) Social, political and economic trends; Industry trends; Fashion trends.

61
Q

As technology, the marketing world is also evolving. This way the importance of having a relevant brand is increasing. A good way to build a relevant brand is to:

A

b) Focus on the personalization of the product in order to have people feeling the product meets their needs

62
Q

The customer makes choices between the competitors using the Product Hierarchy. Regarding the examples of coca-cola/pepsi, seen in class. What do you think is taken into consideration as a Product Hierarchy?

A

b) Need family; Product family; Product class; Product line; Product type; Item

63
Q

As a CEO, which of the following you would not consider as a reason to adopt a blue ocean strategy.

A

b) Compete

64
Q

How should a company understand it relevance nowadays?

A

a) Understanding customer needs over time

65
Q

According to Simon Sineks’ Golden Circle, very few organizations know the very reason they exist.

A

True. Very few organizations know why they do what they do..

66
Q
A

Marketing Strategy and Innovation (5 decks)

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