Essay About 2014Blue Ocean Strategy Paperthe And Blue Ocean Strategy

Blue Ocean Strategy Paper
Blue Ocean Strategy PaperMkt 421November 25, 2014Blue Ocean Strategy PaperThe blue ocean strategy in marketing has a unique way to building a customer base. When reviewing the Blue Ocean Strategy, one must take the time to understand the thought process fully rather than try to compete in a crowded marketplace with existing organizations (Business Daily News 2013). A blue ocean strategy looks to create an entirely new market segment that does not look to have other existing firms (Business Daily News 2013). With the rapid growth of technology and globalization, the importance of a blue ocean strategy has increased in over years. This essay will explain the blue ocean strategy and give suggestions on how it can be employed in today’s modern business environment.What is a Blue Ocean Strategy in Marketing?Organizations need to consider the four Ps of marketing when developing a new offering, which include product, placement, price, and promotion. In order to compete successfully, it is necessary to give consumers a certain value proposition. For example, a firm can offer a product at a lower price or at a higher quality than what is presently offered by other firms. But what if a firm could avoid having to deal with competition altogether? The blue ocean strategy attempts to create a new marketplace that is free of competitors. It is important to thoroughly educate consumers about the new product in order to gain interest and confidence. Once this has is done, the new product will be positioned in point that provides no alternatives and allows much more effective branding tactics to be utilized.Products of Blue Ocean MovesThere have been several notable blue ocean moves in modern business recently, particularly in the technology world of Apple. Apple was established in 1976 by Steve Jobs (Time 2014). He never hesitated to establish was so differently amazing than anything else on the market that was available. In 2001, Steve created the iTunes for the Apple phones which was like nothing the world had ever seen before moved into a class of its own. Apple’s strategy also led into the success of the iPod (Time 2014). Customers then had the opportunity to download music from the iTunes onto the iPod. It would require years of technology development for the company’s main rivals to offer similar products.