![]() ![]() Here, the Blue Ocean Strategy stands out as a strategy to achieve innovation. Various studies and practical case studies show that the only innovation is the solution for this complicated equation. As such companies have limited financial and human resources, these conditions leave them a limited window to penetrate the market. The challenge factor is magnified for new companies as they try to find a value proposition that allows them to have a place in the market. ![]() There are a lot of other tools in this book that any business owner or corporate department manager can quickly apply and improve in their own business.One of the biggest challenges that face today’s companies is market competency. Finally, what can you create that your competition isn't doing? Southwest created the short point-to-point departure system that made shorter trips more affordable for everyone. Southwest is known for their great customer service. What is your competition doing that you can do better, but that will also raise the value for your customers? For Southwest, it was the level of service. Now, although serving peanuts instead of a full meal is common-place today, when Southwest started doing it, it was a completely new idea. Then look at what you can reduce that will set you apart. For Southwest Airlines, it was seat assignment. Look at your competition and identify what they are doing that can be completely eliminated without damaging your value to customers. It is a great way to have a fresh look at just about every aspect of your business. Since reading that chapter, I've been applying the grid to nearly everything I've come across. One such methodology is the Eliminate-Reduce-Raise-Create grid. This book takes something that any business person knows intuitively and puts it into a concrete methodology that can be applied in your own business. Although each of the companies highlighted in the book were not new information for me, I had never thought about what they've accomplished in terms of a Blue Ocean Strategy. ![]() ![]() Blue Ocean Strategy really opened my eyes to a new way of looking at strategy. ![]()
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