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Blue Ocean Strategy
April 01, 2017Blue Ocean Strategy is a brilliant business innovation strategy, explained in the book "Blue Ocean Strategy" by W. Chan Kim and Renée Mauborgne.
Instead of competing in existing red oceans, businesses should create blue oceans - new, uncontested markets.
We can innovate and differentiate by using the 4 Actions Framework:
- Which of the elements of the industry have to be eliminated?
- Which elements should be raised above the standard of industry?
- Which elements should be reduced below the standard of industry?
- Which elements should be created that industry has never offered?
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