In addition, you also analyze the offerings of competitors within the industry. Now you can enter the consumer data within the coordinate system. Here you arrange different characteristics of a product on one axis and symbolize the importance or the degree of development on the other axis. So that the Blue Ocean Strategy is successful, it is therefore advisable to analyze the wishes of the target group: What do consumers expect from a new product? The findings can be presented in a so-called value curve. Above all, an approach to creating innovations has proven to be promising: Change an existing product so much that it appeals to people who were previously not interested in the original product. In fact - as you can see from the successful examples - it is also possible to place existing technologies in a new context and therefore create an innovation. However, the new product does not necessarily have to be related to a new technology, which is certainly the first and most obvious thought. Innovation must be the beginning of your efforts: You cannot enter a new market without a new product. In a study conducted by Mauborgne and Kim in the run-up to their book, however, they found that companies with a Blue Ocean Strategy were able to maintain their dominance in the new market for an average of 10 to 15 years. The competition will try to take your shares. Imitators find each other relatively quickly and attack the new market.
Of course, you won't be alone in the market forever. If a company manages to develop a blue ocean, it can completely escape from the competition and make the highest profits. In a red ocean, you define yourself primarily through the price and can therefore gain market share from other participants, but this pressure does not exist in a blue ocean.
Anyone who takes this step can achieve undreamt-of benefits:
A new market can only be created with completely new products that consumers do not yet know. For this you need one thing above all else: innovations. In order to open up a market that no one else is working on, you have to create a completely new one.
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