Blue Ocean Strategy Plan Paper
Blue Ocean Strategy Plan MKT/421
Introduction
In today's competitive market where companies attempt to outperform one another by creating a brand new product or adjusting an existing product in attempts to appeal to a larger customer base are referred to as a Blue and Red Ocean strategy plans; “Red Oceans represent industries in existence today, and the industry boundaries are defined, accepted, and the competitive rules of the game are understood. Blue oceans denote all the industries, not in existence today- the unknown market space untainted by competition." (Kim & Mauborgne, 2004, p. 82(10), 76–84.).
Movie theaters are one example of a Red Ocean. Initially, individuals would watch movies at a drive-in movie theater that later progressed to indoor movie theaters where customers were given the opportunity to purchase foods and beverages. In attempts to outperform standard movie theaters, iPic Entertainment, LLC created iPic movie theaters which offers movie goers a luxury movie theater experience by offering a chef-driven menu instead of standard movie theater concession stands, comfortable lounge chairs, blankets, and pillows while watching movies, and a lounge area where customers can purchase mixed drinks and cocktails. (iPic Entertainment, LLC, n.d.).
Description of a Blue Ocean Strategy and its Importance
The automotive industry is one example of an organization that creates a Blue Ocean strategy plans within its self to reconstruct their brand, create and capture a new demand, and make their completion irrelevant. Automobile manufacturers continuously seek ways reinvent their brand and compete with their completion. Offering hybrid and solar power vehicles for customers concerned about the harmful toxic chemicals automobiles emit, cars that are fuel efficient, extended warranties, additional safety features, and amenities such as backup cameras and navigation systems. It's important for companies to create a Blue Ocean strategy plan
Introduction
In today's competitive market where companies attempt to outperform one another by creating a brand new product or adjusting an existing product in attempts to appeal to a larger customer base are referred to as a Blue and Red Ocean strategy plans; “Red Oceans represent industries in existence today, and the industry boundaries are defined, accepted, and the competitive rules of the game are understood. Blue oceans denote all the industries, not in existence today- the unknown market space untainted by competition." (Kim & Mauborgne, 2004, p. 82(10), 76–84.).
Movie theaters are one example of a Red Ocean. Initially, individuals would watch movies at a drive-in movie theater that later progressed to indoor movie theaters where customers were given the opportunity to purchase foods and beverages. In attempts to outperform standard movie theaters, iPic Entertainment, LLC created iPic movie theaters which offers movie goers a luxury movie theater experience by offering a chef-driven menu instead of standard movie theater concession stands, comfortable lounge chairs, blankets, and pillows while watching movies, and a lounge area where customers can purchase mixed drinks and cocktails. (iPic Entertainment, LLC, n.d.).
Description of a Blue Ocean Strategy and its Importance
The automotive industry is one example of an organization that creates a Blue Ocean strategy plans within its self to reconstruct their brand, create and capture a new demand, and make their completion irrelevant. Automobile manufacturers continuously seek ways reinvent their brand and compete with their completion. Offering hybrid and solar power vehicles for customers concerned about the harmful toxic chemicals automobiles emit, cars that are fuel efficient, extended warranties, additional safety features, and amenities such as backup cameras and navigation systems. It's important for companies to create a Blue Ocean strategy plan