Question
The six principles of Blue Ocean Strategy are: 1. Reconstruct market boundaries: This involves identifying and going beyond the existing boundaries of the current market. 2. Focus on the big picture, not the numbers: This principle encourages businesses to have a broader perspective and not just focus on the financials. 3. Reach beyond existing demand: Businesses should explore new demand opportunities within the untouched market space. 4. Get the strategic sequence right: This principle emphasizes the importance of proper planning and execution. 5. Overcome key organizational hurdles: Businesses should identify and overcome the challenges that prevent them from entering the blue ocean. 6. Build execution into strategy: This principle stresses the importance of proper strategy execution.
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There are six principles of Blue Ocean Strategy, each with key tools and objectives. Each principle comes with its own set of risks. For instance, Blue Ocean Strategy operates under the belief that boundaries and industry structures can be reconstructed based on the actions of the players involved. So under this first principle, reconstruct market boundaries, your company could face a "search risk". The "search risk" comes from the need to educate your customer base about the new market that's been created. (Slide 4)
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