A summery of Blue ocean strategy book Essay Example | Topics and Well Written Essays - 1000 words

A summery of Blue ocean strategy book - Essay Example If one has to compete with other industries, they will have to suffer losses and campaigns that could drain them or turn their survival mode on. The book consists of five parts which describe in detail the processes of excelling in business and forming new strategies. The starting section outlines the most important parts of the blue ocean strategy and the importance of forming a low costing evaluation. It derives the concept of ‘value innovation’ in which it is essential and vital to come up with something different than others to that the attention and worth of the product increases despite the cost which it is at – even though the cost should be low so that the product isn’t extremely expensive. The market is always up for something different at not a very high price because then everyone is bound to give it a try. And with the population around in billions, creating a small fortune won’t be that hard. The second part entails how the blue ocean strategy was created. The first principal is to come up with something of which there should be no competition so that the market space is open and unchallenged. It tells to focus on the bigger picture, to dream big and not to just settle for small profits because that is how good business is done. The risk is always there of course but the blue ocean strategy helps in forming the courage to take that risk, especially if there is enough confidence in the idea or the product. The risk that comes up with business is the third part. The scheme and plan with which a strategy is formed has to follow the six principles first. They are good in ensuring an effective and a relatively safe way to start a business. First things first, the formulated plan has to make sense to everyone. Then there are the customers who will not buy the product that have to be unlocked by the three tiers. Following is to know what market is friendly and to make