Four vital actions- eliminate, raise, reduce, and create, are involved in proceeding blue ocean strategy that can reconstruct the market boundaries. Another core principle of this approach is to ensure a balance between differentiation and low cost. This is how businesses make the competition irrelevant. This refers to turning non-customers into customers by capturing uncontested market space. The basic idea of blue ocean strategy theory is to create a completely new market and new demand. It is important to understand the key elements of this approach before deciding how to apply the Blue Ocean Strategy. In fact, a blue ocean strategy can play a “game-changer” role for an existing or a new business to step ahead of the competition in the new normal post-pandemic situation. In this pandemic, when a large number of businesses have already collapsed and numerous are in the queue, the sailor can still save the business from drowning by taking a major risk to shift the boat from the red ocean to the blue which is theoretically known as the Blue Ocean Strategy.
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