Implementing a Blue Ocean Strategy involves several key steps:
Identify Unmet Needs: Conduct thorough market research to discover gaps in the current market offerings. Value Innovation: Focus on creating innovative solutions that provide exceptional value to customers. Eliminate and Reduce: Identify factors that the industry takes for granted and eliminate or reduce them to cut costs and differentiate your product. Create and Raise: Introduce new features or services that the industry has never offered, and raise the standard of existing features.