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Concept of Red and Blue Ocean Strategy in Business

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Added on  2019-11-29

Concept of Red and Blue Ocean Strategy in Business

   Added on 2019-11-29

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ENTREPRENEURSHIP1ENTREPRENEURSHIPBy [Student’s name]Professor’s nameCourse CodeUniversityDate of submission Table of Contents
Concept of Red and Blue Ocean Strategy in Business_1
ENTREPRENEURSHIP2Introduction......................................................................................................................................3Key Terms used in the Article.........................................................................................................3Red Ocean....................................................................................................................................3Blue Ocean...................................................................................................................................3Benchmark...................................................................................................................................3Standardization.............................................................................................................................4Corporate strategy........................................................................................................................4Important Facts in the Article..........................................................................................................4Customer retention is high when the value is added at reduced cost...........................................4Entrepreneurs gain control of their business regarding revenues when they stay creative.........4Blue Ocean strategy cannot be imitated.......................................................................................5Requires a whole system approach from utility, price, and costs aligned...................................5Rationale, Justification, and Importance of the Blue Moon strategy..............................................5Speedy growth..............................................................................................................................6Brand equity and reputation.........................................................................................................6Impacts of the Article to my Role as a future Entrepreneur............................................................6Overall Impact of the Article..........................................................................................................7References........................................................................................................................................8
Concept of Red and Blue Ocean Strategy in Business_2
ENTREPRENEURSHIP3IntroductionThe success of business organizations is determined by the strategies that the company takes. This paper focuses reviews a business article on Red and Blue Ocean. It discusses how theapproach can be applied in businesses. Therefore, it is useful in taking the best marketing strategy to increase profitability. Key Terms used in the ArticleRed OceanThe term Red Ocean refers an overcrowded market with intense competition and rivalry between the players to grab the existing demand to their favor. Further, the market state already exists with known rules and norms of the games. With persistent competition, the situation in themarket worsens and exhibit reduced profitability, growth and hostility begin to thrive. The waters are described as bloody in this situation.Blue Ocean This is a new market created within an already existent market. The market has characteristics of less competition and players but produces impressive returns to the players and offers value for money to the customers through reduced prices and high-quality products. The market is majorly a concept born from the core business in the industry.
Concept of Red and Blue Ocean Strategy in Business_3

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