Blue Ocean Practices

'Blue Ocean Strategy is a market for a product where there is no competition or there is very less competition. This strategy usually revolves around searching for a business where very few firms operate and where there is no pressure in pricing. This strategy is applied across sectors or businesses. It is not limited to one business. Most firms operate under intense competition and try to do everything they can to gain market share. When the product comes under the pressure of pricing there is always a possibility that a firm’s operations can well come under threat. This situation comes when the business is operating in a saturated market, known as Red Ocean. When the room to grow is limited, businesses usually try and look for verticals or avenues of finding new business where they may enjoy uncontested market share or Blue Ocean. A blue ocean exists if there is potential for higher profits, since there is no competition or irrelevant competition. Why current business practices cannot sustain the success of an organization • Businesses failing to have a general plan to operate, lacking goals and business structure and also a plan on attempting to achieve those goals. • When one sticks to his plans fails to leave room to learn new information or find out what tactics can work better than others • About 43 percent of small businesses handle all their marketing in-house, many just work as one-person operations. This tactic can spread small businesses too thin and also harm the effectiveness of marketing efforts. • Hiring and outsourcing without making sure whether it’s going to actually help the business. • Failing to macro manage the team, and being able to trust them to do their jobs. • Many of business owners tend to keep blinders on and only focus on their own work. They still need to keep an eye on the landscape of the industry and their competition. • No need to jump on every single trend which is out there. One may spend way too much time and energy pulling the team away from the platforms and initiatives that are proven to work if he decide to try out every new thing. • Saying something which isn’t true the customers will eventually find out and they’ll likely be angrier than they could have been if one was just honest upfront. • Promote products or services sometimes if one want to build a successful business. But doing that ever on platforms like social media, customers can get disengaged and many can decide not to follow you. • Not wanting to be constantl...

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