You have been hired by the company Nielsen to help them identify the next Blue O

Question

You have been hired by the company Nielsen to help them identify the next Blue Ocean Strategy for their company. You need to identify a BOS and then test your recommendation using the following components. You may to complete several iterations to ensure that your strategy is a BOS.

Conduct a Porter’s Five Forces analysis prior to the company’s introduction of its product or service.

Is the industry attractive based on your analysis? Why? Why not?

If you were advising an incumbent, would you advise them to stay in the marketing? Why? Why not? If yes, what type of TRADITIONAL strategy should they use?

If you were advising a new entrant, would you advise them to enter the market? Why? Why not? If yes, what type of TRADITIONAL strategy should they use?

Create a Three Tiers of Noncustomers analysis for your company’s industry prior to the introduction of your product or service

Did your company’s idea create exceptional utility? (Use the Buyer Utility Map and discuss the pain points that were unlocked)

Based on the Six Paths framework, how did your company create a Blue Ocean Strategy. Provide a detailed explanation of your rationale.

Create an ERRC grid and Strategy Canvas for your company.

Was the idea strategically priced to capture the target mass of noncustomers? (Create the Strategic Pricing tool)

Did it exercise target costing and hit its cost target? Explain in detail and provide evidence to support your answer.

What are the adoption hurdles your company faced in actualizing your business idea? Are you addressing them up front?

In summary, did your company create a commercially viable Blue Ocean Index? Explain your response in detail. Provide evidence to support your answer.

Explanation / Answer

1. A Blue ocean startegy is virture of a company by which it can make the competitors irrelevant for its product and service b# through high product differentiation and low cost for market penetration

2. Porter's five force analysis recognise a need of organizations to keep a watch on its rivals, but this startegy encouraged companies to look beyond the startegy of their competitors and examine what other opportunities and forces could impact the business environment in that particular industry. This analysis is very important to do before the introduction of any product or service because it will give an insight into the industry's attractiveness and profitability potential, it also helps the company to adjust their strategy to suit the competitive environment, and to improvel profit.The factors which this analysis explore are:

3.The strategy for an incumbent will be different from a new entrant. An incumbent has to depend on timely monitoring, assesment of market demand and control of its external environment, the internal resources and competences, and the ambitions for the future the vision and mission of the company .It have to stay in the business it has to achieve its targets and financial goals. an incumbent has to costantly try to control its cost of production to maximise the profit and also has to expand its market by the way of reaching different segments of customer and improving the product as per the market's changing requirements and reviewed on a regular basis.The approach of TRADITINAL STARTEGY can be useful for them

4.While a new entrant has to decide whether to enter the industry looking at its own resources and its potential to sustain in the given competion and existing demands. it has to create its product in a way that it has its differentiated identity and acceptable pricing keeping in mind that it has to penetrate the market throgh positioning, analysis,and portfolio management and resource management. Doing its SWOT analysis is one of the initial steps to enter the industry.

Although the Traditional strategy see strategies for achieving competitive advantages and a favorable position in the market. This takes place in a stable or predictable environment bytapping its competences and resources, but this is not always the best approach to take because market and industry do not run as predicted always. Here comes the new age approach of Blue ocean startegy which askes the players to think beyond competetion and creat a unique market for itself where the given product is differentiated to an extend that it makes the competion irrelevant. Hence for a new entrant TRADITIONAL STRATEGY may not be the best approach to enter the market because it will limit its potential to innovate and reaching untouched segments of the market.

5. The Three Tiers of Noncustomers analysis is the principle of BOS which explains to "reach beyond existing demand" that is to reach untapped demand through analysing the reasons for the noncustomers to refuse the product offering and to try and tap that segment of the customer

CUSTOMERS--->CUSTOMERS TO BE----> BLUE OCEAN

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