An Overview of Blue Ocean Strategy for Business Sustainability

Abstract

The goal of any business is to attract customers where it uses marketing techniques and strategies to increase client satisfaction. Even if customers are happy with a company’s product or service, it can be difficult to predict if they will remain a devoted customer. There are a lot of competitors in today’s highly competitive corporate world. A company must distinguish itself from its rivals and demonstrate innovation if it is to make money and gain market share. Competition is an inherent one in business. To avoid competition nowadays, the companies enter and focus their operations in a new market. Businesses seek out new market segments or business prospects where they can gain uncontested market share or a “Blue Ocean” when there are limited opportunities for growth. For their business, the company used the blue ocean strategy. A business has the chance to acquire a new consumer if it enters a new market. The blue ocean strategy aims to limit demand growth while simultaneously encouraging competition with unrelated products or services that provide greater quality. It aids the company in producing large profits as the product or service can be charged a small cost because of its sole features. When there is a chance for larger profits, such as when there is current competition or unimportant competition, it may exist. The necessity of a blue ocean strategy for company sustainability is highlighted in this article.

Keywords: Strategy, Customer, Competition, Blue Ocean Strategy, Business

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