Leveraging the blue ocean strategy, what makes the product or service unique and how does it provide a strategic advantage in the marketplace?

5-2 milestone two submission | BUS 400 – Driving Business Opportunities | Southern New Hampshire University

The blue ocean strategy is a business strategy which seeks to create new markets and opportunities by seeking out untapped or uncontested markets instead of competing in existing markets. By leveraging the blue ocean strategy, a product or service can be made unique and provide strategic advantage in the marketplace through focusing on creating value innovation – i.e. offering an innovative mix of features that are not currently available, providing superior customer experience and loyalty programs, offering unique pricing models, expanding into new businesses lines/markets that have yet to be explored by competitors, etc.

Additionally, innovating around customer needs will help differentiate the product or service from existing offerings by helping customers solve their problems in ways they hadn’t previously considered.

Finally, building relationships with key stakeholders (i.e., customers, suppliers) can also provide a strategic advantage in terms of gaining access to valuable insights as well as increased support for innovation initiatives.