Ask yourself the following questions to find out:
- Is your company facing heightened competition from domestic and international rivals?
- Do your sales representatives increasingly argue they need to offer deeper and deeper price discounts to make sales?
- Are you finding you need to advertise more to get noticed in the marketplace, yet the impact of each advertising dollar spent is falling?
- Is your company focused more on cost cutting, quality control, and brand management at the expense of growth, innovation, and brand creation?
- Do you blame your slow growth on your market?
- Do you see outsourcing to low cost companies or countries as a principal prerequisite to regain competitiveness?
- Are mergers and acquisitions the principal means your company sees to grow?
- Is it easier to get funding to match a strategic move made by your competitor than it is to get internal funding to support a strategic move that allows you to break away from the competition?
- Is commoditization of offerings a frequent worry of your company?
- List your key competitive factors; now list your competition’s. Are they largely the same?
If you answered yes to a majority of these questions, then your company is stuck in the red ocean. Blue ocean strategy offers you a way to swim out of the red ocean filled with sharks. It presents a theory, tools, and frameworks to allow your company to break away from the competition and create a blue ocean of new market space.
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