Value Innovation is the simultaneous pursuit of differentiation and low cost, creating a leap in value for both buyers and the company. The concept of Value Innovation is developed by W. Chan Kim and Renée Mauborgne and is the cornerstone of market-creating strategy. Because value to buyers comes from the offering’s utility minus its price, and because value to the company is generated from the offering’s price minus its cost, value innovation is achieved only when the whole system of utility, price, and cost is aligned.
|Cost savings are made by eliminating and reducing the factors an industry competes on.|
|Buyer value is lifted by raising and creating elements the industry has never offered.|
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W. Chan Kim and Renée Mauborgne created a comprehensive set of analytic tools and frameworks to create blue oceans of new market space. In their New York Times bestselling book, Blue Ocean Shift (September 2017), Kim and Mauborgne share how to put these practical market-creating tools into practice to move from red to blue oceans and to do so in a way that people own and drive the process.
Brimming with battle-tested lessons and the stories of organizations from around the world that put their ideas into practice, Kim and Mauborgne highlight what works, what doesn’t, the potential pitfalls along the way and how to avoid them to achieve the best results in your organization. Get your copy of Blue Ocean Shift now, and get all these answers plus so much more including exercise templates you can use to apply the tools in your organization. Learn, apply and execute successful blue ocean shifts using the fully interactive and guided Blue Ocean Studio™.
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