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Blue Ocean Strategy, Create New Markets and Leave the Competition Behind by: Renée Mauborgne

Blue Ocean Strategy, Create New Markets and Leave the Competition Behind

by: Renée Mauborgne



As part of our midterm requirements in the New Market Development course, our professor, Dr. Velita, asked us to watch a video uploaded on youtube by World of Business Ideas entitled Blue Ocean Strategy, Create New Markets and Leave the Competition Behind which was shared and explained by Renée Mauborgne. As the title suggests, it talks about the strategy used in creating new markets called the Blue Ocean Strategy. However, the video also introduced another pattern of marketing strategy called Red Ocean and Mauborgbe clearly differentiated the two which made us learn a lot of things. 


Blue Ocean and Red Ocean Strategies are marketing strategies named after the patterns found by the researchers, wherein the speaker is one of them, to denote the market universe. The problem of their investigation was to determine the difference between those who succeeded in the industry and those who did not. To explain further, the red ocean refers to the marketing strategy used by marketers that focuses on the market that is served before them. In this kind of setup, the competition is said to be so tough and intense since businesses tend to stick to the fundamental industry and marketing structure. Getting new investments are getting more difficult and margins are slowly contracting as they only think that the only way to win the competition is to make a distinction in the market or offer low-cost items and services. Contrastingly, in the blue ocean strategy, the marketers are said to be taking advantage of the opportunity to reconstruct the basics and common basis of traditional marketing methods and tactics in accordance to the structure of the environment. With that, it makes the competition irrelevant, and instead, they create uncontested market space. To achieve that, they aim to pay attention to developing new demands to grow the industry while maintaining to be differentiated and keeping their offerings at a low cost which makes it sustainable because it is not limited to conventional approaches.


To conclude, as future marketers, we found this video really helpful in making us understand the complexity and importance of marketing strategies to be implemented in our future businesses or as future marketing personnel. It is important to take into consideration the uncertainties in the market so focusing on long-accepted marketing strategies and models may no longer be effective and efficient today. Relating to the video, venturing into new markets is one of the marketing strategies that can contribute to the success of the business. Because of that, we have reflected that being able to adapt and be flexible is one of the best traits of being a successful marketer. 

 

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