Redefine the problems in your industry to create a blue ocean
- ** Analyze the current state of play in the industry.**
Determine where the competition is currently investing, the factors the industry currently competes on, and what customers receive from the existing competitive offerings on the market.
- ** Identify the factors that the industry competes on.**
Analyze the factors that the industry competes on, such as price, quality, features, etc.
- ** Identify the strategic profile of the industry.**
Analyze the strategic profile of the industry, such as the cost structure, value proposition, etc.
- ** Identify the factors that can be eliminated or reduced.**
What factors in your industry can be eliminated or reduced to create a blue ocean of uncontested market space?
- ** Identify the factors that can be raised or created.**
What are the factors in your industry that can be raised or created to create a blue ocean of uncontested market space? If you're in the wine industry, for example, you could add the factor "ease of selection."
- ** Shift your strategic focus from current competition to alternatives and noncustomers.**
This will help you gain insight into how to redefine the problem the industry focuses on and thereby reconstruct buyer value elements that reside across industry boundaries.
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