Identify an accurate statement about blue ocean strategy.
A)It involves creating new demand by targeting noncomsumption-individuals.
B)It disrupts an existing market by displacing an earlier technology.
C)It uses low-end disruptive innovations to compete in the market.
D)It relies on its existing knowledge of products to improvise on new features.

Question

Quizplus · Accepted Answer

Blue ocean strategy involves creating a new demand by targeting nonconsumption-individuals, which means offering a new product or service to people who have not yet been served by the existing market. It aims to create uncontested market space by making competition irrelevant. Disrupting an existing market by displacing an earlier technology is the concept of disruptive innovation, which is different from blue ocean strategy. Using low-end disruptive innovations to compete in the market is also a different concept, as blue ocean strategy mainly focuses on creating new demand rather than competing in existing markets. Relying on existing knowledge of products to improvise on new features is more related to incremental innovation rather than blue ocean strategy.

Identify an Accurate Statement About Blue Ocean Strategy