Amanda and Steve wanted to open a convenience store. After conducting some research, they decided to open the store near one of the residential areas of the town that did not have any other convenience store. The people residing in the nearby residential area welcomed the idea of a store close by, and the venture was a success. Which of the following strategies did Amanda and Steve implement to start their business?
A) The blue ocean strategy
B) The cannibalization strategy
C) The acquisition strategy
D) The penetration strategy

Question

Quizplus · Accepted Answer

Amanda and Steve identified an untapped market opportunity by opening a convenience store near a residential area without any other similar stores. This is a key characteristic of the blue ocean strategy, where businesses seek to create new markets or industries rather than competing in existing ones. Therefore, the best choice in this case is option A, the blue ocean strategy. The other options (B, C, D) do not align with the described scenario.

Amanda and Steve Wanted to Open a Convenience Store