Competing in an overcrowded industry makes it complex to perform. Explore opportunities to create blue oceans of uncontested market space.
TASKS
1. Draw the matrix as shown on the front.
2. Define granted industry factors that should be eliminated?
3. Define factors that should be reduced below the industry’s standard?
4. Define factors that should be raised above the industry’s standard?
5. Define new factors that should be created.
WHEN
Before you enter the market.
WHY
Focus on differentiation and make competitors more irrelevant to your business.
NOTE!
Know your product and market.
OUTPUT
Create a market with little competition.
Next
Think of price, position and strategy.