Approaches to develop business strategy
What is blue ocean strategy and how is it applied in business?
Blue ocean strategy involves creating new market space with uncontested market demand, allowing businesses to operate in an area free from direct competition. It focuses on innovation, value creation, and differentiation to attract new customers. It is applied by identifying and targeting unmet customer needs, offering unique value propositions, and creating new market demand.
How does scenario planning help businesses anticipate future challenges?
Scenario planning helps businesses anticipate future challenges by developing alternative plausible scenarios that explore different future outcomes. It involves identifying key uncertainties, trends, and factors that may impact the business environment and constructing multiple scenarios to assess their potential implications. By considering different scenarios, businesses can prepare contingency plans, evaluate risks and opportunities, test the robustness of their strategies, and develop agile responses to changing conditions. Scenario planning enables businesses to anticipate and proactively respond to future challenges rather than being caught off guard by unforeseen circumstances.