How Blue Ocean Strategy Assists Startups to Define Their Targets?

1. How Blue Ocean Strategy Assists Startups to Define Their Targets? Global markets are segmented as per geographic locations, demographics, and other important factors but it is essential for you to know your target audience to experience business growth instantly. Blue ocean strategyis one of the common strategies that startup owners are adopting widely to create a new market for their products and service offerings. There is no second thought about startups enjoying a competitors-free market but the problem lies where the startup business needs to find its blue ocean. If you are planning a startup in Singapore, then you will need some project managers to plan the product innovation, delivery and after-sales support strategies. Hire someone who has completed a PMP certification in Singaporeto ensure that your project gets delivered on time and with the desired results. People generally don’t like to change their preferences, behavior and habits and if they remain the same, there will be less scope for newcomers to gain a market share or create one of your own. The first and the most important step towards implementing blue ocean theory in startup business is finding your own blue ocean. What are blue and red oceans? Blue oceans are generally unknown and unoccupied markets while red oceans are referred to markets where existing companies are already competing. It is important to remember that the level of competition is high in red oceans and not much can be done within the borders to acquire customers. A blue ocean is created by introducing a new, innovative and useful product, value innovation and services that are not already available. It is highly important to keep a check on value innovation while aiming at creating a blue ocean as if you create value without innovation you will end up entering in the red ocean. The key to value innovation is to think about products, services and solutions that can answer this question- how to get rid of competitors? How to make way into the blue ocean? 1. Alternative industries, one solution It is important to think innovative, hence, you should always believe in the fact that a same user problem can be solved by several products. For example, until 2006, the world was watching movies either in theaters, by renting a DVD or on YouTube. In 2007, Netflix, an online cinema service provider, merged all the means together and started offering popular movies and TV series on an online medium. 2. Strategic groups Startups can think about being a part of the strategic groups where companies are working in the same industry and are competing about the same factor. They can offer solutions that are different from an existing solution on the basis on their degree of rarity, price, appearance, compactness, and others. 3. Consumer chain participants

2. Another important factor of the blue ocean strategyis to determine the person who is making the decision about the purchase. Sometimes the buyer is not an actual user of the product, hence, you need to analyse the people, their characteristics, and preferences who will be using the product to create a new value for other participants. Explore the web to know more about the benefits of enrolling to a course that can help you to get PMP certification in Singapore.