6.5 & 6.6

In terms of business strategy, blue oceans represent which of the following?

• untapped market space

• increased demand

Implementing a blue ocean strategy requires making competition irrelevant and creating a new market space, otherwise known as

value innovation

Why do many firms fail to successfully implement a blue ocean strategy?

because they end up being "stuck in the middle," unable to increase value and lower costs at the same time

A successful blue ocean strategy requires strategists to reconcile the trade-offs between

differentiation and low cost

What must strategic leaders keep in mind if they are going to achieve successful strategic positioning?

To achieve strategic positioning, firms must make important trade-offs.

Implementing a blue ocean strategy requires making competition irrelevant and creating a new market space, otherwise known as

value innovation