When businesses compete against one another in the same market, it becomes difficult to turn a profit. A playlist on the world's greatest ideas includes a video summary of the Blue Ocean Strategy by W. Kim Chan and Renee Mauborgne, which discusses two different business strategies: blue and red ocean strategies. The video uses clear examples and illustrations to highlight the main arguments in the text.
- Study local businesses with similar markets to see whether they use the blue ocean strategy
- Develop a fictional business plan using the strategy in the video
- Requires a basic understanding of economics and how local markets work
- Uses an analogy about farmers to show the difference between red ocean and blue ocean strategies
- Clear, well-paced narration makes it easy to follow the concepts in the video