Sunday, July 26, 2015

Creating Blue Oceans

Blue oceans versus red oceans may seem like an intimidating or impossible venture but it is something I am attempting. This article and class has been intriguing for me because I often questioned the sustainability and viability of the company I started this year, Couture Conceal, but after this article I feel more comfortable about the blue ocean I am creating. The firearm and accessory industry has forever been a red ocean that has very little innovation or change. This past year I created a product which is being patented that will be a blue ocean for the firearm accessory industry. I have found a way to combine fashion and accessories with the ability to carry a firearm safely and protect oneself. How have I begun to create the blue ocean? First, I have made competition irrelevant by creating an uncontested market space. No other product exists like mine and this has given me the opportunity to change a ‘rough neck’ industry into one that doesn’t require you to choose between fashion and safety. By doing this, I was able to take my time developing a business and product that created value for my customer at a minimal cost resulting in no trade-offs for my company. This is also allowing me to create and capture a new demand because people never thought it was possible to have both safety and fashion. Now, the last task is for me to continue production and focus on activities in pursuit of differentiation and low cost. As long as I complete this last task, I will be able to successfully craft my blue ocean. My customers will no longer need to compromise between fashion and safety which is one of the main barrier raisers that will help me create my blue ocean and adds new sources of value in something people never thought they needed. From this article, my first thought was that many blue oceans are created with patents and other intellectual property. Some industries cannot do this but are so large they can quickly create economic entry barriers similar to Ford’s Model T or movie theaters. In addition to economic barriers that I can create, I will also be able to create cognitive barriers. Companies that have had a ‘tough’ brand will have a very hard time attempting to appeal to fashionable women and any ideas they have will take time, allowing me to create a loyal customer base. Though my company is young, I thankfully am not stuck in red ocean strategies, and hope to use this class, its lessons and ideas to complete my current blue ocean and create many more in the future.

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