On Thursday 5 July 2007 at Tipviman Resort Cha-Am, The Siam Business Bank held a seminar for its customers and staff. Mr Vivat Kitiphongkosol the Division Head of Business Banking Division 2 gave a speach about Red Ocean & Blue Ocean business marketing strategies.
At the heart of the Blue Ocean strategy is that instead of focusing on beating the competition, you focus on opening up new and uncontested market space , thereby making the competition irrelevant by creating a leap in value for customers. Blue Oceans are these new uncontested market spaces. To reach the Blue Ocean, businesses have to re-think the value proposition they offer to the market.
To get out of the Red Ocean and get into a Blue Ocean, businesses must fundamentally shift their strategic focus from how to outdo competitors to how to provide alternatives.
The Rising Imperative of Creating Blue Oceans:
- Accelerated technological advances
- While supply is on the rise, there is no clear evidence of an increase in demand.
- Accelerated commoditization of products and services.
- Red oceans become increasingly bloody.
Blue Ocean strategy:
- Create uncontested new market space
- Appeals to a whole new group of customers
- Demands creation, the rules of game are changing fast
- Make the competition irrelevant.
- Create new industries
Red Ocean Strategy:
- Compete in existing market space
- Beat the competition
- Exploit existing demand.
- Make the value cost trade off
in afternoon Dr. Seri Wongmontha spoke about world marketing and how to improve marketing strategy immediately. The seminar meeting has started at 10am and has finished at 15.30 pm.
Reported by Khun Tuck Dechapanya
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