This assessment is designed to help you evaluate your understanding and application of the Blue Ocean Strategy principles in your business or organization. Please select the option that best reflects your approach or thinking.
Instructions:
Read each question and choose the answer that resonates most with your strategy.
When you think about market competition, your primary focus is on:
- A) Beating the competition and improving your market share.
- B) Creating new market space that isn’t currently contested.
- C) Understanding what competitors are doing and responding accordingly.
- D) Following industry norms to ensure stability.
In developing a new product or service, you typically:
- A) Analyze competitor offerings to ensure your product is superior.
- B) Identify unmet needs and create innovative solutions that stand apart.
- C) Make incremental improvements to existing products.
- D) Stay within the parameters of industry standards.
How do you view your target market?
- A) As a set of existing customers whose needs must be refined.
- B) As a broader audience with potential demand not currently addressed.
- C) Primarily focused on competing for the same customers as your rivals.
- D) As confined to specific demographic segments defined by industry norms.
When assessing your organization’s value proposition, you prioritize:
- A) Achieving higher quality than competitors.
- B) Offering unique value that creates new demand.
- C) Ensuring maximum profit margins for sustainability.
- D) Maintaining reliable service that meets market expectations.
In terms of cost management, your approach is to:
- A) Cut costs aggressively while maintaining quality.
- B) Innovate processes to lower costs while enhancing value.
- C) Focus on maximizing efficiencies within existing processes.
- D) Align cost structures with industry standards to stay competitive.
When introducing a new initiative, your primary goal is to:
- A) Capture existing customers from competitors.
- B) Make the competition irrelevant by creating new demand.
- C) Follow trends established by market leaders.
- D) Implement changes that fit into existing frameworks.
Your ideal outcome for a new project is:
- A) Increased market share through aggressive tactics.
- B) The establishment of a new category or market space.
- C) Meeting industry benchmarks and standards.
- D) Improvement in operational efficiencies while maintaining current offerings.
Reflecting on Your Results
- After completing the assessment, tally your answers. Each letter corresponds to a different approach to Blue Ocean Strategy:
- A: Competitive-Focused Approach
- B: Innovative Blue Ocean Approach
- C: Traditional Market Approach
- D: Conservative Industry Approach
Strategy Overview
- Competitive-Focused Approach: Primarily focuses on outperforming competitors, often leading to a crowded market and fierce rivalry.
- Innovative Blue Ocean Approach: Emphasizes creating new spaces for growth, offering unique value and making the competition irrelevant.
- Traditional Market Approach: Centers on following established industry practices, often resulting in incremental improvements rather than breakthroughs.
- Conservative Industry Approach: Stresses maintaining the status quo with minimal risk, often limiting innovation and growth opportunities.
Optional Follow-Up
Discuss your results with colleagues or mentors to better understand your strategic orientation. Embracing the principles of Blue Ocean Strategy can help spur innovation and unlock new opportunities within your industry.
If you’d like to dive deeper into any of the concepts or need further assistance, feel free to ask!