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Blue Ocean Strategy
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Business-level strategy that successfully combines differentiation and cost-leadership activities using value innovation to reconcile the inherent trade-offs.
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business level strategy
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the goal-directed actions managers take in their quest for competitive advantage when competing in a single product market
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strategic trade-offs
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choices between a cost or value position
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scope of competition
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whether to pursue a specific, narrow part of the market or go after the broader market
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a cost-leadership strategy
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seeks to create the same or similar value for customers by delivering products or services at a lower cost than competitors, enabling the firm to offer lower prices to its customers
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focused cost leadership strategy and focused differentiation strategy
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essentially the same as the broad generic strategies except the competitive scope is much narrower
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Economies of scope
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savings that come from producing two (or more) outputs at less cost than producing each output individually, despite using the same resources and technology
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economies of scale
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decreases in cost per unit as output increases
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minimum efficient scale
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The lowest rate of output at which a firm takes full advantage of economies of scale
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diseconomies of scale
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increases in cost per unit when output increases
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value innovation
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aligning innovation with total perceived consumer benefits, price and cost
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value curve
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horizontal connection of the points of each value on the strategy canvas that helps strategists diagnose and determine courses of action
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strategy canvas
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graphical depiction of a company's relative performance vis-a-vis its competitors across the industry's key success factors
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