Short answer
Instead of competing on existing market factors, explore how to create new value for customers by eliminating or reducing factors that the industry takes for granted, and raising or creating factors that the industry has never offered.
- Field
- Innovation & Markets
- Source
- International Journal of Current Science Research and Review (2023)
- Method
- Mixed-methods research combining qualitative and quantitative approaches.
- Evidence
- Strong effect
By applying Blue Ocean Strategy principles, brands like Kiumarket can move beyond intense competition to create uncontested market space and redefine their value proposition. This innovation & markets research insight is drawn from a 2023 study published in International Journal of Current Science Research and Review. Using Mixed-methods research combining qualitative and quantitative approaches., researchers explored how this design variable affects real-world outcomes. The key design takeaway: Instead of competing on existing market factors, explore how to create new value for customers by eliminating or reducing factors that the industry takes for granted, and raising or creating factors that the industry has never offered.
Blue Ocean Strategy can unlock new market space for home fragrance brands facing post-pandemic shifts.
By applying Blue Ocean Strategy principles, brands like Kiumarket can move beyond intense competition to create uncontested market space and redefine their value proposition.
International Journal of Current Science Research and Review · 2023
Key Findings
- 01The home fragrance market is highly competitive, with established players and new entrants.
- 02Shifting consumer habits post-pandemic necessitate a reevaluation of product offerings and pricing.
- 03Blue Ocean Strategy frameworks can effectively identify opportunities for market differentiation and value innovation.
- 04A redefined value proposition focusing on unmet needs can lead to increased market penetration and profitability.
Application
Design takeaway
Instead of competing on existing market factors, explore how to create new value for customers by eliminating or reducing factors that the industry takes for granted, and raising or creating factors that the industry has never offered.
How to apply
Conduct a thorough analysis of your current market using tools like the Strategy Canvas to identify areas where you can differentiate and create new value, rather than solely focusing on competing with existing players.
Project actions
- 01When analyzing your market, think about what customers are *not* getting from current options.
- 02Use the Four Actions Framework (Eliminate, Reduce, Raise, Create) to brainstorm new product or service ideas.
- 03Consider how your business model itself can be a source of innovation.
Method & Evidence
Variables
Strengths & Limitations
Strengths
- +Provides a structured framework (Blue Ocean Strategy) for market innovation.
- +Employs multiple analytical tools for comprehensive market assessment.
Limitations
The success of a Blue Ocean Strategy is not guaranteed and depends heavily on market reception and competitive response. It requires significant research and strategic planning.
Reliability & validity
The reliability and validity would depend on the rigor of the qualitative data collection (interviews, focus groups) and the statistical analysis of survey data. Triangulation of findings from different methods would enhance validity.
Think critically
To what extent can a 'blue ocean' strategy be truly sustainable, or will competitors inevitably enter and 'blue' the ocean?
Design Principles
"Seek uncontested market space by challenging industry assumptions and creating new demand."
In dynamic markets, especially after significant societal shifts like a pandemic, traditional competitive strategies may falter. This research demonstrates how a proactive, innovative approach to business modeling can lead to sustainable growth and competitive advantage by identifying and serving unmet customer needs.
What This Means for Your Design
This research shows that instead of trying to beat competitors in a crowded market, businesses can find success by creating a whole new market space where there's less competition, by offering something unique that customers really want but haven't been able to get before.
How to use in your project
- 1.Reference this study when discussing market analysis and strategy development, particularly if your project aims to enter a new market or redefine an existing one.
- 2.Use the Blue Ocean Strategy frameworks (Strategy Canvas, ERRC Grid) as inspiration for your own market research and ideation phases.
Add to My Project
Quick Cite
Paragraph starter
This research highlights the potential of Blue Ocean Strategy to create new market space and competitive advantage. By analyzing the current competitive landscape and identifying unmet customer needs, a new value proposition can be developed that moves beyond direct competition, leading to enhanced market penetration and profitability.
Source
International Journal of Current Science Research and Review
A Proposed Business Model Innovation Using Blue Ocean Strategy Approach for Kiumarket in The Post-Pandemic Era
journal · 2023
View sourceQuestions About This Research
- What does the research say about blue ocean strategy can unlock new market space for home fragrance brands facing post-pandemic shifts?
- Instead of competing on existing market factors, explore how to create new value for customers by eliminating or reducing factors that the industry takes for granted, and raising or creating factors that the industry has never offered. Evidence: International Journal of Current Science Research and Review (2023).
- Why does "Blue Ocean Strategy can unlock new market space for home fragrance brands facing post-pandemic shifts." matter for design?
- In dynamic markets, especially after significant societal shifts like a pandemic, traditional competitive strategies may falter. This research demonstrates how a proactive, innovative approach to business modeling can lead to sustainable growth and competitive advantage by identifying and serving unmet customer needs.
- How can designers apply this research?
- Instead of competing on existing market factors, explore how to create new value for customers by eliminating or reducing factors that the industry takes for granted, and raising or creating factors that the industry has never offered.
- What were the main findings?
- The home fragrance market is highly competitive, with established players and new entrants.. Shifting consumer habits post-pandemic necessitate a reevaluation of product offerings and pricing.. Blue Ocean Strategy frameworks can effectively identify opportunities for market differentiation and value innovation.. A redefined value proposition focusing on unmet needs can lead to increased market penetration and profitability.
- What research method was used?
- Mixed-methods research combining qualitative and quantitative approaches..
- How strong is the evidence?
- Evidence strength is rated Strong effect, based on a 2023 journal from International Journal of Current Science Research and Review.
- What should I do differently in my next project?
- Conduct a thorough analysis of your current market using tools like the Strategy Canvas to identify areas where you can differentiate and create new value, rather than solely focusing on competing with existing players.
- What are the limitations?
- The study focused on a single brand and industry, potentially limiting generalizability. The effectiveness of the proposed model relies heavily on accurate market analysis and execution.