Differences in blue ocean strategy and red ocean strategy

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Reference no: EM13901627

1. Explain the differences between a blue ocean strategy and a red ocean strategy. Why would a management team choose a blue ocean strategy over a red ocean strategy?

2. When developing products, what does the term relative advantage mean? Explain why management teams should be concerned about a new product’s relative advantage.

3. There are at least nine components to a formal business plan for a new product. Consider four of those components: (a) product or service details, (b) market opportunity details, (c) identification of target market, and (d) competitor analysis and identification of entry barriers. Which component of the plan do you feel is the most important? Explain why the component you selected is more important than the other three components. Offer three reasons to justify your selection.

4. When developing a marketing plan, we should consider market differentiation. What does market differentiation mean? Explain why relative quality in conjunction with market differentiation is important to our marketing effort.

5. Prototyping is often used to test products and product ideas. Define prototyping and explain the benefits obtained from prototyping. What limits the number of iterations associated with a prototyping test? How would you use a prototype model in an operation for which you were responsible?

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Reference no: EM13901627

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