18. Red Ocean Blue Ocean
Compete in existing market Create new market
Beat competition No competition
Exploit existing demand Create new demand
Make value-cost tread-off Break value-cost trade-off
Strategy for low-cost or differentiation No low cost strategy
Focus on current customers Focus on non-customers
INNOVATION STRATEGIES
24. ▸ Focus on quantity (lots of different ideas)
▸ Hold criticism
▸ Welcome unusual ideas (there is no stupid idea)
▸ Combine and improve ideas (1+1=3)
BRAINSTORMING RULES
* All ideas have to aligned with company’s strategy
For example: Bank wants to attract more customers to buy their products