Questions before:
How do you expand the boundaries of a market?
Which direction do you expand it to?
How do you redefine the market?
Questions after:
Out of these options, what is the most effective way to create a blue ocean?
Main Points:
You need to look across alternative industries. Alternatives are defined below. You also need to look across strategic groups in your industries. You need to examine the chain of buyers to see if there is a vulnerability in the chain that you can exploit. There is also a functional or emotional approach that the industry currently take. Pretty much to get a blue ocean, you flip it. Then you decompose a trend and see how it changes the industry in terms of value. Given these decompositions, where is the trend of the industry heading?
General Notes:
Reconstruct market boundaries to break away from competition and create blue oceans. How do you find a viable blue ocean in a plethora of choices? Are there patterns to reconstruct market boundaries that hold regardless of industry sector? There are 6 approaches to remake market boundaries. 6 paths framework. You don’t need vision about the future. Currently companies define the industry too similarly and target a demographic that is too similar. They focus on competitive threats when designing strategy. As a result, they tend to all converge.
Rather than look within the boundaries, you have to look systematically across them to create blue oceans.
Here are the 6 paths.