Strategic mistakes while creating new markets: analysis of world practice

Zakharova I.A.1
1 Московский государственный университет им. М.В. Ломоносова, Russia

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Journal paper

Creative Economy (РИНЦ, ВАК)
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Volume 12, Number 3 (March 2018)

Citation:

Zakharova, I. A. (2018). Strategic mistakes while creating new markets: analysis of world practice. Creative Economy, 12(3), 245-260. https://doi.org/10.18334/ce.12.3.38871

Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=32742075
Cited: 2 by 26.03.2022

Abstract:
The lack of significant differences in products and services in markets saturated with competitors, and the inability to maintain market share force companies to leave the red ocean and head towards the blue ocean. The blue ocean strategy allows you to go beyond the competitive market, open up an unknown market space, and create a new industry or new demand in the existing industry. Chan Kim and Renee Moborn have identified the traps of the red ocean, into which the company may fall. The article analyzes the best practice in implementing a strategy for creating new demand and losses, due to which leaders and newcomers of various industries did not achieve long-term goals and did not fulfill their sales plans. The author suggests considering a business case, namely, does the Amazon Go (project of a well-known retail giant) correspond to the ideology of the blue ocean strategy. This shopping technology is innovative and currently not widely distributed. In conclusion we give recommendation what managers should pay their attention to when choosing the blue ocean strategy.

Keywords: competition, Blue Ocean Strategy, New demand creation, consumer markets

JEL-classification: D40, M21, M16

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