Question 1

What are the core components of Blue Ocean Strategy and value innovation?

Accepted Answer

Blue Ocean Strategy focuses on creating uncontested market spaces by making competition irrelevant through Value Innovation — pursuing differentiation and low cost simultaneously. Core components covered include the Strategy Canvas, Buyer Utility Map, Three Tiers of Noncustomers, Six Paths Framework, and the ERRC grid, with the Strategy Canvas presented on page 4.

Question 2

How does a Strategy Canvas help me compare my offerings to competitors?

Accepted Answer

A Strategy Canvas visually maps how a company configures offering factors versus competitors, highlighting where to raise, reduce, eliminate, or create elements. It helps identify distinctive positioning and gaps in the value-cost frontier and is provided as a Strategy Canvas template in the presentation on page 4.

Question 3

What is the ERRC grid and how do teams use it in innovation workshops?

Accepted Answer

The ERRC grid (Eliminate-Reduce-Raise-Create) is a matrix used to restructure customer value elements by identifying which factors to eliminate, reduce, raise, or create. Teams use it to translate strategic choices into concrete offering changes, and the deck includes an ERRC grid model shown on page 11.

Question 4

How are noncustomers identified using the Three Tiers framework?

Accepted Answer

The Three Tiers of Noncustomers framework segments potential demand into those on the edge of the market, those who refuse current offerings, and those in distant markets. Analyzing these tiers uncovers latent demand and expansion opportunities; the framework is described on page 7.

Question 5

What should I look for when buying a Blue Ocean or value innovation toolkit?

Accepted Answer

Buyers should look for visual tools (Strategy Canvas, Buyer Utility Map), decision frameworks (Six Paths, ERRC grid), execution guidance (Five-step Blue Ocean Shift, hurdles to execution, Fair Process), and usable templates. Verify format and length; Flevy's Value Innovation Strategy is a 26-slide PowerPoint with these templates included.

Question 6

How should I judge the cost versus value of purchasing a slide-based toolkit instead of hiring consultants?

Accepted Answer

Assess your budget, timeline, and in-house skills: toolkits provide ready-made frameworks and templates (Strategy Canvas, Buyer Utility Map, ERRC) for internal application, while consultants add bespoke analysis. Compare expected internal effort to the toolkit’s deliverables; Flevy's deck is supplied as a 26-slide PPTX for immediate use.

Question 7

I want to design a product for underserved customers—what frameworks should I apply first?

Accepted Answer

Start with the Buyer Utility Map to identify utility levers across the customer experience, then analyze Three Tiers of Noncustomers to find latent demand. Use the ERRC grid and Six Paths Framework to reconfigure value elements and reconstruct market boundaries, beginning with the Buyer Utility Map on page 6.

Question 8

What governance and leadership tools help ensure execution of a Blue Ocean strategy?

Accepted Answer

Execution tools include diagnosing Four Hurdles to Strategy Execution, applying Fair Process to engage stakeholders, using Tipping Point Leadership to focus on high-impact factors, and assessing leadership with the Leadership Canvas and Blue Ocean Leadership Grid; these are detailed with practical guidance on page 18.

Value Innovation Strategy – PowerPoint PPTX Template

BENEFITS OF THIS DOWNLOADABLE POWERPOINT DOCUMENT

BUSINESS MODEL INNOVATION PPT TEMPLATE DESCRIPTION