Publisher's Synopsis
Seminar paper from the year 2010 in the subject Business economics - Offline Marketing and Online Marketing, grade: A, University of Massachusetts Boston, language: English, abstract: In the competitive world of business, any organization has to evolve different strategies to strive hard to achieve its goal and be there in the competition. Organizations identify, plan and manufacture products and provide services, so that it doesn't face stiff competition from its rivals but makes its rivals compete with it. In order to make this possible, company need to market its products and services through the best mediums available and make the consumer conscious about the product. Marketing is an essential and important tool of any successful business. Scott (2006) states that companies without marketing mindset are at a disadvantage in today's business world that are product centric rather than customer centered. The overall concept of Blue Ocean Strategy is innovation. It is understood from the book that companies should identify, plan a strategy and create a business of which no competition exists. Kim and Renee (2005) divide the competitive business world into two segments of Red Ocean and Blue Ocean. It is further explained that 'Red Ocean' is the business world full of competition where the existing organizations compete with each other to acquire its share in the market whereas 'Blue Ocean' is the unidentified market area. The Blue Ocean is the space wherein the business is new in the market and has no threat of competition instead it has to create competition. The giants of particular commodity or product or services, who are termed as leader, find it difficult to survive in the competitive world of business without marketing. American Marketing Association has defined marketing as the performance of the business activities that direct the flow of goods and services from producer to consumer or user. Marketing assists in identifying specific markets for products
