Unformatted text preview: utility minus its price, and
because value to the company is generated from the offering’s price minus its cost, value innovation is
achieved only when the whole system of utility, price and cost is aligned. In the Blue Ocean Strategy
methodology, the Four Actions Framework and ERRC grid assist managers in breaking the value-cost tradeoff by answering the following questions:
What factors can be eliminated that the industry has taken for granted?
What factors can be reduced well below the industry’s standard?
What factors can be raised well above the industry’s standard?
What factors can be created that the industry has never offered? Visual Awakening/ Visual Exploration / Visual Strategy Fair / Visual
Communication is the four step process of the Blue Ocean Strategy methodology.
1. Visual Awakening
The Visual Awakening serves as a wake-up call for companies to challenge their existing
strategy. A common mistake is to discuss changes in strategy before resolving differences of
opinion about the current state of play....
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- Spring '12
- ........., Blue Ocean Strategy Dictionary