Blue Ocean Strategy Quiz

Who are the creators of Blue Ocean Strategy?

• Michael Porter

• W. Chan Kim and Renée Mauborgne

• Peter Drucker

• Henry Mintzberg

What does Blue Ocean Strategy focus on?

• Intense competition

• Creating new market space via Value Innovation

• Copying competitors

• Only cost reduction

What does Red Ocean represent?

• A new uncontested market

• Highly competitive market with many rivals

• Niche market

• Stagnant market

Why should organizations adopt Blue Ocean Strategy?

• To reduce product value

• To create sustainable growth and avoid destructive competition

• To imitate competitors

• To increase prices only

What is the purpose of the Strategy Canvas?

• To set product prices

• To analyze competition and identify opportunities

• To create new technology

• To define niche strategies

What are the elements of the Four Actions Framework?

• Cut, Expand, Imitate, Merge

• Eliminate, Reduce, Raise, Create

• Plan, Do, Check, Act

• Discover, Design, Deliver, Develop

What is the Six Paths Framework used for?

• To discover opportunities for creating new markets across dimensions

• To measure business profit

• To calculate production costs

• To control internal operations

What are the Three Tiers of Noncustomers?

• Soon-to-be, Refusing, Unexplored

• Loyal, Switching, Former

• Potential, Current, Former

• Premium, Regular, Casual

How is AirAsia an example of Blue Ocean Strategy?

• Offering high prices and premium services

• Using Hub & Spoke model

• Creating new markets with low-cost and convenience

• Targeting high-income business travelers

What does the ERRC Framework stand for?

• Evaluate, Reduce, Reuse, Control

• Eliminate, Reduce, Raise, Create

• Explore, Respond, React, Create

• Enter, Regulate, Reframe, Collaborate