Exploring Uncharted Market: Blue Ocean Strategy in Manufacturing by Creating New Market Spaces and Drive Innovation to Achieve Sustainable Growth
Keywords:
Blue Ocean Strategy, New Market, Drive Innovation, Sustainability GrowthAbstract
This study explores how the Blue Ocean Strategy can be applied in the manufacturing sector to create new market spaces, drive innovation, and achieve sustainable growth. It aims to identify strategies that allow manufacturers to move away from traditional competition and find uncontested markets for long-term success. A qualitative approach was employed. Literature review became the research approach to explore uncharted markets through blue ocean strategy by creating new markets, innovation to achieve sustainable growth. The findings indicate that manufacturers adopting Blue Ocean Strategy successfully create new market spaces by offering unique value propositions and targeting non-customers. These companies reported significant improvements in innovation, customer satisfaction, and market share. The study also identified critical success factors, including leadership commitment, a culture of innovation, and the ability to pivot quickly in response to market changes. This study contributes to the existing literature on strategic management by providing empirical evidence of the effectiveness of Blue Ocean Strategy in the manufacturing sector. It offers practical insights for manufacturing companies seeking to innovate and grow sustainably, emphasizing the importance of creating new market spaces. The originality of this research lies in its focus on the manufacturing sector, a relatively underexplored area in the context of Blue Ocean Strategy. By integrating qualitative and quantitative data, the study provides a comprehensive understanding of how manufacturers can leverage this strategy to achieve sustainable growth and drive innovation.
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