Blue Ocean Tools for Business Ideas
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Questions and Answers

Which of the following is NOT a mandatory Blue Ocean tool for the Blue Ocean Student Entrepreneur Competition?

  • ERRC Grid
  • Strategy Canvas
  • Four Actions Framework (correct)
  • Buyer Utility Map

    • What does the As-Is Strategy Canvas aim to describe?

  • Competitor strategies
  • Blue ocean scenario
  • Future industry landscape
  • Current industry landscape and red ocean scenario (correct)

    • What is the main purpose of using the Buyer Utility Map?

  • Lower the cost structure
  • Identify potential noncustomers
  • Create exceptional utility for the buyers
  • Discover hidden pain points in an industry (correct)

    • How does the Three Tiers of Noncustomers differ from focusing on existing customers?

    <p>It targets potential noncustomers instead of existing customers</p> Signup and view all the answers

    What is the purpose of the Eliminate-Reduce-Raise-Create (ERRC) Grid?

    <p>To describe a business's strategy</p> Signup and view all the answers

    What is the key advice given regarding the use of Blue Ocean tools in the competition?

    <p>Use fewer tools very well</p> Signup and view all the answers

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