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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?

It targets potential noncustomers instead of existing customers Signup and view all the answers

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

To describe a business's strategy Signup and view all the answers

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

Use fewer tools very well Signup and view all the answers

Blue Ocean Tools for Business Ideas

Choose a study mode

Podcast

Questions and Answers

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

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

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

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

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

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

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