What characterizes a blue sky strategy's focus on cost reduction?
Understand the Problem
The question is asking for the key characteristics of a blue sky strategy related to cost reduction, and it presents multiple choice options to choose from.
Answer
It focuses on innovation and creativity, not cost reduction.
A blue sky strategy's focus is generally not on cost reduction, but rather on encouraging innovative, out-of-the-box ideas without constraints. The strategy emphasizes creativity and open-minded brainstorming to uncover new opportunities.
Answer for screen readers
A blue sky strategy's focus is generally not on cost reduction, but rather on encouraging innovative, out-of-the-box ideas without constraints. The strategy emphasizes creativity and open-minded brainstorming to uncover new opportunities.
More Information
Blue sky strategy is more about fostering an environment where new and unrestrained ideas can be generated. It's a creative approach used to explore possibilities that aren't limited by current constraints or budgets.
Tips
A common misconception is to confuse it with cost-focused strategies like the Blue Ocean Strategy, which combines cost reduction with differentiation.
Sources
- What is Blue Sky in Business? Understand Blue Sky Thinking - SBK - smallbusinesskings.com
- Blue Sky Strategy is better. (LinkedIn) - linkedin.com
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