From the course: Blue Ocean Shift: Beyond Competing (Blinkist Summary)

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Plot your competitive value

Plot your competitive value

From the course: Blue Ocean Shift: Beyond Competing (Blinkist Summary)

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Plot your competitive value

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- [Host] Blink number six, plot your competitive value against that of your rival to get a clear picture of where you stand. The second tool to launching a Blue Ocean approach is called the strategy canvas, a method designed to generate an overview of your current business strategy and the competitive drivers of your industry. To do so, the strategy canvas maps the competitive factors in your industry and how much value buyers derive from each of them. More concretely, it's a graph on which the horizontal axis indicates the main competitive factors within your industry and whose vertical axis indicates the offering level of each factor from low to high. For an illustration of this, think back to the charity from an earlier blink. The factors of competition in that scenario could include the percentage of each dollar that goes to the cause and the cost incurred in fundraising. To draw your own canvas, begin by identifying…

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