Question

When a firm is able to successfully employ a blue ocean strategy, it will create a competitive advantage by

Multiple Choice
a.beating rivals on product attributes while offering a better price.
b.winning market share with a highly differentiated product.
c.using a first-mover advantage to be the lowest price in the market.
d.combining high quality and product features to provide service that customers truly value.

Answer 1

When a firm successfully employs a blue ocean strategy, it creates a competitive advantage by winning market share with a highly differentiated product. Option b.

Step-by-step explanation:

When a firm is able to successfully employ a blue ocean strategy, it will create a competitive advantage by winning market share with a highly differentiated product (b). Blue ocean strategy involves creating a new market space or uncontested market by offering unique value to customers, different from what competitors are offering. By focusing on differentiation, firms can attract customers and command premium prices, setting themselves apart from competitors.