Research and identify one article* in relation to the role, importance or application of contemporary strategic marketing in current business practice (within the last 2 years).
Suitable articles may include: scholarly and popular journals from local and international sources; current articles from marketing publications and business current affairs news articles.
* You may also complete this task based on one of the journal articles posted online in week 2 of your course.
Topics may include (only one required):
You can source articles via the library business databases, Google Scholar or the Search Me! Marketing database (access provided with the course text book). If you are unsure, please check your chosen article with me prior to commencing.
Referencing of chosen article:
Please provide a web link or pdf of your chosen article.
Your article must be referenced in full in your reference list. Please also note the APA referencing requirements of in-text referencing if you cite or refer to the article within the body of your work.
References are not included in the word count
Assignment Title- Article Analysis
The report aims to highlight the key points or finding about an article taken from Forbes.com. The article discuss about the blue ocean strategy and its implications in Netflix, Amazon, airbnb and Uber.
Companies such as Netflix, Amazon, Air bnb, Uber, did nothing new to attract the customers in terms of their productivity and manufacturing. The only thing that the focus upon was to change the way products and services were being provided to the people in the industry and give them innovative options in the “game”. In other words it means that day focus upon the “blue Ocean” which is famously introduced by leaders such as W. Chan Kim and Renee Mauborgne, in their book named “The Blue Ocean Strategy” (Kim, 2005).
Blue Ocean Strategy domain approach that is adopts is about challenging all the information that is known by you in terms of requirement for any kind of business success and entrepreneurship. If we summaries this strategy in short: it explains that the best methodology of beating any kind of competition in the market is making that competition more irrelevant (Mi, 2015). In addition to this, it tries to explain the strategy by given an example of imagining that the market is divided into two kinds of oceans namely the red ocean and the Blue Ocean.
The, in order to understand the extensive nature of the Blue Ocean, both Kim & Mauborgne have recommended the organizations to start considering the four action framework in order to reconstruct value into the elements of the customer and creating waive of new technological innovation. There are four questions that need to be considered in the framework:
Relevance with strategic marketing
Let us now understand the leader’s strategies about the Blue Ocean, which they have reviewed in their mind. For example, Amazon did not indulge itself in building any book stores, instead they started building infrastructure for the enterprises which will give access to approximately 1 million books and were capable enough of competing with companies such as borders and Barnes and Noble (Schroeder, 2019). The company Netflix also did not make use of its stores in order to compete with other blockbusters in their business model, rather they majorly focused upon providing quality customer service. Uber purchased no cars for computing with other taxi organizations that were independently running; instead they offered a mobile app to the customers. Similarly, air bnb did not purchase in hotels or homes as a business strategy, rather they started providing excellent tour experience bye redefining the existing infrastructure and property they owned through an easy to use service platform.
The marketplace that had a lot of competition was crowded, shark ridden like red oceans. Hence, this red ocean were defined by existence of multiple organizations which are offering the same kind of products and services to the customers, but were majorly competing against each other in terms of pricing (Kim & Mauborgne, 2014). For example, companies such as think target versus Wal-Mart and Samsung versus Sony. On the other hand, blue oceans were mainly e known for the market space available for companies and opportunities that were untapped, with lots of demand, with extremely high potential of growth and profits.
For every organization, there is a need of solving and issue that exists in the current large market area by observing and analyzing. Then utilize the Blue Ocean Strategy to find the solution for that problem and becoming a leader in industry.