BSM 100 Lecture Notes - Lecture 41: Cirque Du Soleil, Blue Ocean Strategy, Artisan Entertainment

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Ranjita Singh

Document Summary

Porter talked about the differentiation strategy or cost leader strategy. Only use one strategy, don"t use both. Firms that can use both are using the blue ocean strategy. They want to provide something different and they"re not focusing on cost too much. They"ve figured out who their consumers are. They focus on consumers (new consumers) not competitors. Redefining market space, where to provide and to who. Uber didn"t want to be another taxi service, they looked at who their consumers were and how to reach them. Cirque du soleil, they aren"t a circus they are a live entertainment service; they combined a circus and a play, live entertainment there are no animals Creating a new space, blue ocean strategy can be an advantage because they focus on their consumers rather than competitors, they aren"t copying others. You will be copied but it"ll take time for another to copy you, in that time you can innovate more.