What is ERRC strategy?
The Eliminate-Reduce-Raise-Create (ERRC) Grid is an essential tool of blue ocean strategy developed by Chan Kim and Renée Mauborgne. It is a simple matrix-like tool that drives companies to focus simultaneously on eliminating and reducing, as well as raising and creating while unlocking a new blue ocean.
What is the 4 Actions Framework?
The four action framework points out four key actions to take into account to refine existing products. Those are: raise, reduce, eliminate, and create. To plot the available consumer products in a marketplace against the company’s ability to provide value and thus be competitive over time.
What are the elements of blue ocean Matrix?
BLUE OCEAN STRATEGY
- Create uncontested market space.
- Make the competition irrelevant.
- Create and capture new demand.
- Break the value-cost trade-off.
- Align the whole system of a firm’s activities in pursuit of differentiation and low cost.
How ERRC help entrepreneurs?
The ERRC grid pushes the planner to eliminate the factors that have been long competed over and hence have lost value; reduce factors that have been over-designed or that over-serve the customer; raise factors that are incumbent, provide value and are desired by the customer; and create factors that are new and for …
What companies use Blue Ocean Strategy?
Blue Ocean Strategy Examples
- Blue Ocean Strategy Examples:
- iTunes. With the launch of iTunes, Apple unlocked a blue ocean of new market space in digital music that it has now dominated for more than a decade.
- Bloomberg.
- Canon.
- The Ford Model T.
- Philips.
- Quicken.
- Ralph Lauren.
What are the 4 steps in the blue ocean strategy process?
FOUR-STEP BLUE OCEAN LEADERSHIP PROCESS
- Step 1: See your leadership reality.
- Step 2: Develop alternative Leadership Profiles.
- Step 3: Select to-be Leadership Profiles.
- Step 4: Institutionalize new leadership practices.
What is blue ocean framework?
Definition: ‘Blue Ocean Strategy is referred to a market for a product where there is no competition or very less competition. This strategy revolves around searching for a business in which very few firms operate and where there is no pricing pressure.
What is Blueocean in Jenkins?
“” Blue Ocean is a new user experience for Jenkins based on a personalizable, modern design that allows users to graphically create, visualize and diagnose Continuous Delivery (CD) Pipelines “”
Why it is called blue ocean strategy?
A blue ocean is considered (from a marketing standpoint) a yet unexploited or uncontested market space. The term was coined by Chan Kim and Renee Mauborgne in the book Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant. Blue ocean firms tend to be innovators of their time.
How do you use ERRC grid?
How to Use the Four Actions Framework and ERRC Grid
- Step 1: Question Your Assumptions Using the Four Actions Framework. Eliminate.
- Step 2: Plot Your Insights into the ERRC Grid. After going through the exercise, add them into the ERRC Grid.
- Step 3: Create Your New or Future-State Strategy Canvas.
Is Tesla a blue ocean?
Tesla Motors is a great example of a blue ocean company. In 2003, they decided to innovate into an areas where there was no competition. Other car makers at the time were making “compliant” cars, meaning the were making hybrid cars to show they were meeting the government’s mandates to be working on “green” technology.