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Businesses that focus on creating new markets, and finding new targets that have never happened in the world before, or creating added value to the existing goods in the Red Ocean by adding new interesting selling points which make them become demanded products of the target group.
Blue ocean is like an ocean which is full of fish, peaceful, and attractive but no one has ever come to fish here. This strategy is therefore interesting to create new value in a product or service.
Example of business using this strategy: Witchcraft jobs
During the Covid 19 pandemic, domestic and international traveling were paused for quite a long time. However, the adaptation created a new business related to witchcraft to support a target group who would like to go making merit or warding off bad fortune but can’t do so. Thus, they hired other people to do it on their behalf. This is an emerging business that has never had before at that time and tends to have more in the present.
Businesses that have the same products in the market, high competition, and wide target groups of all ages and genders. The product will be the general product in FMCG type that everyone wants, such as food, beverages, clothing, cosmetics, etc. This nature of the products makes this ocean highly competitive.
How to survive in this ocean is a promotion which draws customers’ attention. Price is very important because a little difference in price can interest customers. Nevertheless, entrepreneurs have to control the costs and the profit well because there is a high risk of loss if it is out of control.
Example of business using this strategy: Suki Teenoi
Even though there are a lot of Shabu Buffet restaurants in Thailand, Suki Teenoi is still one of the most popular Shabu Buffet restaurants with outstanding prices and high quality and fresh ingredients. What makes Suki Teenoi greatly successful is Outside In which is about thinking about customers first, making customers come back again and spreading widely about this restaurant until Suki Teenoi is as successful as it is today, with a profit of 591 million baht in 4 years.
Businesses that have products responsible for society and the environment, especially for the business directions which will produce environment friendly products such as using recycled materials instead of materials from animals, and do not cause pollution. As well as an unpolluted production process.
Businesses in the Green Ocean are now receiving a lot of popularity because new generations turn to care more about the environment. The Green Ocean business is one of the CSRs that does not only focus on profit but save the world and environment as well.
Example of business using this strategy: Oh Ka Ju
Oh Ka Ju, a Farm-to-Table restaurant business and organic garden that imply Green Ocean strategy in the business and successful. From an ordinary vegetable garden that expands their business till it can make a profit of more than 600 million baht. Using organic vegetable cultivation on more than 300 rai of land in Chiang Mai by designing and managing farms independently of chemicals, considering nature, productivity, ecosystems, families, and communities.
Businesses based on goodness, morals, and sustainability, another idea for business management in the present time. This strategy focuses on goods and services production along with returning good things to society such as dividing a part of the income for donation to return profits to society, or we know as CSR. This strategy creates good images for businesses and good impressions for customers.
Example of business using this strategy: Abhaibhubejhr
‘Abhaibhubejhr’ or ‘Abhaibhubejhr Herbs’ is a social enterprise. In addition to selling Thai herbal products, local health intelligence is also used for Thai people’s health care. Each step places importance on society and the environment. More than 50% of the profits have been reinvested to return benefits to society. Abhaibhubejhr currently works with farmers and local doctors as well.
Businesses focus on using a large amount of capital and compete about ‘Connections’ and prestige of the business owner or partners. Not everyone can operate this kind of business. This business will gain market share regardless of other things, only as many customers as possible to use the service no matter what strategy it is. Business operations with this Black Ocean must avoid the legal through legal gap.
Example of business using this strategy: Shady Businesses such as Informal lending business, gambling den, illegal lottery, and Massage parlor business.
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