How can the six paths framework be used to create value in e-business?
The six paths framework which is also know as the Blue Ocean Strategy, is a strategic planning tool that helps organizations develop and realize ways to generate new opportunities and profits. The six paths framework encourages companies to generate new demand in unchallenged markets. So rather than trying to carve out a space in an already crowded market, companies should create an entirely new market or niche.
This kind of strategy can be particularly helpful for e-businesses as the possibilities on the web are endless. The highlights of the six paths framework than can help a company realize new market opportunity are to:
- Look across alternative industries
- Look across strategic groups within industry
- Redefine industry buyer group
- Look to complementary products and services
- Shape external trends over time
- Rethink functional orientation of industry