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Strategic Competitive Landscape
I am working on a project about how to bring the essence of Home-cooking in NewYork. For that, I had to study what's out there in the market. I used the Blue ocean strategy canvas developed by W. Chan Kim. Here how,
Blue Ocean Strategy Canvas
Had a concept about creating a new kind of restaurant, but how is it different from the ones out there? I started with general research about the restaurants that are trying to solve the same problem as me and organizing those into parameters.
The parameters that I used in my case were,
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1. Quality
2. Price point
3. Accessibility
4. Convenience
5. Social Impact
6. Scalability
7. Investment
8. Some others
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Here I came to know what are these different companies targeting, paying more attention to and neglecting. Studying these to realize that in order to create a new blue ocean, I should eliminate-reduce-raise-create from these existing markets.
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For example,
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Foodnome is an online double-sided marketplace that connects the home-cooks and the consumers.
Studying where these companies are playing in terms of the parameters, In-order to make use of such strategic competitive landscape, I need to understand which aspects need to be modified in my offering, for example, looking at Foodnome,
I could
Eliminate- the aspect of legal barriers
Reduce- asset investment or maybe food options
Raise- Level of social impact created
Create- A new category of using maybe a new user experience
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Goldbelly It's an online marketplace offering some of the best bites from iconic food establishments all around the United States
Similarly, Goldbelly is a different type of market altogether, this tool also helps to know how much should we differentiate ourself from the target market through an easy visual.
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Based on these, we can position ourselves differentiating and creating a space for our offering.
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