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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,
1. Quality
2. Price point
3. Accessibility
4. Convenience
5. Social Impact
6. Scalability
7. Investment
8. Some others
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.
For example,
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
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.
Based on these, we can position ourselves differentiating and creating a space for our offering.
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