Full Answer Section

The blue ocean strategy is not without its challenges. It requires organizations to be willing to take risks and to be innovative. However, the rewards can be significant. By creating new market space, organizations can achieve sustainable competitive advantage and outperform their competitors.

In contrast, the diligence-based strategy and Porter’s strategy theory are both based on the idea of competing in existing markets. This means competing with other organizations for market share. This can be a difficult and costly proposition, and it is not always possible to achieve sustainable competitive advantage.

The diligence-based strategy is based on the idea of doing things better than your competitors. This means focusing on efficiency and effectiveness. The diligence-based strategy can be effective in some cases, but it is not always possible to achieve sustainable competitive advantage by simply doing things better than your competitors.

Porter’s strategy theory is based on the idea of choosing a competitive position. Porter identifies three generic competitive positions: cost leadership, differentiation, and focus. The cost leadership position is based on competing on price. The differentiation position is based on offering products or services that are unique and valuable to customers. The focus position is based on serving a narrow market segment.

Porter’s strategy theory can be effective in some cases, but it is not always possible to achieve sustainable competitive advantage by simply choosing a competitive position. In today’s competitive and rapidly changing environment, it is often necessary to innovate and create new market space in order to achieve sustainable competitive advantage.

In conclusion, I believe that the blue ocean strategy is the most effective way to achieve competitive advantage in organizations today. It is based on the idea of creating new market space, rather than competing in existing markets. This means creating products or services that are new and innovative, and that offer customers a leap in value. By creating new market space, organizations can avoid the head-to-head competition that exists in existing markets, and they can achieve sustainable competitive advantage.