In today's business world, we must move away from the shallow waters which is usually overcrowded, murky and bloody to the deap sea where competition is not cut throat and where a business can chart a new course and claim dominance.
In today's bloody businessworld, so much is done by companies tp stay afloat. As such, we see that most industry players in all the existing sectors of the economy aggressively pushing for a large chunk of the market share.
The resultant effect is that businesses have had to restrict their strategies to reducing quality, cutting costs of operations,reducing margins and sadly, poaching or eroding the customer base of competitors using some underhand or not so over-the-board t actics.
The confluence of all or some of the above named antics by the sector players has turned the business environment to a red ocean'.
What is red ocean?
A red ocean is the enviroment where existing industries doing conventional businesses in various economic sectors thrive.
What makes it 'red' is that like the shallow waters where all aquatic creatures struggle to feed from the plantons, small crustaceans and other smaller fish and thereby bloodying the waterbody, businesses within industry sectors are busy struggling to stay alive by 'eating' customers, competitors and egen themselves to stay alive.
Take a look at Nigerian banks and telecom players and what do you see? These companies are spending so much energy trying to win over existing industry/sector customers by offering more variants of their products that are basically the same, incurring so much costs on product development, marketing and sales without generating as much revenue as estimated ab initio.
These companies always end up having to offer more products for less price, reducing quality of service, give discounts and run promos which may not relate with the overall object and vision of the organisation.
What is needed is for these companies to improve revenue and consequently, improve profitability is to swim to a 'blue ocean' environment.
What is a blue ocean environment?
Stay tuned.
My name is Victor Idem (ACIA) and I just want to make commonsense.
