The Red ocean strategy focuses on the competition, while the blue ocean strategy is all about innovation. A Red Ocean Strategy is a strategy that aims to fight and beat the competition. Red Ocean Strategies focuses on competing in a marketplace that already exists and beating the game. The marketing management process in the red ocean strategy leans towards developing a competitive edge in a market. A Red Ocean Strategy ultimately leads to an organization choosing to follow either the differentiation or low-cost strategy. Lastly, the Red ocean strategy differs from the blue ocean strategy as its primary concern is beating the competition.

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BLUE OCEAN STRATEGY AND ITS IMPORTANCE TO COMPANIES

Blue ocean strategy is the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand. It is about creating and capturing uncontested market space, thereby making the competition irrelevant. Additionally, the marketing management process depends on the strategy that a company uses in a specific market. In a blue ocean, competition is irrelevant because the rules of the game are waiting for initiation. Therefore, a blue ocean is an analogy to describe the more vast, more profound potential to be found in unexplored market space. Lastly, companies need to hose between the Red ocean strategy and blue ocean strategy to achieve their objectives.

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MARKETING MANAGEMENT PROCESS AND HOW IT HELPS COMPANIES ACHIEVE THEIR OBJECTIVES

The marketing management process differs for many companies depending on the goals at hand. Marketing management is a managerial process involving planning, organizing, decision making, forecasting, directing, coordinating, and controlling. All marketing activities are consumer-centric. The consumers are the king. Marketing activities foundation is the premise of “remake what the market wants.” The principal objective of marketing is to create new customers and to retain current customers. However, Red ocean strategy will focus on beating the competition.   Marketing management performs the task of converting potential customers into actual customers. A company creates a marketing strategy that fits either the Red ocean strategy or the blue ocean strategy.

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