Final answer:
The difficulties of pursuing a blue ocean strategy include creating a unique market space, investing in innovation, handling uncertainty and risks, overcoming market barriers, facing internal resistance, and executing a strategy without a proven blueprint.
Step-by-step explanation:
Pursuing a blue ocean strategy can be challenging due to several factors, including the difficulty of carving out a unique market space, the investment required to innovate, and the uncertainty and risk associated with moving away from the established market competition. Companies must use significant creativity and resources to create a new demand in an uncontested market space. Moreover, there might be a lack of established demand that businesses need to address, and persuading consumers to adopt new behaviors can be a significant hurdle. Additionally, organizations may face internal resistance to change, and there's the challenge of executing a strategy that might not have a proven blueprint.
Implementing a blue ocean strategy also involves taking a significant risk as it requires companies to divert from traditional competitive strategies and venture into untested markets. This can be especially difficult in industries with high barriers to entry, where capital costs, regulatory restrictions, or established brand loyalty form substantial hurdles to newcomers. In these cases, innovative approaches such as leveraging new technologies, forming strategic partnerships, or utilizing creative marketing techniques are required to overcome these barriers and gain market traction.