Answer:
1. Define a red ocean vs. a blue ocean strategy.
A red ocean strategy occurs in a marketplace that is saturated with more or less similar products.
A blue ocean strategy occurs in a marketplace that does not have market saturation. Where there are no close substitute products.
2. For one of the products in your business simulation (action cameras for UAV drones), discuss whether you are in a red ocean or a blue ocean.
Action cameras are part of a red ocean strategy because the market for action cameras is saturated, with many competitors providing a similar product.
UAV drones are part of a blue ocean strategy because the product offers an unique service, and there are very few companies that provide this good.
3. Identify and discuss the blue ocean four actions framework.
The four actions are: raising quality standards to a new level, creating new quality standards, reducing some factors below quality standards, and eliminate some factors that are commonly used in the industry.
4. For one of the products in your business simulation (action cameras for UAV drones), discuss the components of a current value cure and a new value curve.
UAV Drones are part of the blue ocean strategy, and as a result, they have a new value curve. However, the market could become part of a red ocean strategy if enough competitors enter the market.
This is why UAV Drones producers should cotinually revise the four actions frameworks in order to develop the drones and keep the competitive advantage, and the blue ocean enviroment.