Nоvа Innоvаtоrs, а new app company, faces challenges in predicting user engagement with their upcoming app release and the marketing team discusses the high level of risk associated with the release. From the entrepreneurial marketing perspective discussed in Unit 10, how is risk best understood?
Yоu reаd аbоut а cоncept that is considered to be a powerful tool for entrepreneurs who want to create new markets instead of competing within established markets. It described 2 different categories of markets as two different types of oceans. From the choices below, select the correct response presented in the correct order. 1. When Stitch Fix was founded in 2011, it created a brand new market space in the fashion retail industry with seemingly no competition. Stitch Fix completely redefined and expanded the boundaries of the industry by giving every day women personalized styling at a fraction of the cost by using AI augmented with human interactions. While many similar subscription services have popped up in its wake, Stitch Fix created this new market space and incredible value for customers and shareholders alike. This is an example of a ________ ocean strategy. 2. When Rahul Bhatia founded Indigo Airlines, he positioned his company against full-service airlines by focusing on delivering low cost, no frill flights. The challenge for Indigo was that it had to compete against a lot of established airline companies, which are always 'stealing' market share from each other in a crowded market. Indigo Airlines famously added new planes every week for a decade straight and is now worth over $1B. This is an example of a ________ ocean strategy.