What is ERRC framework?

What is ERRC framework?

The Eliminate-Reduce-Raise-Create (ERRC) Grid is an essential tool of blue ocean strategy developed by Chan Kim and Renée Mauborgne. It is a simple matrix-like tool that drives companies to focus simultaneously on eliminating and reducing, as well as raising and creating while unlocking a new blue ocean.

Why is it important for an entrepreneur to use techniques like ERRC grid?

The ERRC grid pushes the planner to eliminate the factors that have been long competed over and hence have lost value; reduce factors that have been over-designed or that over-serve the customer; raise factors that are incumbent, provide value and are desired by the customer; and create factors that are new and for …

What is raise in ERRC?

Raise: Factors that should be raised well above the industry standard and can add value to existing customers. Create: Factors that should be created that the industry has never offered and can attract new customers.

What is buyer utility map?

Buyer Utility Map is a tool that helps managers test whether their business or product/service offers a leap in value to buyers. It also helps managers test whether their business or product/service unwittingly blocks buyer utility across the totality of the buyer’s experience.

What is the desired outcome of using the four actions framework?

The main goal of using the Four Actions Framework and ERRC Grid is to break away from the either-or thinking into both-and thinking.

How do I create a strategy canvas?

There are 4 relatively simple steps to preparing your own Strategy Canvas.

1. Identify the competition. The first step to drawing a Strategy Canvas is to know who your competition is.
2. Identify the factors of competition.
3. Evaluate the competition.
4. Chart your competitive differentiation.

What is the framework used to implement the blue ocean approach?

Hence, cutthroat competition results in nothing but a bloody Red Ocean of rivals fighting over a shrinking profit pool. Often used frameworks within this line of thinking are Porter’s Five Forces, Generic Strategies and the Value Disciplines.

How do you use a utility map?

The utility map is a specific map used mostly for masks….How to use the utility map

1. Start by selecting the Red channel of the utility map, copying it.
2. Create a “Fill” layer, and make it a red hue.
3. Paste the copied red channel into the “Fill” mask.
4. You obtain an image that masks only the hemoglobin of the face.