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after reading the assigned textbook chapter, one student per team will answer a set of chapter-related questions (listed on CC) based on an imaginary business using a random word generator (https://wordcounter.net/random-word-generator; generate 3 words and be creative). Importantly, exhibit critical thinking. (No need to summarize the chapter.) Format: about 2-3 pages long, 1” margins, Times New Roman 12 point font, 1.5 line spacing, with page numbers.  

So pretty much makeup company based on 3 randomly generated words

Answer following questions

· Describe what does your firm do; what is your product or service? ; be sure to explain its position on the product value chain (i.e., is in manufacturing, wholesale, retail, etc.).

The four characteristics of a Red Ocean industry are: Compete in existing market space; Beat the competition; Exploit existing demand; and Make the value / cost trade-off

· Show that your industry is in a Red Ocean, based on the above four characteristics.

The four characteristics of a Blue Ocean Strategy are: Create uncontested market space; Make the competition irrelevant; Create & capture new demand; and Break the value / cost trade-off.

· Show that your product constitutes a Blue Ocean strategy (based on the above four characteristics).

· Show how the Four Actions framework works for your product.

· Draw the Strategy Canvas for your product, explain what it shows.

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