Thriftshop X has experienced a decline in sales over the past six months due to
the emergence of many competitors who offer a wider range of product variety and
the recent ban on the sale of imported second-hand goods. These challenges have
created a highly competitive environment, making it difficult for Thriftshop X to
maintain its market position.
The solution to these issues is to create a new market space, moving away from
the saturated market. To achieve this, a Blue Ocean Strategy (BOS) was
employed. This approach involved four principles of BOS: reconstructing market
boundaries, focusing on the big picture, reaching beyond existing demand, and
getting the strategic sequence right. This strategy was implemented through a
detailed market analysis, utilizing customer feedback from questionnaires, and
exploring innovative product designs.
The research findings indicate that the implementation of the Blue Ocean Strategy
has the potential to significantly improve Thriftshop X's sales. The results of this
research include the reworked jacket innovation, customization options, and law
compliance. These innovations meet the pre-defined critical success factors and
align with the research objective, which is to increase sales.