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Blue Ocean Strategy is about creating a leap in value for both buyers and companies from "summary" of Blue Ocean Strategy, Expanded Edition by W. Chan Kim,Renée A. Mauborgne
Blue Ocean Strategy is not about competing in the existing market space. Instead, it focuses on creating a new market space where competition is irrelevant. In this new market space, companies can unlock uncontested market space and make the competition irrelevant. By doing so, companies can create a leap in value for both buyers and themselves. Traditional competitive strategies often focus on beating the competition in the existing market space. This leads to a "Red Ocean" where companies are fighting for a share of a shrinking profit pool. In contrast, Blue Ocean Strategy aims to create new market space where companies can create and capture new demand. To create a Blue Ocean, companies need to focus on innovation rather than competition. They need to look beyond the existing market boundaries and think about what buyers really value. By understanding buyer's needs and preferences, companies can create a value proposition that is truly unique. When companies focus on creating a leap in value for buyers, they are also creating value for themselves. By offering something that is different and valuable to buyers, companies can command a higher price and achieve higher profit margins. In this way, Blue Ocean Strategy is not just about creating value for buyers but also about creating value for companies.- Blue Ocean Strategy is a powerful approach that allows companies to break away from the competition and create a new market space where they can thrive. By focusing on creating value for both buyers and themselves, companies can unlock new opportunities for growth and profitability.
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