Blue Ocean Strategy is about making competition irrelevant from "summary" of Blue Ocean Strategy, Expanded Edition by W. Chan Kim,Renée A. Mauborgne
The essence of Blue Ocean Strategy lies in the idea of creating uncontested market space by making competition irrelevant. This means shifting the focus from competing within existing market boundaries to creating new market space that is free from competition. In this new market space, companies have the opportunity to capture new demand and create new opportunities for growth. By focusing on creating new market space, companies can break free from the constraints of competing in crowded and saturated markets. This allows them to differentiate themselves from competitors and stand out in the marketplace. Instead of fighting for a share of an existing market, companies can carve out a niche for themselves in a new and unexplored market space. The key to making competition irrelevant lies in redefining the industry boundaries and creating a new value curve that offers a leap in value for customers. This involves identifying factors that are important to customers and innovating in those areas to create a unique value proposition. By focusing on what customers truly value and delivering it in a way that is different from competitors, companies can create a blue ocean of uncontested market space. In a blue ocean, companies do not have to worry about price competition or differentiation because they are offering something that is truly unique and valuable to customers. This allows them to set their own prices and capture new demand without having to compete on price or features. By making competition irrelevant, companies can focus on creating value for customers and capturing new opportunities for growth.- Blue Ocean Strategy is about shifting the focus from competing in existing market space to creating new market space where competition is irrelevant. By focusing on creating uncontested market space and delivering unique value to customers, companies can break free from the constraints of competition and chart their own path to success.
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