Companies should look beyond their industry boundaries for growth from "summary" of Blue Ocean Strategy, Expanded Edition by W. Chan Kim,Renée A. Mauborgne
To succeed in today's competitive business environment, companies must expand their horizons beyond the confines of their industry. By looking beyond industry boundaries, companies can identify new opportunities for growth and innovation that may not be readily apparent within their current market. This approach allows companies to break free from the constraints of traditional industry boundaries and create new markets, or "blue oceans," that are ripe for exploration. When companies focus solely on their industry, they tend to engage in intense competition with rivals over a limited pool of customers. This often leads to a "red ocean" scenario, where companies fight for market share by cutting prices and offering similar products or services. In contrast, by looking beyond industry boundaries, companies can discover untapped customer needs and create innovative solutions that set them apart from the competition. Expanding b...
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