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Focus on creating new market space instead of competing in existing ones from "summary" of Blue Ocean Strategy, Expanded Edition by W. Chan Kim,Renée A. Mauborgne
To succeed in the cutthroat world of business, companies must set themselves apart from the competition by creating new market spaces rather than engaging in fierce battles in existing ones. This strategy, known as Blue Ocean Strategy, is all about innovation and differentiation. Instead of fighting over the same customers in a crowded market, companies should focus on uncovering unmet customer needs and developing products or services that address these needs in a unique way. By creating a Blue Ocean, companies can escape the red ocean of competition and find a space where they can thrive without worrying about rivals. This involves a shift in mindset from competition to creation. Instead of constantly looking over their shoulders at what their competitors are doing, companies should focus on charting their own course and carving out a new niche for themselves. One of the key advantages of creating a Blue Ocean is that companies can set their own pricing and establish themselves as the market leader in their newly-created space. This allows them to capture value instead of competing on price like in a red ocean. By focusing on creating value for customers rather than engaging in price wars, companies can build a loyal customer base and secure their long-term success. Another benefit of pursuing a Blue Ocean Strategy is the potential for rapid growth and expansion. By offering something truly innovative and different, companies can attract new customers who were previously underserved or overlooked by existing players in the market. This can lead to increased market share and profitability, as well as opportunities for further innovation and growth.- The key to success in today's competitive business environment is to focus on creating new market spaces instead of competing in existing ones. By adopting a Blue Ocean Strategy, companies can differentiate themselves from the competition, capture new opportunities, and secure their long-term success. It's all about thinking outside the box, taking risks, and embracing innovation to stay ahead of the curve and thrive in the ever-evolving marketplace.
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