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 carv...
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