Blue Ocean Strategy focuses on creating uncontested market space from "summary" of Blue Ocean Strategy with Harvard Business Review Classic Article “Red Ocean Traps” (2 Books) by W. Chan Kim,Renée A. Mauborgne
Blue Ocean Strategy is all about creating new markets where competition is irrelevant rather than competing in existing market spaces with numerous rivals. This involves shifting the focus from beating competitors to making them irrelevant by creating a "blue ocean" of uncontested market space. By doing so, companies can unlock new demand and make competition irrelevant, thus achieving high growth and profits. The key to creating a blue ocean is innovation - not just incremental improvements, but rather innovative leaps that create new value for customers and differentiate a company from the competition. This involves looking beyond existing market boundaries and industry norms to identify new opportunities for growth. By breaking away from the constraints of traditional market boundaries, companies can create new markets that are ripe for growth and profitability. One of the core principles of the Blue Ocean Strategy is value innovation, which involves simultaneously pursuing differentiation and low cost. This allows companies to create a leap in value for both customers and themselves, setting them apart from competitors who are stuck in a red ocean of fierce competition. By offering unique value at a low cost, companies can attract new customers and create a blue ocean of uncontested market space. Another key concept of the Blue Ocean Strategy is focusing on the big picture rather than getting caught up in competing with rivals. This involves looking at the entire industry landscape and identifying new opportunities for growth and differentiation. By thinking outside the box and challenging industry norms, companies can create new markets that are free from competition and ripe for growth.- The Blue Ocean Strategy is all about creating new markets where competition is irrelevant. By focusing on innovation, value innovation, and the big picture, companies can unlock new demand, differentiate themselves from competitors, and achieve high growth and profits in uncontested market space.
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