Blue Ocean Strategy promotes the idea of making competition irrelevant from "summary" of Blue Ocean Strategy with Harvard Business Review Classic Article “Red Ocean Traps” (2 Books) by W. Chan Kim,Renée A. Mauborgne
The concept of Blue Ocean Strategy revolves around the idea of creating uncontested market space where competition becomes irrelevant. Unlike traditional business approaches that focus on beating rivals within the existing market space, Blue Ocean Strategy advocates for companies to seek out new market opportunities where competition is non-existent. By creating a blue ocean of uncontested market space, companies can unlock new demand and achieve profitable growth. In a red ocean, where competition is fierce, companies engage in head-to-head battles for market share, leading to commoditization and declining profits. In contrast, a blue ocean strategy involves creating new value for customers by offering innovative products or services that stand out from existing market offerings. This allows companies to attract non-customers and expand the market demand rather than fighting over existing customers in a crowded...
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