Red Ocean Traps exposes the limitations of benchmarking against rivals 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 Red Ocean Traps concept sheds light on the pitfalls of constantly comparing one's performance with that of competitors. When companies focus solely on outperforming rivals in the existing market space, they become trapped in a cycle of imitation and incremental improvements. This leads to a crowded marketplace where competition is fierce, and differentiation becomes difficult. Benchmarking against rivals can be limiting because it encourages companies to follow the same industry norms and best practices, making it challenging to stand out. By constantly looking at what competitors are doing and trying to do it better, organizations miss out on opportunities to create uncontested market space where competition is irrelevant. Moreover, benchmarking against rivals can stifle innovation...
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