The Blue Ocean Strategy

The Blue Ocean Strategy is a business approach that encourages companies to create new market spaces, or "blue oceans," rather than competing in crowded industries, or "red oceans." In a blue ocean, competition is minimized because the focus is on innovation and unique value creation, allowing businesses to attract new customers and generate demand. This strategy emphasizes differentiating products or services and finding untapped markets, rather than engaging in price wars or trying to outperform rivals in existing markets. The goal is to make the competition irrelevant by redefining market boundaries and offering something distinct.