Define blue ocean strategy.
Understand the Problem
The question is asking for a definition of 'blue ocean strategy', which is a business concept that emphasizes the creation of new market spaces (or 'blue oceans') that are uncontested, as opposed to competing in existing markets (or 'red oceans'). This involves innovating to differentiate offerings and capture new demand, rather than engaging in traditional competition.
Answer
The simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand.
Blue Ocean Strategy is the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand.
Answer for screen readers
Blue Ocean Strategy is the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand.
More Information
Blue Ocean Strategy focuses on creating new market spaces, rather than competing in existing ones, which can lead to significant growth and innovation opportunities.
Tips
A common mistake is confusing Blue Ocean Strategy with purely cost-cutting measures; it also involves significant differentiation.
Sources
- What is Blue Ocean Strategy - blueoceanstrategy.com
- Blue Ocean Strategy - Harvard Business Review - hbr.org
- Learn the Fundamentals of Blue Ocean Strategy - blueoceancompetition.org
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