What is the meaning of blue ocean strategy?
Understand the Problem
The question is asking for the meaning of the term 'blue ocean strategy'. This refers to a business concept that involves creating new market spaces ('blue oceans') rather than competing in saturated markets ('red oceans'). It focuses on innovation and value creation to differentiate from competitors.
Answer
Creating a new, untapped market with no competition.
Blue Ocean Strategy is about creating a new, untapped market where there is no competition. Instead of competing in an existing market, a business innovates to offer something unique that opens up new demand and makes existing competition irrelevant.
Answer for screen readers
Blue Ocean Strategy is about creating a new, untapped market where there is no competition. Instead of competing in an existing market, a business innovates to offer something unique that opens up new demand and makes existing competition irrelevant.
More Information
The Blue Ocean Strategy contrasts with the Red Ocean Strategy, which focuses on competing in existing markets and fighting for market share.
Tips
Commonly confused with Red Ocean Strategy, which is about competing in existing markets.
Sources
- What is Blue Ocean Strategy - blueoceanstrategy.com
- Blue Ocean Strategy - Harvard Business Review - hbr.org
- What Is Blue Ocean? Definition in Markets and Characteristics - investopedia.com
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