Blue Ocean Strategy makes existing competition irrelevant by creating a new market space or 'Blue Ocean'. This is achieved by innovating and offering value in areas that the current competition has overlooked, thereby attracting customers and creating new demand. The strategy involves six principles: reconstruct market boundaries, focus on the big picture, reach beyond existing demand, get the strategic sequence right, overcome key organizational hurdles, and build execution into strategy. By applying these principles, a company can shift its focus from competing in a crowded marketplace to creating a new space where it is the only player.
How can you effectively capture new markets and acquire demand against ever-so-fierce competition? B...
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