Blue Ocean Strategy: Creating Your Own Market
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What if your business could be in a league of its own? Instead of competing with others in your industry, what if you were setting the pace, creating unique products and profiting from lucrative new markets?
Generating that kind of environment is the goal of blue ocean strategy, a business theory that suggests companies are better off searching for ways to gain "uncontested market space" than engaging in traditional competition.
The term is derived from the book "Blue Ocean Strategy" (Harvard Business Review Press, expanded edition, 2015), by W. Chan Kim and Renee Mauborgne. It describes how companies traditionally work in "red ocean"conditions, where businesses viciously fight against each other for a share of the marketplace. Instead, according to the blue ocean strategy, organizations should find a way to work in a marketplace that is free of competitors.