Blue ocean strategies focus on creating new market spaces by focusing on non-customers and making competition irrelevant through differentiation and low costs, while red ocean strategies operate in existing competitive markets by exploiting current demand and requiring a choice between differentiation or low costs to beat existing competition.

1. Blue Ocean Strategies v/s Red Ocean Strategies
Create uncontested market space Compete in existing market space
Make the competition irrelevant Create and Beat the competition
Focus on non-customers Focus on existing customers
Create and capture new Demand Exploit existing demand
Break the value-cost tradeoff Make the value-cost tradeoff
Combination of differentiation and low cost Choice of differentiation or low cost

2. Conclusion