- W. Chan Kim and Renee Mauborgne developed the concept of Blue Ocean Strategy, which was presented in their book "Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant." - A blue ocean strategy involves creating a new market space that is free from competition, while a red ocean strategy involves competing in an existing market space with other competitors. - The four key steps to creating a blue ocean strategy are: 1) Create an uncontested market space, 2) Focus on the big picture, 3) Reach beyond existing demand, and 4) Focus on getting the strategic sequence right.