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WHAT IS THE BLUE OPEN STRATEGY?
BLUE OCEAN STRATEGY seeks to be differentiated and cost-effective in order to create new markets and increase demand. It’s about creating uncontested market spaces and making competition irrelevant. It is based upon the belief that industry players can reshape market boundaries and industry structures.
What are RED OCEANS and BLUE OCEANS?
Chan Kim and Renee Mauborgne, in their classic Blue Ocean Strategy book, coined the terms “red ocean” and “blue ocean” to describe the market universe.
RED OCEAN refers to all industries that exist today, i.e. the market space. Red oceans have industry boundaries that are accepted and defined. The game rules are also known.
Companies try to be better than their competitors to get a larger share of the existing demand. Profits and growth decrease as the market becomes more crowded. Products become commodities which leads to a lot of competition. Red oceans is a result.
RED OCEANS
BLUE OCEANS
BLUE OCEAN is a descriptor for all industries that are not currently in existence – the untapped market space, which is untainted and unregulated by competition. Blue oceans are where demand is created, not fought over. There are many opportunities for rapid and profitable growth.
Blue oceans are where competition is not relevant because the rules of play are already in place. Blue oceans are an analogy for the deeper, wider potential that lies in unexplored markets. A blue ocean is a vast, deep and powerful source of profitable growth.
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