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The belief that blue ocean strategy is a theory of marketing and a niche strategy. Companies face cutthroat competition within defined and accepted industry boundaries. 6. This is what the blue ocean strategy is all about! Diversification is a good thing; it is the most effective, least expensive, and easiest-to-implement strategy in an investor’s toolbox to reduce the risk of loss, without sacrificing return. But, let's first understand what is Blue Ocean and how it is different from Red Ocean strategy. The strategy canvas can be used to identify the various elements present in an industry and to better understand how to compete differently based on those and new blue ocean elements. One example of the blue ocean strategy that is given by the authors themselves in their book is the Cirque du Soleil and its amazing success. These competitors may possess a competitive advantage driven by cost, differentiation, or niche market strategies. The authors describe red oceans as the existing industries in a known market space. Definition: 'Blue Ocean Strategy is referred to a market for a product where there is no competition or very less competition. Introduction to Blue Ocean Strategy. Blue ocean strategy is based on over decade-long study of more than 150 strategic moves spanning more than 30 industries over 100 years. The Blue Ocean strategic approach is rooted in value innovation, a concept introduced by Kim and Mauborne. Red Ocean Strategy. Description: Blue Ocean Strategy can be applied across sectors or businesses. The authors use the terms blue oceans and red oceans to describe the entire market universe. In Red Oceans, industry boundaries are defined and accepted, and the competitive rules of the game are known. UNDERSTANDING BLUE OCEAN STRATEGY. Without these characteristics a company’s strategy will be unclear and hard to communicate. The blue ocean strategy is not the same as ‘niching down.’ It’s quite the opposite, in fact. When the book Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant by W. Chan Kim and Renee Mauborgne was released in 2005, the market, rightfully so, was abuzz with the simple revelations the book put forth. 9. What is Blue Ocean Strategy? Consider the following elements of a “Blue Ocean” Strategy: 1. It is about creating and capturing uncontested market space, thereby making the competition irrelevant. Subscribe and Download now! Cirque du Soleil and the Blue Ocean Strategy . Blue Ocean vs Red Ocean Strategy. The term “Blue Ocean” stems from the idea that there are opportunities in each industry to move from the ultra competitive battles around price and features (red ocean) into a new market reality where your typical competitors are either non-existent or irrelevant. 2. Red Oceans are described as all the industries in existence today: the known market space. The concept of diversification is readily grasped in a bit of homespun wisdom. The reinvention of the circus model allowed the company to bring in more revenue than its more traditional counterparts such as the Ringling Brothers and Barnum & Bailey managed to in over a century. The first part presents key concepts of blue ocean strategy, including Value Innovation – the simultaneous pursuit of differentiation and low cost – and key analytical tools and frameworks such as the strategy canvas and the four actions framework. Blue Ocean Strategy Formulation - The Four Principles Of Strategy Formation This blog article is a summary of the book by W. Chan Kim and Renée Mauborgne. Now, to bring it to life, we’re looking at 3 examples of companies that have used the blue ocean strategy …