BLUE OCEAN STRATEGY: A GUIDE TO CREATING UNCONTESTED MARKET SPACE
The Blue Ocean Strategy is a business theory that helps companies create new market space and avoid competition.
It encourages companies to focus on creating uncontested market space rather than competing in existing markets.
The strategy involves identifying and targeting untapped customer needs and creating innovative products or services to meet those needs.
Companies can also differentiate themselves by changing the way they deliver their products or services, or by redefining their industry boundaries.
The Blue Ocean Strategy has been successfully implemented by companies such as Cirque du Soleil, which created a new market space by combining elements of circus and theater.
The strategy can be applied to any industry, and can help companies achieve sustainable growth and profitability.
To implement the Blue Ocean Strategy, companies must conduct extensive market research, identify untapped customer needs, and develop a clear value proposition that sets them apart from competitors.