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What is blue ocean strategy?

Blue ocean strategy is a business term first coined in a 2004 book by W. Chan Kim and Renée Mauborgne. It refers to the creation of new market space, or new demand, that is not being served by existing competitors.

The idea behind blue ocean strategy

It can be said that the main idea behind “blue ocean strategy” is that businesses should strive to create products or services that are unique and different from what is currently available on the market. This differentiation can be achieved through innovation, creativity, and customer focus.

The goal of blue ocean strategy

When implementing this kind of marketing strategy we want to create new demand in untapped markets, rather than competing for existing demand in saturated markets. It is a way for businesses to break into new markets and gain a competitive advantage.

How to implement

There are several ways to implement blue ocean strategy. One way is to create a new market by offering a new product or service that any competitors are not currently offering. Another way is to create a new market segment by targeting a new group of potential customers. businesses can also innovate and create new value propositions that appeal to new groups of customers.

Blue ocean strategy can be an effective way for businesses to gain a competitive edge and expand into new markets. It is important to carefully consider how to differentiate your product or service in order to create new demand. When implemented correctly, it can help businesses achieve sustained growth and profitability.

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