To top it off, there is no pricing pressure because there is no other firm to compete with you and your product. They have enormous potential and opportunities to grow and prosper. These are the industries that have not been invented or discovered yet. Basically, blue oceans are unknown marketplaces. These empty or less occupied markets can generate great profits for the creator. In simpler words, entrepreneurs or innovators develop empty oceans or ‘blue oceans’ where there is no competition for their products. The term ‘blue ocean’ was coined by the authors of The Blue Ocean Strategy book, INSEAD Business School professors – Renée Mauborgne and W Chan Kim. The Blue Ocean Strategy is about creating new products and services or making enormous modifications to the existing ones, such that the competition is removed altogether. The introduction above has hinted at the meaning of the Blue Ocean Strategy. We’ll also take you through its examples and key benefits. Read further to know the Blue Ocean Strategy’s meaning. In that case, how would you carve a niche? This is precisely what the Blue Ocean Strategy is about. You have tried improvising on your product, but there’s only so much that can be done in that area. You have innumerable competitors in the market, and it’s getting tougher for you to stand out from the crowd.
Now, imagine that the products and services you provide aren’t new. Imagine that you are an entrepreneur heading a company. However, it was being practiced much before that by companies. The Blue Ocean Strategy came into the limelight after a book was launched by Renée Mauborgne and W Chan Kim in 2004 titled ‘The Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant’. What special can you do in such a scenario to leave your mark? The Blue Ocean Strategy is your answer. The competition is fierce, and the customers are limited.
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