Blue Ocean Strategy

By: A Staff Writer

Updated on: Jul 19, 2024

What: Focuses on finding new markets & opportunities rather than competing bloody battles in existing “red oceans.”

Who: W. Chan Kim and Renée Mauborgne.

Why: Helps entrepreneurs uncover untapped possibilities, differentiate themselves, and create new demand.

When: If your market is crowded with copycats, if you’re facing price wars, or want to be a pioneer.

How:

1. 1. Map out the factors your industry competes on.
   2. Brainstorm ways to reduce, increase, create, or eliminate factors to stand out.
   3. Target the new market space you’ve developed.