Blue Ocean Strategy

Definition

A business approach that emphasizes creating uncontested market spaces to make competition irrelevant.

Key Features

• Value Innovation: Simultaneously pursuing differentiation and low cost.
• Uncharted Market Spaces: Focusing on untapped customer needs.

Real World Examples

• Cirque du Soleil combined elements of circus and theater to create a unique entertainment market.

Applications

• Strategic Planning: Identifying opportunities for growth.
• Product Development: Innovating to address unmet needs.

Related Concepts

• Competitive Advantage
• Market Segmentation