59.5% verified the power of a blue ocean strategy In 2004 Chan Kim and Renee Maugborgne pioneered the concept of a ‘Blue Ocean Strategy’. This involves offering a product into a market in which there is little or no competition. It is, in effect, the opposite of a ‘Red Ocean Strategy’ in which a product […]

59.5% verified the power of a blue ocean strategy In 2004 Chan Kim and Renee Maugborgne pioneered the concept of a ‘Blue Ocean Strategy’. This involves offering a product into a market in which there is little or no competition. It is, in effect, the opposite of a ‘Red Ocean Strategy’ in which a product is offered into a highly competitive market. A Blue Ocean strategy can involve one or more business sectors. Billionaire venture capitalist and PayPal co-founder, Peter Theil, encourages this kind of strategy in his book ‘Zero to One’. A Blue Ocean Strategy aims to create new demand and render competition irrelevant.One study found that 59.5% of businesses using a Blue Ocean Strategy built on their competitive advantage significantly improved financial performance. This study highlighted the significant benefits of enhancing a strategic competitive advantage by adopting a Blue Ocean Strategy. A Blue Ocean Strategy, combined with a…