Every successful business, regardless of the sector and industry it belongs to, can attribute its success to powerful management strategies. Blue Ocean Strategy is a concept that many business managers follow to drive their enterprise to success. The core theory suggested by the authors of this top bestseller in the management category is that companies will succeed if they are able to find uncontested market places than indulging in a tough fight over a shrinking pool of profit where new rivals keep making their presence felt.
The authors have termed this uncontested market place as blue oceans which are essentially untapped market places that offer huge growth potential. Blue Ocean Strategy shows how companies can make competition irrelevant by taking their businesses to places which are largely unchallenged. The strategy can be put in place by designing ventures in which products or services offered can be reconfigured to get away from highly hostile and competitive situations and finding market places where there is little or no competition to worry about.
The Blue Ocean Strategy is the result of years of research and study of strategic business moves by top businesses in diverse industries. One distinctive feature of this strategy is that it suggests an out of the box approach to business management through modification of products and services being offered by establishing new markets and focusing on new customers, existing dissatisfied customers and potential customers. Conventional approach to business management involves serving existing customers in a traditional marketplace which leads to increasing competition, poor sales and meager returns.
The management book shows how entrepreneurs can have a better shot at success by positioning their ventures innovatively through modification of their business model, repackaging their products and services and changing the borders of their targeted market. By using the strategies suggested in the Blue Ocean Strategy, businesses can junk the highly competitive Red Ocean and create a Blue Ocean which is significantly less competitive.