Brief overview of the Blue Ocean Strategy.
The authors define W. Chan Kim and Renee Mauborgne define the "Red Ocean" market and the "Blue Ocean" market. The Red Ocean is defined by fierce competition where companies battle to differentiate their product/service or have the lowest price.
The Blue Ocean defines a market in which a company ventures into an uncontested marketplace. Here, there is no competition or rules of the market - they are waiting to bet set.
Check out the video to learn more on how to create a Blue Ocean.