Blue Ocean is a concept that is used to describe a new, unexploited market with little to no competition or any obstacles that would stifle growth and innovation.
Innovation is at the heart of this concept, along with low costs and differentiation that happen simultaneously.
As suggested by its name, blue ocean refers to the “vast ocean” of opportunities created by innovators with great potential for high profits.
We cannot talk about blue ocean without mentioning professors W.Chan and Renee Mauborgne, creators of “Blue Ocean Strategy: How to create uncontested market space and make the competition irrelevant” book. In this book they cover a proven analytical framework and 150 strategic moves to successfully create and capture blue oceans.
Some advantages of the blue ocean market business leaders are:
-having first-mover advantages
-cost advantages when it comes to marketing
-setting prices without competitive constraints
Most famous innovators among companies that unlocked the blue ocean of new market places are Ford, Nintendo, Apple, Tesla motors, Canon,Ralph Lauren and more.