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Blue Ocean Strategy

By Lynsey Graham

Blue Ocean Strategy

"Blue Ocean Strategy: Creating Your Own Market" explores the concept of generating uncontested market space to bypass the cut-throat competition in saturated markets.

This comprehensive article, "Blue Ocean Strategy: Creating Your Own Market," delves into the ground-breaking concept of the Blue Ocean Strategy, advocating for the creation of an uncontested marketplace rather than engaging in fierce competition with other players in the industry. Authored by Max Freedman, the article disseminates the idea that businesses should focus on innovating their products and services, pushing them into new markets where they can set competitive prices and encounter minimal competition.

Freedman uses real-world examples to highlight the success of this strategy. Companies like Ford, Nintendo, and Netflix, are cited as entities that have flourished by adopting the Blue Ocean Strategy. For instance, Ford's launch of its Model T series revolutionised the automotive industry, whilst Netflix's introduction of streaming services and Nintendo's innovative Wii platform further illustrate how companies can effectively create their own distinct market spaces.

However, the article also warns of the potential risks associated with the Blue Ocean Strategy. Freedman cautions that while the approach may be beneficial, it may also prove overly ambitious or even risky for some businesses. The transition to a completely unique product or service may not always be feasible and there's a chance that the new market may eventually be invaded by competitors.

To help companies navigate these potential pitfalls, Freedman provides a detailed guide to implementing a Blue Ocean Strategy. This includes identifying a starting point for introducing new offerings, assessing the current team's strengths and weaknesses, identifying customer pain points and developing unique solutions. The importance of conducting a SWOT analysis and drafting a formal plan for the shift is also emphasised.

The article concludes by revisiting the benefits of the Blue Ocean Strategy in the context of today's rapidly changing market landscape. Freedman proposes that in an era of increasing competition and saturation, this strategy encourages businesses to redefine the terms of competition, create their own market spaces and make their competition irrelevant. Hence, it could be a transformative approach for businesses seeking sustainable growth in the modern economy.

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