Make the competition irrelevant: BLUE OCEAN STRATEGY by W.C. Kim and R. Mauborgne

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      Lesson summary:

      The “Blue Ocean Strategy” by W. Chan Kim and Rene Mille Bornes proposes that rather than competing in saturated markets, businesses should focus on finding and exploiting untapped markets, or “blue oceans”. In these uncontested markets, businesses can thrive without battling competitors. The authors’ study revealed that despite making up only a small fraction of analysed businesses, those adopting this strategy accounted for 61% of total profits. Using the case study of Casella Wines and their ‘Yellowtail’ brand, the strategy emphasises the importance of value innovation, achieved by adjusting four levers: eliminating, reducing, raising, and creating aspects of a product. This approach can allow businesses to both attract new customers and dominate new market spaces.

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