blue ocean stratgy

Blue Ocean Strategy Name: Institution: Course: Date: Blue Ocean Strategy The Blue Ocean Strategy is one that is associated with a business or company creating and being its own league. This is to mean that, instead of competing with other businesses in the industry, the business creates a market of its own and benefits from the lucrative returns of the same, by coming up with unique products and selling them for a profit. The element of generating the new market with new products is the goal behind the Blue Ocean Strategy (Kim & Mauborgne, 2015). This is different from the red oceans strategies, as these are traditional approaches where companies are competing in the same market using similar products. To achieve this level of success, a business must address some four main principles, which include, creating the new market that it not contested, focusing on the main picture of what the company hopes to achieve, looking beyond the demand in the market and making sure that they have the right strategic approach to achieve the same (Kim & Mauborgne, 2015). This is an article that brings some light to some of the industries that are quite congested. For example, in the cell phone industry, companies can look for better ways of delivering unique products. The launch of the smart watches a while back, can be considered to be one of the blue ocean strategy. However, it is also crucial to understand; like the smart watches in the current market, companies have to make sure that their strategy is not easy to...