Blue Ocean Strategy

Blue ocean strategy is a type of business strategy that focuses on creating new markets and opportunities instead of competing in existing markets. It encourages companies to look for ways to create "blue oceans" or untapped new market spaces, where potential new demand is created rather than competing in existing market for only a small share of demand. To do this, companies need to find ways to create value that expands the market. For example, if an airline wanted to create a new market, they might focus on providing more reliable service, faster travel, or more amenities so they can stand out from their competitors and create a 'blue ocean' of demand.