Where did the principles of the Blue Ocean strategy originate? Therefore, you need to keep reinventing your business strategies and models to stay ahead of your competition. The idea also emphasises that eventually, other competitors can enter your space and make it a red ocean. This can give them the opportunity to grow and expand their business and capture a new market. Instead, companies should head over to a blue ocean-a market space that has little to no competition for their products. This kind of space prohibits the growth of a company of any size or nature.
The strategy is based on the notion that highly competitive industries and saturated markets are like red oceans-infested with sharks and very bloody. Let’s understand the Blue Ocean strategy in-depth and why it can be a life-saving drug for modern-day businesses. The Blue Ocean strategy is one such approach that can help organisations keep themselves relevant in the market. Businesses are therefore always looking for strategies or approaches that let them stay one step ahead of their competition. This scenario, unfortunately, happens too often in the corporate world. If they are unable to beat their competitors, they are eventually bound to shut down shop. High levels of competition and market saturation can be harmful to the growth and expansion of any company, be it a start-up or an MNC.
Why should businesses incorporate the Blue Ocean strategy for their operations?
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