Summary of Chan Kim and Renée Maubrogne's Book: Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant
When we think of competition between companies like Coke and Pepsi or Walmart and Costco, we think of competitors fighting to get the biggest share of the market. The companies try to outperform their rivals through more aggressive advertising, price wars, and other tactics. The Blue Ocean strategy is an entirely different approach.
The Blue Ocean Strategy hinges on how businesses can create uncontested market spaces for their product or services by making the competition irrelevant. As ambitious as this may seem, this tidbit provides various principles and frameworks to guide businesses to create blue oceans while also citing case studies of other businesses that have successfully moved out of red oceans into blue oceans.
“Commitment, trust, and voluntary cooperation are not merely attitudes or behaviors. They are intangible capital. They allow companies to stand apart in the speed, quality, and consistency of their execution and to implement strategic shifts fast at low cost.” ― W. Chan Kim.
Disclaimer
This summary is meant to enhance your reading experience. The insights, analysis, and overall essence is an unofficial work and not the original book. It is not intended as a substitute for the original work it summarizes. It is not licensed, approved, authorized, or endorsed by the original author or publisher.