Blue Ocean Vs. Red Ocean Strategy | blue ocean and red ocean strategy
Incaseyou’rewondering,blueoceanandredoceanarenotconceptsinmarinebiology.Thetermsareusedtodescribetwopowerfulbusinessstrategytoolsthatcanbeusedtosucceedinacut-throatbusinessenvironment.ThetermsblueoceanandredoceanwerecoinedbyChanKimandRenéeMauborgnein2005.Theoceananalogyhasbeenusedtodescribethemarketspacewithtwobroadcategories: Redocean,whichrepresentstheexistingmarketspacecharacterizedby‘bloody’competitionBlueocean,whichistheuntappedmarketpotential,symbolizedbythedeepbluewater Let’sunderstan...
In case you’re wondering, blue ocean and red ocean are not concepts in marine biology. The terms are used to describe two powerful business strategy tools that can be used to succeed in a cut-throat business environment. The terms blue ocean and red ocean were coined by Chan Kim and Renée Mauborgne in 2005. The ocean analogy has been used to describe the market space with two broad categories:
Red ocean, which represents the existing market space characterized by ‘bloody’ competition Blue ocean, which is the untapped market potential, symbolized by the deep blue water
Let’s understand the underlying currents of the blue ocean and red ocean strategies. We’ll also discuss the difference between blue ocean and red ocean strategy to get a sense of the two.
Blue Ocean And Red Ocean Strategy
Companies traditionally work in a red ocean environment, where businesses compete to grab a bigger piece of...