“Blue Ocean Strategy” is referred to a market for a product where there is no competition or very little competition. This strategy revolves around searching for a business in which very few firms operate and where there is no pricing pressure. This aims to capture new demand and to make competition irrelevant by introducing a product with superior features.
Blue Ocean initiative can be successfully launched in even the most bureaucratic organization that is trapped in a Red Ocean. The five steps are:
Choosing the right place to start and constructing the right Blue Ocean team for the initiative.
Getting clear about the current state of play
Uncovering the hidden pain points that limit the current size of the industry and discovering an ocean of non-customers.
Systematically reconstructing market boundaries and developing alternative Blue Ocean opportunities.
Selecting the right Blue Ocean move, conducting rapid market tests, finalizing, and launching the shift.
Remember there is nothing called a Pseudo Blue Ocean Strategy, you either follow a Blue Ocean Strategy or you Don’t.