Question
The Blue Ocean Strategy is a business theory that suggests companies are better off searching for ways to play in uncontested market spaces (Blue Oceans) rather than engaging with competition in existing market space (Red Oceans). This strategy involves creating a new, original market space or altering an existing industry to create new demand and thus, new customers. It's about creating and capturing new demand, and about offering new and innovative value to customers, not just about beating the competition.
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In addition to SWOT analysis for your own company, you can conduct a SWOT analysis on a competitor to identify any weaknesses that happen to be your strengths. These can be enablers for your growth, while external forces like regulations lobbied against you or your industry could be challenges to overcome.
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