How has the Blue Ocean Strategy influenced the business models of successful companies?

A small business can use the Blue Ocean Strategy by focusing on creating a new market space (blue ocean) rather than competing in an existing market (red ocean). This can be achieved by using the strategy canvas, a tool that helps to visualize the current strategies and potential prospects for a company. The business should focus on the big picture, not just the numbers, and aim to create and capture new demand, break the value-cost trade-off, and pursue differentiation and low cost.

The themes of the Blue Ocean Strategy are highly relevant to contemporary issues and debates in business strategy. The strategy encourages businesses to create new market spaces (blue oceans) rather than competing in existing markets (red oceans). This approach is increasingly relevant in today's business environment where innovation and differentiation are key to success. The strategy's focus on value innovation, where companies seek to create new customer value without increasing costs, is a topic of ongoing debate in business strategy. Furthermore, the strategy canvas tool, which helps companies visualize their strategy compared to competitors, is a useful tool for strategic planning in the modern business landscape.