The Blue Ocean Strategy has significantly influenced the business models of successful companies by encouraging them to create uncontested market spaces, rather than competing in an existing industry. This strategy has led companies to innovate and create new demand, making the competition irrelevant. Companies implementing this strategy focus on creating and capturing new demand, and on aligning the company's processes and resources to achieve this goal.

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Blue Ocean Strategy

This book challenges readers to rethink traditional incremental innovation approaches. Typically, head-to-head competition is the norm for increasing...

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Focus on the big picture, not the numbers. By using a strategy canvas, a central diagnostic tool and an action framework developed by the authors for building a compelling blue ocean strategy, readers can determine the demand of a particular niche. It graphically represents, in one simple picture, the current strategies and potential prospects for a company.

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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.

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