Charting Untapped Waters: Creating New Market Space Instead of Battling Competitors
Markets crowded with rivals feel like gladiator arenas—everyone fighting for the same scraps of demand. But what if you could sail into uncharted waters instead? By focusing on innovation and value creation over head-to-head competition, you open “blue oceans” of opportunity where you set the rules, command premium prices, and redefine customer expectations. Red Ocean versus Blue Ocean Red Ocean Compete in existing industries Beat rivals for market share Often leads to price wars and shrinking margins Blue Ocean Create uncontested market space Make competition irrelevant Achieve rapid growth through differentiation and low cost Charting a blue ocean requires rethinking industry boundaries, delivering leap-in value, and aligning your entire system of activities around both differentiation and cost efficiency. Principles of Creating New Market Space Value Innovation Simultaneously pursue differentiation and low cost to break the value-cost trade-off. Focus on No...