Blue Ocean Strategy Book Cover

Blue Ocean Strategy

Publishing Year: 2005
53 Views
Reading time: Key takeways: Quotes:

What’s inside

Companies compete against each other to stand out in the market. The Blue ocean strategy shows a systematic approach that makes this competition irrelevant. Find out the various ways by which you can succeed in the market by staying unique. Understanding the needs of the customers will go a long way. By compromising on a few areas, you can gradually dominate in others.

Show More
book summary app

Download app now

 Lesson 1: Introduction.

 

  1. Chan Kim and Renee A. Mauborgne emphasize on the red and blue oceans in the market universe. Red oceans include all the industries that exist today, with defined boundaries. These companies compete against each other to grab a greater position in the market. 

 Blue oceans include industries that do not exist presently. They are unexplored and unknown to the competitors. These industries will have greater opportunities and profitable growth. 

This book focuses on various principles such as recreating the market boundaries, focusing on the potential customers and their needs. It also emphasizes on reaching beyond the existing demands, including a proper sequence for strategies, overcoming various hurdles, and understanding the shifts in the industries. 

Lesson 2: Creating new markets.

 

The Blue Ocean strategy encourages organizations to create new markets on their own and avoid competing with others. It is essential to develop new and innovative market spaces, rather than fighting the same old battles with the competitors. 

To make a blue ocean business succeed, the company should ensure that the price, benefits, and the relative costs of its product or service are all in alignment. For this, there should be a systematic and holistic approach to keep the costs down with greater customer value. 

This allows more opportunities with a low number of risks. With more value, you attract a new group of customers the industry had not previously supported, thus growing in the market. The blue ocean strategy creates new market spaces with more demands. The existing competition becomes irrelevant. 

 

Red ocean strategies compete in an existing market space. When a business focuses completely on strategies to beat its competition, it starts resembling its rival. Unlike a red ocean business, a blue ocean organization can successfully rebuild the previously accepted limitations of their business to avoid the competition. 

The authorities need to look into the possible alternatives that their customers would need. With new strategies, a Blue ocean leader invites a different set of customers to the business. They can also analyze the current business trends to predict the future preferences and habits of the customers. 

Lesson 3. Focusing on non-customers.

 

The four questions:

The decision-makers must consider four questions, to improve or eliminate qualities in the industry, in comparison to others:

  1. Which industry elements can be dropped?
  2. Which elements can be implemented below current industry standards?
  3. What can be improved beyond current industry standards?
  4. What new standards or features can transform the industry?
  5. Unlock Knowledge with Wizdom App

    Explore a world of insights and wisdom at your fingertips with the Wizdom app.

    • 1 Million+ App Download
    • 4.9App Store Rating
    • 5000+Summaries & Podcasts

Reviews for Summary of Blue Ocean Strategy

0.0
Vote: 0

About the author

Unlock Blue Ocean Strategy Lessons!

Download our app for instant access to the summarized version and Audiobook of 'Blue Ocean Strategy'
Blue Ocean Strategy Book Cover
Chapter List
  •  Lesson 1: Introduction.
  •  
  • Lesson 2: Creating new markets.
  •  
  • Lesson 3. Focusing on non-customers.
  •  
  • Lesson 4. Executing the plan. 
  •  
  • Lesson 5. Overcoming the obstacles. 
  •  
  • Lesson 6. The Shift in the Industries. 
  •  
  • Lesson 7. Conclusion. 
  •  
book summary app

Download app now

You May Also Like:


FAQs

In the summary of Blue Ocean Strategy book, there are 14 key lessons. These lessons include:

  1.  Lesson 1: Introduction.
  2.  
  3. Lesson 2: Creating new markets.
  4.  
  5. Lesson 3. Focusing on non-customers.
  6.  
  7. Lesson 4. Executing the plan. 
  8.  
  9. Lesson 5. Overcoming the obstacles. 
  10.  
  11. Lesson 6. The Shift in the Industries. 
  12.  
  13. Lesson 7. Conclusion. 
  14.  

Blue Ocean Strategy by Renee Mauborgne, W. Chan Kim was published in 2005.

Once you've completed Blue Ocean Strategy book, We suggest reading out Setting High Bar for your Customer Service as a great follow-up read.

Yes, the book Blue Ocean Strategy is really good to read. 53 people have searched for the book summary on the Wizdom platform. The book summary has a rating of 0.0, 0 on our platform.

In the printed version of Blue Ocean Strategy book have over 300 pages and usually takes 8-10 days to finish. However, with the Wizdom app, including its summary and audiobook, it can be completed in just 15 minutes.

Write a Review