The best way to beat your competition is, in fact, to stop competing against them. In other words, when you go head-to-head against rivals for a share of the existing market, this is like competing in a “red ocean” – where the way you compete is by benchmarking your competition and trying to outdo them. A much better strategy is to look for “blue oceans” instead – untapped markets which nobody has ever targeted and which hold the potential for huge growth. In red oceans, your competitors set the agenda. In blue oceans, your competition becomes irrelevant.

In a 10-year study of 108 companies, it was found that 86-percent of new product launches were line extensions and only 14-percent were attempting to create blue ocean markets. Yet that 14-percent generated 38-percent of total revenues and 61-percent of total profits. It’s clear, therefore, that companies which attempt to follow a blue ocean strategy have a much greater chance of success than those which follow a me-too strategy. Creating blue oceans should be the focus and goal of every manager.

The core principles in the book:
1. Value innovation is the cornerstone of blue ocean strategy.
2. Blue ocean strategies are more about risk minimization and less about risk taking.
3. Formulating an effective blue ocean strategy is one challenge but executing that strategy well is an
altogether different kind of challenge

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