Blue Ocean strategy
Blue ocean strategy is about creating new markets to escape competition.
There are three traits that appear consistently across successful blue ocean strategies:
Companies that put an emphasis on a small number of key Factors of competition are more likely to have a successful Blue ocean strategy. This is because their strategy has focus.
When the Factors of competition emphasized by a company are not the industry norms, it’s an indicator of a successful blue ocean strategy. This characteristic of strategy is called divergence.
Companies with focused and divergent strategies need to convey their value innovation to customers. This is most easily accomplished using a compelling tagline.
A tagline is a short quip that accomplishes a subset of what a positioning statement does.
Blue ocean strategy is about creating new markets to escape competition.
The factors that companies/products within an industry typically compete on to provide value to customers.
Blue oceans are markets that haven't been created yet. They are lucrative business opportunities.
Value innovation is how companies offer dramatically higher value at lower costs, escaping competition.
A position statement explains how a product fits into its market.