A business model that encourages companies to create new market spaces rather than compete in existing ones.
This strategy suggests that organizations should focus on innovating to create distinctive products or services, tapping into uncontested market spaces or 'blue oceans'. Instead of focusing on beating the competition, businesses should prioritize creating new demand and making competition irrelevant. For instance, Apple created a 'blue ocean' with the iPod. Before it, there were MP3 players, but Apple combined this technology with an online music store, iTunes creating a new market.
The only way to beat the competition is to stop trying to beat the competition - W. Chan Kim and Renée Mauborgne, authors of Blue Ocean Strategy
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