W. Chan Kim and Renée Mauborgne, professors of strategy at INSEAD and co-directors of the INSEAD Blue Ocean Strategy Institute, introduced and defined the theory and practice of blue ocean strategy – a unique methodology for creating commercially relevant new market space – in 2005. Despite the widespread interest in the concept, many managers still aren’t clear how blue ocean strategy differs from disruption theory, niche marketing, customer-focused innovation and other pioneering practices.
To better understand how to use blue ocean strategy methodologies and tools, the interviewer asked the researchers to explain some of the underpinning concepts.
Blue ocean strategy is about being first to get the customer offering right by linking innovation to value.
A blue ocean strategist gains insights about reconstructing market boundaries not by looking at existing customers, but by exploring noncustomers.
Managers will learn how to use blue ocean strategy to break the value-cost trade off, thereby opening up new market space.
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