Who doesn't dream about working in a market place where competition is irrelevant?
Blue Ocean strategy model developed by W. Chan Kim & Renee Mauborgne focus exactly on this topic. Creating "blue oceans" which are uncontested markets where new customer demands are satisfied instead of focusing to beat the competition, called "red ocean".
So how can business leaders create those attractive "blue oceans"? In the book you can find the four actions framework which tells you what to do:
1. REDUCE. Which factors should be reduced well below the industry's standard?
2. CREATE. Which factors should be created that the industry has never offered?
3. RAISE. Which factors should be raised well above the industry's standard?
4. ELIMINATE. Which of the factors that the industry takes for granted should be eliminated?
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In general I am a very slow book reader. I often use a marker to highlight the sentences which resonate with me the most or I want to re-read them after a while.
Some books are so refreshingly educational that I even decide to write a blog post, which serves as a summary of my key take-aways that I believe can be useful for you too.
This has just happened with "The Blue Ocean Strategy" book by W. Chan Kim and Renee Mauborgne.
What are you favorite books which you have recently read and learnt a lot from?