{"id":112939,"date":"2023-03-30T05:50:56","date_gmt":"2023-03-30T05:50:56","guid":{"rendered":"https:\/\/businessyield.com\/?p=112939"},"modified":"2023-04-04T15:56:49","modified_gmt":"2023-04-04T15:56:49","slug":"blue-ocean-market-2","status":"publish","type":"post","link":"https:\/\/businessyield.com\/marketing\/blue-ocean-market-2\/","title":{"rendered":"BLUE OCEAN MARKET: Meaning, Examples, Strategy & Companies","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

These days, companies seek ways to operate in a market devoid of competitors rather than engaging in vicious competition with other businesses. This is exactly what the blue ocean strategy proposes, even though well-known companies used this strategy before a 2004 book gave it a name. <\/p>

This article talks about how developing your market has aided the expansion of many businesses and how your company can reap the same rewards.<\/p>

Additionally, this article is for business owners who prefer to build their market to competing markets.<\/p>

What is Blue Ocean? <\/span><\/h2>

Blue ocean is a term used in the entrepreneurship industry that was developed in 2005 to describe a new market where there is little competition or opposition to innovators. The phrase alludes to the enormous “empty ocean” of market choices and opportunities that arise when a brand-new or unexplored sector of the economy or innovation surfaces.<\/p>

The term “blue ocean” was first used in the 2005 book Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant by INSEAD business school professors Chan Kim and Renee Mauborgne. According to the authors, markets with a high-profit potential are known as “blue oceans.”<\/p>

But before we go further note that: <\/p>