Blue Ocean Strategy

W. Chan Kim emphasizes the importance of creating a new, uncontested market space rather than competing in an existing one. This is the 'blue ocean' - a place where competition is irrelevant because the rules of the game are waiting to be set.

The book explores the concept of 'value innovation'. This means breaking away from the competition by creating product or service features that have not been offered before. It's about making the competition irrelevant and creating demand where there was none.

Kim introduces the Four Actions Framework to help businesses create their own blue oceans. This involves looking into which factors should be reduced or eliminated, and which factors should be raised or created in your industry.

The book also presents the Eliminate-Reduce-Raise-Create Grid. This tool helps you to see how to change the factors of competition to create a new market space. It's a practical way to start thinking about creating your own blue ocean.

Kim also discusses how to overcome key organizational hurdles that can prevent the execution of a blue ocean strategy. He provides practical tips and strategies to ensure that your organization is ready to make the leap and embrace innovation.