*In today’s world, competition is becoming increasingly fierce. This leads to bloody battles among competitors who are forced to keep reducing prices while continuously spending money on incremental improvements in product quality.
*If they are successful at this, they will merely stay afloat in red oceans. Because other firms are doing the same, everyone is facing the risk of drowning.
*Blue Ocean Strategy offers a different way of making business. Instead of swimming in red waters replete with hungry competitors, Kim and Mauborgne recommend finding blue oceans, that is becoming pioneers in new and untapped markets.
*Kim and Mauborgne summarize their approach by saying that “The only way to beat the competition is to stop trying to beat the competition”.
Theme 1: What is blue ocean strategy? - 0:29
Theme 2: How to find blue oceans & avoid traps - 9:54
Theme 3: How to renew blue oceans - 24:10
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HEAR THE FULL INTERVIEWS MENTIONED IN TODAYS' EPISODE HERE:
YouTube. (2019). Blue Ocean Strategy, Create New Markets and Leave the Competition Behind | Renée Mauborgne | WOBI. [online] Available at: https://www.youtube.com/watch?v=clp-IMpuwaQ.
Mauborgne, R. (2019). Stop Competing & Start Creating: How to Be Uniquely Successful With Renée Mauborgne. [online] YouTube. Available at: https://www.youtube.com/watch?v=YLgUnEtN1Ic.
Full Title: Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant
Year of Publication: 2015
Book Author: Renée Mauborgne, W. Chan Kim
To purchase the complete edition of this book click here: https://tinyurl.com/pj6cv7av
Book Insight Writer: Rafal Jennek
Editor: Tom Butler-Bowden
Producer: Gabe Mara
Production Manager: Karin Richey
Curator: Tom Butler-Bowden
Narrator: Kristi Burns
Book Insights Podcast