Small Business and Blue Ocean Strategy
What is blue ocean strategy—its components and main characteristics. Value innovation. The strategy canvas. The four actions framework. Blue ocean strategy implementation in small business during financial crisis or in saturated markets.
5.1 The Concept of Blue Ocean Strategy
Blue ocean strategy is an approach that was first introduced by the INSEAD professors Kim and Mauborgne in 2005. It was, and still is, a very innovative approach in business, an approach which can help businesses when they are operating in saturated markets or during vast financial crisis.
According to Kim and Mauborgne (2005), if we suppose that all markets consist of the market universe, then this universe can be said to ...
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