Blue Ocean Strategy is a method of creating business strategy of the enterprise, which was described in a book by W. Chan Kim and Renee Mauborgne. The publication was published in 2005. Blue Ocean Strategy is based on the idea that every enterprise can achieve higher profit by creating new demand in non-competitive market (so called blue ocean). The profit is much easier than the rivalry with the competition on existing markets.
Blue Ocean Strategy method includes the methodology of creation of value innovation and the creation and use of new market space for the demand. The procedure focuses on the ability to create a sovereign market space and to exclude competitors from the game. It relies strongly on the creative and innovative approaches in the search for new markets and opportunities. It describes a number of conceptual and practical tools suitable for use both in enterprises and organizations in the public sector, which are suitable for the systematic search and use of the so called blue oceans, which is a metaphor for new market opportunities and non-competitive markets.
There are also various ways of derived management, such as Blue Ocean Recruitment and other.
Use of the Blue Ocean Strategy in practice: Blue Ocean Strategy is used for creating competitive and product strategy of the organization. This is basically a new marketing concept, which focuses on exploring new market opportunities. Part of the team, which participates in the Blue Ocean Strategy, should be members of the top management who are responsible for the product or overall strategy of the organization, mainly CEO and CSO.