Blue Ocean Strategy: A Review of Literature

Abstract

The market dynamics are changing abruptly due to the integration of technology and another macroeconomic factor into business. The organization which is considered as a market leader may also be investing enormous funds to stay competitive. The intent was not so convincing, because investing continuously to stay competitive is not a valid solution. The concept Blue Ocean Strategy was derived in 2005 and adds value by redefining the business boundaries. It highlights the importance of reconstruction of market boundaries which make competition irrelevant. The theory sounds exciting and selects a research topic to understand its possible way of integration in the current business process. The study of literature brings an understanding of how the different framework and tools can be applied in current business, to come out from competition and sail in an uncontested market. The review brings out an understanding of two exciting concepts of Blue Ocean Strategy, i.e., how to study factors of competition, and value innovation which is the cornerstone of Blue Ocean Strategy.