What is Blue Ocean Strategy and how to apply it?

Blue Ocean Strategy is a business strategy concept that proposes creating new market spaces ('blue oceans') where competition is minimal or absent, instead of competing in saturated and competitive markets ('red oceans').

The application of the strategy includes:

• Finding and creating unique products or services that open up new needs or segments.
• Reducing competition through innovation and differentiation.
• Analyzing existing market boundaries and their expansion or rethinking.

For example, a company might develop a product that combines the functions of several existing solutions but is simpler and cheaper, thereby creating new demand and avoiding direct competition.