You have to adopt the blue ocean strategy if the business that you are starting is new. My personal experience was when I worked in a new manufacturing company that will produce EGI, the first in Malaysia at that time. It was an untested local market. It requires a lot of intelligent guess work as well as guts.
Opportunity and market need to be created, even for already established product and market. A famous story that best describe the blue ocean strategy is to sell footwear to the people in a village that does not wear any shoes or slippers. Some may say that it is impossible to sell any type of footwear in the village as no one wears any type of footwear. Another person may look at it as a great potential since no one in the village uses any footwear.
by
Ghada El Sharkawy , Senior Corporate Performance Analyst , Etimad Holding
My personal experience hasn't allowed me yet to adopt a blue ocean strategy, whereby you create demand instead of fighting for a piece of the same existing market, by creating value for customers as well as for the company.
One of the best examples of adopting the blue ocean strategy may be Cirque du Soleil. The show combines, several performing arts (opera, ballet and circus acts) without the use of any star performers or animals, yet delivers entertainment in a highly innovative way.
Adopting the blue ocean strategy is to explore untapped market or creation of a new demand. Hence, there is no competition. However, the new product or service to be created and to be introduced should be acceptable and synchronized with the demographics and culture of the target market. Also, conventional approach in the introduction stage is necessary to influence the decision of the potential market.
