Blue ocean strategy and Red ocean strategy. As one of the newest modern marketing strategy Do you know more about them?

The Blue/Red Ocean strategy is an attempt to turn a buck by formalising stuff we already know into a  management concept.   The idea is that instead of competing within the existing marketplace (the red ocean) businesses will be more successful by marginal innovation into new areas (blue ocean). 

In other words, instead of slugging it out with the competition, think of something a little bit new.