Blue Ocean Strategy is a business strategy concept that aims to create uncontested market space. It's based on the premise that all industries, even those that appear to be very competitive, can be segmented into different market spaces.

The theory is that there are always opportunities to create new market spaces by doing things in a way that no one else has done before. This creates uncontested market space—the blue ocean—which is ripe for growth.

The strategy involves creating value for customers by offering them something they cannot find anywhere else, and then charging a premium price for it.

Blue Ocean Strategy was first introduced by W. Chan Kim and Renée Mauborgne in their 2005 book "Blue Ocean Strategy: How To Create Uncontested Market Space And Make The Competition Irrelevant."

The authors define blue oceans as uncontested market spaces that are created when companies focus on changing the rules of the game rather than competing over old rules within an existing industry structure.

Blue Ocean Strategy is a business strategy that helps companies find new market space by identifying and meeting unmet customer needs.

It's based on the idea that competition tends to drive profits down, as companies compete for buyers by reducing prices and offering similar products. This creates what author W. Chan Kim calls a "red ocean" of bloody waters—a market with high competition, low profit margins, and slow growth.

Blue Ocean Strategy offers an alternative: instead of competing in an existing market space, you can create a new one where you can be the only or at least the top player. You do this by identifying customer needs, then meeting those needs in ways that other companies aren't already doing.

The resulting "blue ocean" is one where there are no competitors—or at least none who are as good as you are at meeting those needs—and profits can rise quickly as you attract new customers who want what you provide.

The basic premise of the Blue Ocean Strategy is that you should create or find new market spaces where your competition has not yet been able to exist, or where they are not yet present. This creates what they call "blue oceans" between your product or service and those of other companies, allowing you to gain an advantage over them by being the first to market with a new idea.

Blue Ocean Strategy focuses on creating new demand by identifying untapped market spaces with no competition and few customers. It focuses on creating value for customers, rather than competing with other companies in existing markets where there are many competitors.

It's also important to note that Blue Ocean Strategy is not just about adding more value; it's also about removing the things that are holding you back from creating more value for your customers.

Blue Ocean Strategy is about creating new markets—or "blue oceans"—where there isn't any competition. As a result, you can capture more customers and make more profits without having to fight for them.

Blue Ocean Strategy is the idea that companies can create market space by positioning themselves in a way that eliminates competition. It's based on the idea that there are always opportunities to innovate and create value, even if they don't exist yet.

There are four principles of Blue Ocean Strategy:

1. A blue ocean is uncontested market space.

2. Creating a blue ocean means finding new market space, where the rules of competition do not apply and there are no obstacles to success.

3. Blue oceans are created only by discontinuous innovation that creates value for both buyers and sellers, with or without reducing costs or prices.

4. The strategic moves that create blue oceans can be applied to any industry in any country in the world at any time, provided companies see them clearly as strategic moves