The concept of a Blue Ocean, introduced by W. Chan Kim and Renée Mauborgne in their book "Blue Ocean Strategy," refers to a strategic approach that focuses on creating new, uncontested market spaces rather than competing in existing, saturated markets (referred to as "red oceans"). In a blue ocean, companies seek to innovate and offer unique value, rendering the competition irrelevant and capturing new demand.

Key characteristics of a Blue Ocean strategy include:

• Innovation: Emphasizes creating innovative products or services that open up new market opportunities.
• Uncontested Market Space: Focuses on areas with little or no competition, avoiding the fierce battles typical of established markets.
• Value Creation: Aims to deliver unique value to customers, often by combining elements of cost reduction and differentiation.
• Differentiation and Low Cost: Strives to break the trade-off between differentiation and low cost by pursuing both simultaneously.