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The market universe is composed of two types of oceans: red oceans and blue oceans. Red oceans are all the industries in existence today; they are increasingly characterized by intense competition. Blue oceans are all the industries not in existence today; they are untouched and uncontested. To prosper in the future, companies need to go beyond competing; they need to create blue oceans. The issue is how to do so. This article presents a set of analytical tools and frameworks that can enable firms to develop blue ocean strategies.
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Kim et al. (2005) studied this question.
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