Blue Ocean

Refers to a market space that is unexplored, untapped, and uncontested, with little to no competition. It is an area of the market where a company can create new demand, rather than fighting over existing demand. In a blue ocean, a business can differentiate itself by offering unique and innovative products or services that have not been offered before, leading to high potential for growth and profit. Blue ocean strategy involves creating new markets, rather than competing in existing ones.

A business coach may identify a blue ocean for their client by helping them uncover an untapped market or a unique business idea that has not yet been explored. For example, a business coach may help a client create a new niche in the market by combining two industries or by targeting an underserved group of customers. By creating a blue ocean, the client can differentiate themselves from their competitors and establish themselves as a leader in their industry, leading to increased growth and profitability.

Blue Ocean DEFINITION:

1. Creating a new market space with no competition. 2.A market space with little to no competition and high potential for growth and profit.

Blue Ocean QUOTE:

1. "Swim in the blue ocean, there's plenty of fish and no sharks to compete with."" 2""Swim in a blue ocean, the only competition you'll have is with yourself trying to stay afloat."