The Blue Ocean Strategy challenges common knowledge on competing in today’s crowded market place. Based on a study of W. Chan Kim and Renee Mauborgne the strategy shows that lasting success comes from creating “blue oceans’: untapped new market spaces ripe from growth”.

The topic is very actual for Russia and CIS economic environment in general: creating their very own Blue Oceans with new opportunities for growth and international collaboration is work in progress. The target audience consisted of small and medium-sized business representatives, marketing specialists, recent economy graduates.

In a Blue Ocean Strategy, a company seeks to create value for its customers by offering a unique and differentiated product or service that does not currently exist in the market. By doing so, the company is able to attract new customers and increase its market share, without having to compete with existing players.

The Blue Ocean Strategy framework encourages businesses to focus on creating new market space rather than trying to compete in existing markets. This can be achieved by looking at the industry from a different perspective, identifying new customer needs or demands, and creating innovative products or services that meet those needs.

Why would you use Blue Ocean Strategy in Russia?

There are several reasons why the Blue Ocean Strategy should be used nowadays in new markets as Russia.

Firstly, the business landscape is becoming increasingly competitive, and it is becoming more difficult for companies to differentiate themselves from their competitors. Secondly, customers are becoming more demanding and are constantly seeking new and innovative products or services. Blue Ocean Strategy can help businesses to meet these changing demands by creating new markets and offering unique products or services that stand out from the competition.

Finally, Blue Ocean Strategy can also help businesses to increase their profitability by reducing costs and increasing revenues. By creating new markets, businesses can avoid the cost and price pressures associated with competing in existing markets, and by offering unique and differentiated products or services, they can command higher prices and margins.

In summary, Blue Ocean Strategy is a valuable business consulting framework that can help businesses to create new markets and differentiate themselves from their competitors, and is particularly relevant in today’s highly competitive and rapidly changing business environment.