Blue ocean strategy is one of the best book written on business strategy. With almost every business book focusing on how to tackle the competition this is the only book which talks about how to ignore the competion and enter the new market which is completely unexplored.
The two key words in this book are Red ocean ( Which is the existing ocean which is red due to cut throat competition ) and Blue Ocean (Which is unexplored ocean of the existing product) . The book talks about how to find this unexplored blue ocean through its six principles which reduces various risk factors associated with business.
The aouthors start the book with a message that innovation itself is not enough to tackle the competion as competition will soon catch up with it with the other loop holes left open to allow competion to creep in. Hence authors support the startegy of " Value Innovation" which looks at the cost factor also. The authors beleive that any new innovation should be supported with a low price which will make it readily acceptable by the cosumers and also would not allow the competitors due the entry barrier of " Value innovation". In order to acheive " Value innovation", the business how should formulate a four action framework : (1) Eliminate the unnecessay activities (2) Create new activities (3) Reduce the time for activities which can be reduced and (4) Increase the activites which need to be.