If one is discovered, a new demand can be created by tapping into a new market. They are vast and deep, and thus offer endless possibilities and opportunities for growth. Unknown, unexplored and untouched by competition, these blue oceans are waiting to be discovered.
The blue ocean on the other hand, encompasses all industries and markets that do not even exist today.
Competition increases and the prospects for profit and growth decrease. As the market becomes denser, existing and new companies compete more fiercely with each other for the limited demand of their customers – which is divided among all existing suppliers. Red because the water is colored blood red by massive competition and constant predatory rivalry. The red ocean represents all industries and markets that exist today. What’s the difference between Red and Blue Oceans?
If you studied economics, you have probably heard of it before. The Blue Ocean Strategy Canvas is derived from the Red and Blue Ocean Strategy.
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