What is a Blue Ocean Strategy and how does it change the nature of an industry? Give 2 examples of companies which followed Blue Ocean Strategies to succeed.
Expert Answer
Blue Ocean Strategy denotes a product market with either no or less rivalry and this strategy looks for a business where a few firms function and with no pricing burden. Also, this can be useful for any business.
Blue Ocean strategy changes the nature of an industry in two ways. Firstly, launching of new businesses along with saturated market. Secondly, build new brands by creating brand equity. Hence, this strategy
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