Question

When pursuing a Blue Ocean strategy, a firm in a crowded marketplace attempts to out-compete rivals on both cost and product features with the goal of gaining market share at the expense of other competitors in the same industry.True / False.

Answer 1

Answer:

False

Explanation:

Blue Ocean Strategy is a slang term referred to a market for a product without competition and with  wide market space.

 The objectives of a Blue Ocean Strategy are -

• A minimal effort to open up another market space and make new interest.  
• To discover and make "blue ocean"  which is, uncontested, developing markets and keep away from "red ocean" (overdeveloped, soaked markets).
• It is tied in with making and catching uncontested market space, in this way making the opposition immaterial.