blue ocean strategy: a review of literature

FOCUS: Journal of International Business

Vol. 5(1), Jan-Jun 2018, pp. 126-141

DOI: 10.17492/focus.v5i01.13140

www.journalpressindia.com/fjib

© 2018 Journal Press India

Blue Ocean Strategy: A Review of Literature

Piyush D. Chadarava*

ABSTRACT

The market dynamics are changing abruptly due to the integration of technology

and other macroeconomic factors into business. The organization which is considered as

a market leader may also be investing enormous funds to stay competitive. The intent

was not so convincing, because investing continuously to stay competitive is not a valid

solution. The concept Blue Ocean Strategy was derived in 2005 and adds value by

redefining the business boundaries. It highlights the importance of reconstruction of

market boundaries which make competition irrelevant. The theory sounds exciting and

selects a research topic to understand its possible way of integration in the current

business process. The study of literature brings an understanding of how the different

framework and tools can be applied in current business, to come out from competition

and sail in an uncontested market. The review brings out an understanding of two

exciting concepts of Blue Ocean Strategy, i.e., how to study factors of competition, and

value innovation which is the cornerstone of Blue Ocean Strategy.

Keywords: Blue ocean strategy; Red ocean strategy; Innovation; Competition.

1.0 Introduction

There can be many perspectives that can aspire one to toil on the diverse set of

strategies, growth, customer contentment, adaptability with alliteration as well as a

competitive advantage is some of the intents of any strategy formulation. However, as

the corporate environment has become extremely competitive, competitive advantage

has emerged as the prime aim of the conventional strategic thinking. The notion of

competitive advantage is a very well-liked idea by amid strategic thinkers in

Management and voluminous literature available on the subject. According to Michael

Porter, who pioneered the concept and identify two ways in which firms can gain a

competitive advantage: cost leadership and differentiation.

___________________

*Assistant Professor, Faculty of Business and Commerce, ATMIYA University, Rajkot, Gujrat,

India. (Email: [email protected])

http://www.journalpressindia.com/FJIB

Blue Ocean Strategy – A Review of Literature 127

Cost leadership is “offering lower prices than competitors for equal benefits.”

“Differentiation provides unique benefits that more than offset a higher price” and which

the competitor cannot imitate (Porter, 1985). Cost leadership and Differentiation can be

accomplished by raising operational competence and yield through state-of-the-art

technology, or management techniques like Total Quality Management or benchmarking

or lowering the quality of the product.

2.0 Reviews on Blue Ocean Strategy and its Different Tools

The strategy is a core activity in a business process which plays a collaborative

role in designing short term and long term growth of an organization. The strategy is the

plan, ploy, pattern, position, and perspective (Brian & Mintzberg, 1996). Ansoff (1991)

has given importance to the objective first and strategy as a process to conclude, i.e.,

guiding principle to deal with micro and macro environments. The setting up

organisational goal is a primary task in which decision making play a fundamental role.

(Chandler, 1976). Keneth and Andrews stated strategy is the match between what an

organisation can do within the universe and what it might do. Andrew stated that strategy

has the creation of the unique and valuable position in the market, but in the ideal

market, there is no need of strategy. Bruce Henderson founder of Boston Consulting

Group added that organisation needs to work for the formation of competitive advantage.

The structure of the market stated with the word competition. The framework of

competition covers the different dimensions of competition, i.e., perfect competition,

monopolistic competition, oligopoly, duopoly, monopoly. The perfect competition

shows the sales of the homogenous product, means price exceeds the marginal cost

which creates profit and will invite a new competitor into the market. The long-term

influence is price approaches the marginal cost and resulting in zero profit and market

become unattractive (Baye, Prince, & Squalli, 2006).

In the simple word, the strategy is a game plan which matches with an

organisational resource for accomplishing organisational long-term and short-term

objectives. The growing interest in studying the concept strategy always comes with

improvisation due to fast-changing economic and business conditions stand in between

in the last century. It always creates interest for researchers to design and contribute new

concept by studying new patterns and concepts. The military history has contrived the

new dimensions in the discipline of management such as Positioning, Blue Ocean

Strategy and Perimeters of Definable Competition, among others (Ahlstrom, Lamond, &

Ding, 2009). W. Chan Kim and Renee Mauborgne in 2005 carried out a study on the

different organisation of the last century and presented the new concept in the world of

128 FOCUS: Journal of International Business, Volume 5, Issue 1, Jan-Jun 2018

the competitive business arena “Blue Ocean Strategy” where authors evaluated the

pattern of success by value innovation created by the organisation (Chan & Renee,

2005). The author tested the pattern of success applying Blue Ocean Strategy’s analytical

tools and framework.

The author designed Blue Ocean Strategy with an objective to find and create

uncontested market space with the intention to identify the noncustomer of the product

or services. He explained that concept in its first case study on Cirque De Soleil wherein

traditional circus industry, customer satisfaction level reach to saturation level and

customer creation process was almost stopped (Williamson, 2002). The Cirque De Soleil

eliminated the traditional practices and created new “Blue Ocean Moves” by creating a

storyline, suspense thriller, excitement, redefine the role of clown, redesigning the

colours of the tent and other infrastructure and try to intellect creativity in the situation.

The Cirque De Soleil approach was entirely reconstructive to target the noncustomer.

These approaches have created trends as it adds a value proposition to amaze millions of

fans. The year 1992 NTT Docomo was in search of identifying new dimensions of the

market and in the competitive market edge where industries boundary is predefined, in

that situation NTT Docomo reconstructed the boundary (Kim & Mauborgne, 2014) by

identifying “value innovation” in telecom industry where others are focusing on the

neglected thing. NTT Docomo comes with an improvised network service, crystal clear

call service, cost-effective pricing, newly designed phone model, Internet connectivity

with mode services. In three years since the launch of I-mode NTT DoCoMo had

become the only company to make money out of the mobile internet. Its net income

increased to an all-time high of ¥365.5 billion in March 2001, and its market

capitalisation far exceeded its parent company.

The much diversified LG Electric Company comes with the concept of creating

“Blue Ocean Move” for its 77 diversified product in the year 2006 (Pinal, 2006). The

primary objective to design a product for the emerging markets, the customer as per their

economic background and want to tap the noncustomers of the company. LG tested Blue

Ocean concept and created Blue Ocean Move in its business model to create value for its

customers, increase job efficiency, and create outstanding financial result differentiated

for vast customer base and winning spirit.

ITC, India’s one of the largest FMCG Company, brings a concept of 'e-Choupal'

in June 2000, a revolutionary initiative among all e-commerce interventions in rural

India. ITC Blue Ocean Moves to target the Bottom of the Pyramid (Prahalad, 2006). By

the year 2006, 'e-Choupal' reached out to more than 3.5 million farmers in over 31000

villages. The store started selling a range of crops - soybean, coffee, wheat, rice, pulses,

and shrimp, through 5200 kiosks across six states (Madhya Pradesh, Karnataka, Andhra


Pradesh, Uttar Pradesh, Maharashtra, and Rajasthan) in India. By 2010, e-Choupal

network planned to cover over 100,000 villages, representing one-sixth of rural India,

and create more than 10 million e-farmers. Encouraged by the success of the e-Choupal

initiative, ITC launched “Choupal Sagar” in 2004.

A further study on Bottom of the Pyramid and Information and Communication

Technology (ICT) business can extend its leg in emerging rural markets too (Sharma,

Seth, & Niyazi, 2007). The author searches the factors of uncontested market space in

the ICT business. The author identifies Blue Ocean moves which can add value in ICT

companies to reconstruct the industry boundary and enter into new market spaces with

an objective to tap “noncustomers” in rural areas. Another article on Bottom of the

Pyramid discusses consumer lifestyle and consumption pattern in Taiwan Market. To

study the objective author used questionnaire method and approached 205 respondents.

The study reveals important outcomes about phenomena and explains the correlation

between consumer expectations of a high-quality product at an attractive price. The

outcome of the study contributed to the theory of Blue Ocean Strategy, how to identify

the “noncustomers” need in the market (Tu, Shih, Hsu, & Lin, 2014).

The identification of the potential needs of the consumer is the complicated task

for the organisation. To study the consumer potential needs author developed Kano’s

analytical model, and applied the model to study the needs of home air conditioner

appliances’. To understand the latent demand author approached 1400 respondents and

collected the review through questionnaire and panel discussion with the employee. The

objective of the research is to understand the consumer expectation about product and

questionnaire outcome was categorise into Blue Ocean Strategy’s Eliminate, Raise,

Reduce and Create Framework. The outcome of the research helps the organisation to

redesign the product according to consumer needs, which cannot assume in a direct way

(Yang, 2013).

Maple Leaf Foods Inc. is a market leader in the food processing and export

business in Canada. Maple Leaf adopts quite a value innovation approach by adopting

premium category branding to come out from cutthroat competition with significant pork

exporters in the Japanese market by creating a value innovation in food safety program

(Kim, 2010). Maple Leaf was building a new segment of Japan’s pork market by

positioning itself between the domestic premium segment and the import commodities

segment by attracting consumers who are interested in both brand and price. The article

covers how MLF created value innovation to sail in uncontested market space, using a

blue ocean strategy framework. The key factors were reduced head to head competition,

raise its product image as a premium category product, attract brand and price conscious

customer, kept in import commodities segment for catering the new segment.


In extension with the same floor in Romania, SMEs are facing with significant

financial problems, which led, during 2008-2011 and about 60000 bankruptcies, 200,000

firm suspensions and an increased number of unemployed, i.e., 568000 in 31.12.2008 to

711000 unemployed at the half-year of 2011. The application of analytical tools and

framework of Blue Ocean Strategy, i.e., “Strategic Sail (Strategy Canvas Model)” and

“ERRC matrix,” which can be used to reduce the risk of bankruptcy of small and

medium enterprises (Negoescu, 2012).

The article covers an example of using these analytical tools and framework for

a small enterprise, specialised in financial and economic consulting and give a positive

outcome to the industries who comes near to bankruptcy and have substantial financial

stability in the year 2011. To explore the applicability of the Blue Ocean framework and

tools and test its outcome (Kim, & Mauborgne, 2014) in the FMCG sector in the

European market. The objective of the research is testing the Blue Ocean instruments

and identified blue ocean moves in the European FMCG market (Wubben, Düsseldorf,

& Batterink, 2012). The response rate is 8% of 299 questionnaires, sent to the different

European organisation. The author used Six Path Framework, ERRC Framework,

Strategy Canvas, and Blue Ocean Moves. Using these tools helps authors to identify

strategic move by using ERRC Framework like quality service, right bite size, attractive

packaging, bonus system, price per unit, and point of sales. Through the distinctive

research, the author concludes that Blue Ocean helps to reconstruct the market boundary

in the traditional FMCG market.

In the similar research by an Australian author (Mohamed, 2009) used “ERRC

Framework” to study the process of creation of Blue Ocean Strategy. The 14 companies

were group into six categories, and the outcome summarised by ERRC Framework. Out

of 76 activities that raised and created, 42 were customer related in which nine were

new. Among the 40, in the created category, 20 were entirely new while six were on

governance and five long-term investment projects. Through this research, the author

tries to prove that Blue Ocean can be possible by using simple tools also. The

organisation always in search of studying how the value proposition designed by the

organisation creates value. Does the value proposition created by the organisation

creating value for its customer and organisation itself? To study the influence of value

proposition Kim and Mauborgne developed the Strategy Canvas Model. The article

reviews the practical implications of the Strategy Canvas Model. The organisation can

perceive the value gaps by formulating visual Strategy Canvas. The article concluded

with how the tool Strategy Canvas Model helps the organisation to evaluate its current

position (Mohamed, 2009).


How to design a product for the mature market in the European Wine Industry?

The objective of the study is to identify the problem of wine industry where traditional

strategies are not delivering an appropriate result. The “yellow tail” introduce low-cost

wine to convert noncustomer into a customer, where noncustomer is having a unique

choice in the traditional wine market and created Blue Ocean moves and delivered

expected the financial result for the company. The study of factor customer satisfaction

is a puzzling assignment for any contemporary firm. The author tries to explore customer

value creation initiatives by defining Kano’s model which can integrate with “Blue

Ocean Strategy” (Kim, Mauborgne, Beaver, Marks, & Mortensen, 2009, Yang & Yang,

2011).

Blue Ocean Strategy’s tools ERRC framework helped the organisation to

identify “value for customer” and “value from the customer.” This integrated model can

enable firms to navigate their way to a “win-win” strategy. Blue Ocean Strategy over

Competitive advantage by using theoretical and statically explained. The primary goal of

the organisation is to create value innovation for customers by creating opportunity in

untapped markets (Burke, Van, & Thurik, 2009). The findings of the research delivered

the critical result to the manager of the organisation and created confusion while using

the concept of Blue Ocean Strategy; these were the evidence from Dutch Retail

Business. However, at the end of research, the author successfully proved differentiation

and applicability of theory in Dutch Retail Business and industry accepted the long-term

advantage of Blue Ocean moves. As a result, the analysis provides a level of synthesis

between Blue Ocean and competitive strategy uncovering a more complex environment

where managers create an inter-temporal strategic blend of Blue Ocean and competitive

strategy.

Blue Ocean Strategy (BOS), as an innovative managerial practice, and to study

the viability into B2B sectors, to explore the opportunity in two business entities:

world’s leading suppliers of construction chemicals (Switzerland) and manufacturer of

purification equipment (Russia) (Čirjevskis, & Homenko, 2011). The authors’ reviews

the suitability of BOS in construction chemicals and purification equipment

manufacturers’ industries. The second research question was about how to evaluate the

acceptability of new strategic choice on the BOS? The third research question was how

to diagnosis organisational hurdles in BOS creation? Research has confirmed the

hypothesis and suggested application of innovation, value chain for diagnosing

company’s ability to create value innovation. The Mexican Beef Industry is struggling in

the Red Ocean market of competition. The author presented a paper on the use of the

methodology of Blue Ocean Strategy Framework and Tools to identify current industry

competition factors applied by ten organisation. The study revealed the most


organisation following nine factors of competition. The author concluded the study by

suggesting the organisation needs to work on the production process, product category,

food safety and quality delivery of product into the market and marketing strategies

(López, Muñoz, Leos, & Cervantes, 2010).

The conventional theory of leadership design to focus on action and activities

that leaders need to take to bring motivation, remain attentive, understanding market

reality, distribute role as a leader at all levels of the organisation. The Blue Ocean

Leadership brings new vibes to the thought process by introducing framework Eliminate,

Raise, Reduce and Create. The leaders need to focus on the creation of leaders, invest

their time to institutionalise new leadership practice at all levels of the organisation,

employee participation in the final decision; spontaneous cooperation is the essential

elements (Kim & Mauborgne, 2017). The strategic management and employee

participation are two unique situations occurred in any organisation and to understand

the phenomena the author study the relationship between business model and strategy

expensiveness, employee risk appetite, risk clarity, ambition, innovation to achieve

competitive advantage. The outcome of the research suggests that employee participation

and strategy shift correlated with each other (Kaleta & Wite, 2015).

3.0 Reviews on Innovation and Shareholder Value Creation

The word strategic management and entrepreneurship have a dynamic position

in the discipline of management. The strategic management exploits current

opportunities to achieve competitive advantage, and entrepreneurship exploits the

current business environment to create a new venture when both intersect with each

other the word “strategic entrepreneurship” derived and focused on innovation in the

business. When innovation creates values for its users at that moment the concept Blue

Ocean Strategy take birth to contest in uncontested market space (Kuratko, & Audretsch,

2009).

Long-term free cash flow drives shareholder value, and it creates value when

long-term returns are higher than the cost of capital. Organisation’s stakeholder is having

an interest in the long-term financial growth and expecting that whatever investment

made by them will grow in the more extended period. Innovation is a term which many

times used as tools for financial growth. Many organisations are spending an enormous

amount of fund behind innovation activity, to generate a good return. Value Based

Management is a tool used for Shareholder Value Creation (Gupta & Benson, 2011). To

check the influence of innovation on stock price valuation Mazzucato (2006) gives an

insight view into two different factors-stock price valuation and innovation intensity.


The objective of the research is to study the impact of innovation on stock price of

selected Auto and Computer organization. The findings of the research were mixed. The

stock prices of some organization positively correlated with innovation and in others not.

Joode (2011) studied the influence of innovation on stock returns. This paper

contributes to the debate which factors can explain stock returns. In the research, a new

factor was added to the Fama-French three-factor model, explicitly the factor innovation.

Based upon analysis for the years 1993 to 2010, he finds that innovation can explain

stock returns, and the relevance of the size factor reduces when introducing the

innovation factor, but the adequacy of the value factor increases. The relationship

between stock returns and innovation is positive using raw patent counts as a proxy for

innovation, but negative using the percentage change in patents as a proxy. The positive

relation suggests that stocks with many patent counts yield an abnormal return in

comparison to stocks with low patent counts. The situation could lead to more risky

firms because the value of intangibles is hard to value. So, it increases the risk premium

and has a positive effect on stock returns. However, the coefficient of the factor

innovation based on percentage change in patent counts is negative. The surprising fact

about the beta of the factor innovation based on percentage change in patent counts is

negative and that the beta of the factor innovation based on raw patent counts is positive

(De, Jansen, Van, & Scheepers, 2009).

Bena, J., and Garlappi, L. (2012) provide extensive information on US public

firms’ innovation aim during the period 1976 to 2006 with a high share of patents due to

innovation have large market stake which results in a positive influence on returns for its

investors. However, they have also argued the innovative companies’ market

capitalisation is one half of the total U.S. market capitalisation. They had selected 303

innovative firms of US which continuously focus on innovation and patents in 101

different business activity. The author frame following equations to check the influence

of Innovation on financial return Innovating firm, Innovation month, Innovation

announcement, Innovation influence, Innovation risk, Patent allotment, and Innovation

outcome. The author tries to relate the factors mentioned above with the CAPM model,

and try to draw out a regression model to check the viability of the topic. The average

number of companies actively filling patents are 303 in any given year, and of those, the

top 101 innovating firms account for most patenting output and 17.3% of the total U.S.

market capitalisation. The link between cash flow interdependence of innovating

businesses and the risk factor is independent of the specific sources of systematic risk in

the economy, and the model predicts cross-sectional differences in factor loadings on

common empirical proxies for systematic risk.


Knowledge management (KM) and organisational innovation have their

influence on financial performance. The paper intends to add to the understanding of the

specific processes that mediate between knowledge management and financial

performance (Yu, 2010). The conceptual framework proposed in this study is an original

model that will hopefully contribute to the relevant literature. It appears that structural

equation modeling (SEM) analysis was applied to test the hypotheses based on a sample

of 152 firms in China. The results show that knowledge management is positively related

to technological innovation and management innovation which, in turn, has a positive

effect on financial performance. The findings provide evidence that technological

innovation and management innovation play a mediating role in knowledge management

and financial performance. The objective of this research was to study the factor of

competitiveness and its impact on the financial performance of the selected organisation.

The empirical research covers the study of 184 manufacturing firms in Turkey. The

organization investing behind building factors of competitiveness has a positive impact

on the financial performance of the organisation. (Gunday et al. 2011). A theoretical

framework is empirically tested, identifying the relationships among innovations and

firm performance through an integrated innovation-performance analysis. The results

reveal the positive effects of innovations on firm performance in manufacturing

industries. T-test, used for analysis of structured interview a questionnaire filled up by

senior executive including research criteria, i.e., Innovation indicator – Product

Innovation, Process Innovation, Market Innovation, Organisational Innovation and

Financial Indicator – Return on Investment, Return on Assets and Return on Sales.

In the year 2000, European Union had an ambitious vision to become the

world’s most competitive and innovative region by 2010. Understanding the situation

author develop objective to study the relation between innovation and firms’

performance in large and small firms. The outcome is relevant for academics, policy-

makers, and managers of large and small companies alike (Kemp, Folkeringa, De Jong,

& Wubben, 2003). To evaluate the effect of innovation on firms’ performance author

used Innovation indicator in the form of Input-Process-Output. The Tobit model used to

assess innovation indicators among relationship of innovative output and firm’s

performance. Four different factor measured the firms' performance, i.e., turnover

growth, employment growth, profit, and productivity, for only two indicators, significant

effects identified, turnover growth and employment growth. Innovative output does not

significantly influence profit and productivity. The explained variance of all firm

performance indicators is low, leaving a significant share to be explained by other

aspects (Christensen, Anthony, & Roth, 2004).


4.0 Research Problem and Issues in Blue Ocean Strategy

Corporate Strategy is a map or compass to a sailor on a ship, emerging trends,

growth-oriented approach, and synchronised market share explained the demand for the

new business model (Srinivasan, 2014). Blue Ocean Strategy, which is much discusses a

strategic approach followed by such companies that wish to beat the market competition

(Shukla, 2008). How shaping of strategy help organisation to design the framework for

the formation of Blue Ocean Strategy (Ahlstrom, Lamond, & Ding, 2009), highlight two

different views a “Structuralist approach” and a “Reconstructionist approach” before

shaping of strategy. Through the constructive attitude, the author emphasised the process

of value proposition through the Reconstructionist approach. Blue Ocean Strategy has its

roots in the emerging school of economics called indigenous growth and designing value

proposition is key to reaching a Reconstructionist view. The role of entrepreneurship in

the economic development of a society with the perspective of Blue Ocean strategy in

the Indian rural market list of examples is Grameen Bank, Project Shakti, SKS

Microfinance, Mann Deshi Udyogini – A Business School for Rural Women and

Yeshavini Health Insurance Scheme (Sharma, Seth, & Niyazi, 2007).

“Innovest Global 100” rankings much-discussed companies list in the

investment market, whether sustainable companies can create effective financial

performance and increase attractiveness for investment, (Gupta, & Benson, 2011). The

sample consists of firms appearing in the “Innovest Global 100” rankings released

annually at the World Economic Forum in Davos, Switzerland. The empirical results

suggest that sustainable companies do not significantly underperform the stock market as

a whole, and are viewing as highly competitive within their industries.

Buisson, B., and Silberzahn, P. (2010) studied the concept of Blue Ocean

Strategy and traditional First Mover or First Second mover and highlighted the risk of a

factor of it. The author approaches 24 different organisations for studying and

identifying the literature gap, but neither First mover, not Blue Ocean moves to explain

the market dominance. Tata NANO a fantastic car launched in the Indian Automobile

industry, which has already created ripples and excitement in the industry, a value

innovation in design, but misconception in understanding the consumer mindset create a

critical condition for a company (Chaudhuri & Sanyal 2008). Red Ocean Marketing

Strategy vs. Blue Ocean Marketing Strategy, the study intended to identify Blue Ocean

moves by using the Marketing Strategy for increasing customer retention. The analyst

identifies limitation of Red Ocean Market that promotes guerilla marketing and brand

wars. A Blue Ocean Strategy that supports creating uncontested market spaces,

highlighting its methodological principles that apply to all types of industries. In Blue


Oceans, demand is created rather than fought over (Kumar, & Gupta, 2010). Another

study focus on red ocean strategies (ROS) has been on limitations of low-cost transport

services. The authors identified the influence of competitive intensity and identify Blue

Ocean moves for changing market space on the low-cost aviation transport. By research

and secondary analysis and low-cost transport market survey, have applied the theory of

Red and Blue Oceans to the aviation, in context to design the low-cost transport with

quality service (Štverková, Červinka, & Humlová, 2011).

Indian telecom industry influenced by liberalisation and globalisation practices.

The untapped market opportunity plays a crucial role in designing and constructing the

boundaries of the market. Telecom sector delivers intangible services where industry

faces the problem of customer retention and customer acquisition. The entry of private

players to tap the opportunity in the untapped market the competition become intense.

The market boundaries can reconstruct; every company is trying to conceptualise a

program called of Blue Ocean Marketing Strategy (Dwivedi & Sharma, 2011). Value

creation techniques require in business marketing strategy, and Blue Ocean analytical

tools help to categorise companies to design their market strategy (Parvinen, Aspara,

Hietanen, & Kajalo, 2011).

Researcher growing interest to study value creation perspectives to frame

strategy with an intensity to increase in financial performance. This research was

designed to study dependent factors financial performance’s implications of independent

factor creating novel consumer value vs. capturing value for 500 companies. The survey

results represent an entirely different situation regarding financial performance and

creating consumer value or capturing value that neither independent factor nor dependent

factor has the separate influence on profitable firm growth. The results also reveal that

specific independent factor is more feasible than others, for average profitable growth

(Aspara, & Tikkanen, 2013), even technical intelligence can create an innovative product

with the concept of Blue Ocean Strategy (Salvador, & Reyes, 2011).

5.0 Deliberations and Considerations

The review of literature in the pasture of Blue Ocean Strategy puts forward a

correct course for further prospective research. Since the year 2005, numbers of

academician and research firm have contributed their research to Blue Ocean strategy.

The research has a diverse set of contribution, i.e., to ensure the significance of the Blue

Ocean, the discrepancy between the Red Ocean and Blue Ocean, value innovation,

ERRC framework. The influence of innovation overstock return, Kano’s refined model

for customer satisfaction, and advantage of emerging countries untapped market at the


bottom of the Pyramid. The authors’ meticulously compiled theory delivers a specific

useful research framework for added studies. The expected shots of any investigation,

develop the body of knowledge in the field of Blue Ocean Strategy. The methodical and

quantitative approach to studying substantiates the validity of competing factors in the

strategy canvassing as well as testing its applicability in the company. The study will

also endow with a realistic sign for the proposition of Blue Ocean Strategy.

Above literature review of different published cases, articles, and research

papers represent a right amount of interest in the concept of Blue Ocean Strategy. During

these blustery periods, through which industry is passing, Blue Ocean Strategy and

appropriate creation come as a potential answer. Further research in this area can be

carried out on a sound basis of high literature review.

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blue ocean strategy: a review of literature

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