<ul><li>Blue ocean strategy creates entirely new markets or radically redefine existing ones whereas in a red ocean, businesses compete in head-to-head battles.</li><li>Blue ocean strategy makes the competition irrelevant by offering something so different and unlocking new demand.</li><li>Businesses should not completely ignore red ocean strategies as they are also profitable when done well.</li><li>In a red ocean, companies should differentiate themselves from the competition without reinventing the wheel.</li><li>The best time to pursue a blue ocean is when your market is saturated and growth feels stagnant.</li><li>Blue oceans can be pursued through the Four Actions Framework which helps businesses create new ways to create value.</li><li>Businesses need a balance of blue and red ocean strategies: innovate where you can, but always keep an eye on the competition.</li><li>Assess your current situation and be willing to pivot when necessary.</li><li>The best businesses know how to balance blue ocean thinking to drive growth and red ocean tactics to stay competitive.</li><li>Leveraging both approaches can maximize growth and success.</li></ul>

Blue Ocean vs. Red Ocean Strategy: Why You Need Both

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