Takeaways from Kim and Mauborgne (2004)

red oceans - existing markets, blue oceans - new market space, demand is created rather than fought over
In blue oceans, demand is created rather than fought over. There is ample opportunity for growth that is both profitable and rapid.
Red ocean | Blue ocean
Compete in existing market space | Create uncontested market space
Beat the competiton | Make the competition irrelevant
Exploit existing demand | Create and capture new demand
Make the value cost trade off | Break the value cost tradeoff
Align the whole system of a company's activities with its strategic choice of differentiation or low cost | Align the whole system of a company's activities in pursuit of differentiation and low cost