![]() ![]() The company redefined the industry metrics with Tesla Roadster, a lithium-ion battery fuelled car that clocked 0-60 mph in 4 seconds with zero emissions and a sports-car look. TSLA : This automobile manufacturer that sells battery-charged electric cars created a blue ocean for itself by designing a car that integrates the features of a green vehicle with that of a high-octane driven premium sports vehicle. Here we take the examples of three diverse firms to showcase the efficacy of this strategy. Various companies have successfully found this elusive blue ocean and have been able to fend off competition against the odds. Whether it's a new product altogether or an existing product refurbished with some added features or services, the uncontested market space is likely to have a better emotional connect and create a new value curve for the customers. The strategy is likely to be successful as it would simultaneously attract a large chunk of customers as well as raise the cost of competition with a first-mover advantage. Instead of viciously fighting against each other to gain market share, companies therefore should create an 'uncontested market space' or rather a blue ocean, which is pristine and pure and devoid of any interference or competition. ![]() The concept exemplifies a typical scenario in the real world, where intense competition leads to bloodbath and thereby renders an ocean red. ![]()
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