Red Ocean Strategy: A Literature Review
Purpose: The term ocean strategy means market and the strategy in reference of being blue focuses on creating a very new segment which is yet to be developed as a full fledge market and termed the other industrial strategies to be as red ocean strategies. The article investigates the existence of red ocean strategy. Design/Methodology/Approach: A literature review of the most influancial articles in this subject. Findings: The authors mentioned that there are six common managerial beliefs as how to overcome competition in the business which they referred where false interpretations and named as red ocean traps. Practical Implications: Excessive exploitation of existing demands by making a better offer to customers with a view to beat competition is termed as red ocean strategy. Originality/Value: This review is the first to offer an in-depth overview of red ocean traps and red ocean strategy.