The Blue Ocean strategy aspires to turn strategic management on its head by putting "value innovation" ahead of "competitive advantage" as the key objective is to create consumer demand and tap untapped markets. When IKEA entered the market in the late 1950s, it focused on the important factors that buyers value and turn them into co-producers by implementing a unique do-it-yourself mentality. Therefore, IKEA combined differentiation with cost leadership and created a blue ocean by helping founder Ingvar Kamprad become one of the richest people in the world. As today's business world continues to move toward a faster and more global environment in which there are more and more competitors trying to take a piece of the pie, the need to develop blue oceans has never been greater.
IKEA blue ocean strategy
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