Blue Economy and Blue Ocean Strategy

Abstract

Oceans are becoming increasingly important in facilitating international trade by connecting vendors and customers. As the interaction between land and water grows in its function and relevance, economic and regulatory attention should be paid to the behavior patterns of such connecting facilitators on the oceans. Against this backdrop, the notion of the "Blue Economy" was born. A review of the literature is conducted in order to determine a suitable definition for the Blue Economy. These definitions are examined in terms of the very minimum requirements for a Blue Economy. The article also tries to organize the many sorts of activity related to ocean services. It is really done with the goal of identifying what one would consider to be the primary considerations for the Blue Economy's growth. Article further proposes that blue oceans can be created via radical innovation, disruptive innovation, frugal innovation, and purely differentiation strategy and focused differentiation strategy rather than only value innovation. Furthermore, we suggest that strategy canvas is applicable not only for value innovation but all types of innovation. We, thus extend the boundaries of sources of blue oceans. Lastly, we explore if sustainable competitive advantage or blue oceans ae better sources of profitability.