Final answer:
The Blue Ocean Strategy focuses on avoiding competition by creating innovative and differentiated products, aiming for higher profits and market monopoly.
Step-by-step explanation:
The Blue Ocean Strategy is a business approach that encourages companies to create new market spaces or 'blue oceans' rather than competing in overcrowded industries or 'red oceans'. By innovating, companies can make the competition irrelevant and tap into new demand, creating a monopoly-like situation for themselves. This strategy involves offering differentiated products that provide unique value to consumers.
For example, if developing a product like a web browser for a market with significant barriers to entry, one would focus on innovating and differentiating the product. Perhaps by incorporating unique features that are not found in existing browsers or targeting underserved niches within the market. Executives seek to manage businesses with little competition to secure higher profits. The pursuit of differentiation and innovation, as expressed by leaders like the CEO of Samsung, is essential to gaining a competitive edge and earning above-normal profits.