W. Chan Kim Quotes

6 Sourced Quotes

Value innovation is created in the region where a company's actions favorably affect both its cost structure and its value proposition to buyers. Cost saving are made by eliminating and reducing the factors an industry competes on. Buyer value is lifted by raising and creating elements the industry has never offered. Over time, costs are reduced further as scale economics kick in due to the high sales volumes that superior value generates.

W. Chan Kim
Value innovation requires companies to orient the whole system toward achieving a leap in value for both buyers. The simultaneous pursuit of differentiation and low cost.

W. Chan Kim
Struggling to stay ahead of your rivals? No need. Instead of trying to match or beat them on cost or quality, make the other players irrelevant—by staking out new market space where competitors haven't ventured.

W. Chan Kim
The only way to beat the competition is to stop trying to beat the competition.

W. Chan Kim
Value innovation is the cornerstone of blue ocean strategy. We call it value innovation because instead of focusing on beating the competition, you focus on making the competition irrelevant by creating a leap in value for buyers and your company, thereby opening up new and uncontested market space.

W. Chan Kim
The market universe is composed of two types of oceans: red oceans and blue oceans. Red oceans are all the industries in existence today; they are increasingly characterized by intense competition. Blue oceans are all the industries not in existence today; they are untouched and uncontested. To prosper in the future, companies need to go beyond competing; they need to create blue oceans. The issue is how to do so.

W. Chan Kim