Businesses compete in various markets. One way to look at it is as in an ocean. In a red ocean there is blood in the water as firms are constantly fighting and competing for market share and customers. This is a very competitive tough market, while a Blue Ocean is a free from competition market. Firms will try to develop new products or services that put them in a Blue Ocean without competition. They do this by creating a whole new market. Thing low cost flights versus traditional flights. Fancy hamburger joints versus fast food burger joints.
Filmed in London, UK
Copyright Mark Wolters 2019
Dear Marketing Student, Entrepreneur, or Interested Person, I am Dr. Mark Wolters an Associate Teaching Professor in Business Administration and I have been teaching marketing and business courses around the world since 2002. I hope that these marketing & business videos can help you learn more about business and help you succeed in class or in the business world. And yes, this is the same Mark Wolters from the YouTube travel channel Wolters World.
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