DIFFERENTIATE YOURSELF FROM THE COMPETITION
Red ocean is a metaphor for those organizations that thrive on beating the competition in the existing market space through existing products and services. They try to exploit the available demand either by creating greater value for customers at a higher costs or by creating reasonable value at lower costs. This is referred to as value-cost trade off in business terms.
The choice of differentiation for any organization is a two pronged approach that primarily revolves either around the cost or the service. Organizations that consider differentiation by providing innovative services at reasonable costs are Purple goldfish believers. In this case, the differentiation is optimized by raising the buyer value by way of creating elements that the industry has never offered. The value of innovation that arises from this approach is a purple goldfish strategy.