Liberalization and globalization have made it imperative for industries and business leaders to review their strategies and develop appropriate strategies for their survival and growth. In fact, the objective is to identify a strategy which not only withstands growing competition, but also makes competition irrelevant by creating an uncontestable market for the company's products and services. It is necessary to shed the conventional strategy for developing a competitive edge over the competitors and create new virgin markets of one's own.

W Chan Kim and Renee Mauborgne in their book, Blue Ocean Strategy, have brought out an innovative method to tap virgin market space for creating demand and opportunities for a highly profitable growth. This obviously makes competition irrelevant. However, the blue ocean market, defined by the authors as untapped, and the risk involved is unknown, thus, requires great care to seize the virgin market with minimum risk and maximum profit.

It would be interesting to know that many industries have already been moving towards this, perhaps with some clarity of direction and strategy. This is largely seen in retail and consumer goods manufacturing industries. It is visible to all that most of the retail giants are spreading out in rural and semi-urban areas to reach the untapped markets. Similarly, consumer goods manufacturing industries have started offering their products in smaller packages at lower prices, thereby reaching the lower income people. Moreover, many new industries are springing up and some of the well-known industries of the past with highly reputed products and services are either shutting down or withdrawing from the markets.

Some of the researches have revealed that 86% of industries that could achieve incremental improvements within highly-competitive markets (Red Ocean) accounted for 62% of total revenue but only 39% of total profit. The remaining 14% of industries which adopted the strategy of fathoming untapped markets (Blue Ocean) generated 38% of their total revenue but earned 61% of their profits from the same. This obviously brings out the imperative to adopt the Blue Ocean strategy to enhance profitability and business opportunities.

Marketing Strategy, Liberalization, Globalization, Virgin market space, Blue Ocean Strategy, Manufacturing Industries, Strategic focus, Complementary products, Internet marketing company, Consumer market.