Blue Ocean Strategy for a Successful Business

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Have you heard of the Blue Ocean Strategy (BOS)? I just read an article about BOS in an entrpreneur magazine. BOS is a new management perspective that teaches companies how to stop bleding and succeed in today's highly competitive markets. It focuses more on "Value Innovation" rather than traditional marketing methods to achieve business success. Do you know any specific business application of the BOS? Have you applied BOS in your companies/ businesses?