Global Journal of Management and Business Research, A: Administration and Management, Volume 23 Issue 9

Literature Review Red Ocean Strategy Global Journal of Management and Business Research ( A ) XXIII Issue IX Version I Year 2023 60 © 2023 Global Journals 1) towards an existing market is called a red ocean strategy. Since the red ocean traps effectively anchor managers in red oceans jam-packed market spaces where companies engage in fierce competition for market share and obstruct them from entering blue and competitive analysis in mind to make a distinctive strategic position where they can outperform their opponents by constructing a competitive advantage [29]. Therefore, red ocean traps may be referred as the creators of dimensions which decide the shape, size and nature of a strategy and determines its existence as a red ocean strategy [1] [4]. Figure 2: Conceptual Model – Determinants of a Competitive Strategy Note: µ stands for moderator it shows that red ocean traps act as a moderator in determining the category of a competitive strategy as red ocean or blue ocean . IV. C onclusion The pathways or strategies displayed as the red ocean traps are not inadequate or poor. What these pathways have not still is the path to successful market creating strategies. And when they drive market creating efforts that involve huge investments, they might result in new business models with not so good returns and thus are unsuccessful. That is why its really important to vouch the mental models and assumptions of the people who are central to executing market creating strategies. If these models and assumptions are found to be misaligned with the intended strategic purpose of new market creation, one needs to challenge, question and reframe them. Otherwise, one may fall into the red ocean traps. a) Research Implications and Scope For Future Research This review provides clarity and better understanding of what is to be avoided as the components of a red ocean strategy when purposefully working towards a new market creation. The information thus is useful for the academic researchers and strategy makers in the industry as the outcomes may help to develop and practice more effective business models. The researchers could further take the determinants of competitive strategy displayed in Figure 1 and 2, as an application to current market scenario to work on the variations derived. Originality/Value – This review is the first to offer an in- depth overview of red ocean traps and red ocean strategy. R eferences R éférences R eferencias 1. Kim, W. C. & Mauborgne, R. (2004). Blue Ocean Strategy. Harvard Business Review, 82 (10): 1-10. 2. Blue Ocean Strategy is a book published in 2005 written by W. Chan Kim and Renée Mauborgne, professors at INSEAD. 3. Saurav Kumar (2001) Red Ocean Strategy, ISBN 978-93-91537-69-2. Clever Fox Publications. 4. Kim, W. C. & Mauborgne, R. (2017), Red Ocean Traps (Harvard Business Review Classics). 5. Kim, W. C. and R. Mauborgne. 2015. Red Ocean Traps: The mental models that undermine market- creating strategies. Harvard Business Review (March): 68-73. Summary by James R. Martin, Ph.D., CMA Professor Emeritus, University of South Florida, https://maaw.info/Article Summaries/ ArtSumKimMauborgne2015.htm. 6. Griffin, Abbie & Hauser, John. (1991). The Voice of the Customer. Marketing Science. 12. 10.1287/mksc.12.1.1. 7. Luo, Hanyang & Song, Wugang & Zhou, Wanhua & Lin, Xudong & Yu, Sumin. (2023). An Analysis Framework to Reveal Automobile Users’ Preferences from Online User-Generated Content. Sustainability. 15. 13336. 10.3390/su151813336. 8. Gündüz, Şafak. (2018). Preventing blue ocean from turning into red ocean: A case study of a room escape game. Journal of Human Sciences. 15. 1. 10.14687/jhs.v15i1.5140. 9. Karapanagiotis, Pantelis & Krause, Franziska & Krick, Janina. (2023). Face Reading Technology: oceans, previously unknown and uncontested market spaces with ample potential [4], they are the creators of red ocean strategies in various shapes and sizes. Managers develop corporate strategy with the industry