What is a “blue ocean” strategy, what is it based upon and what are some things a company can/must do to pursue such a strategy?

1-What is a “blue ocean” strategy, what is it based upon and what are some things a company can/must do to pursue such a strategy?

2-What are some of the things that lowering costs enables a company to do?

3-What are some of the options for exploiting differentiation?

4-What is “value innovation”, and why is this concept so important in formulating “business-level” strategies?

5-What types of business-level strategies do “low-cost” versus “differentiated companies pursue?