Blue Ocean Strategy is a well respected model developed by Strategy Professors at INSEAD University in France. They identified the key characteristics necessary to enable an organization to surpass its competition and make them irrelevant. If you pay attention to the findings of Harvard's Porter, he will tell you that you must at a minimum be able to benchmark against your competition.
It starts with being a blue ocean thinker. And if you're not sure what that means, just look at what Cirque du Soleil, Google, Walmart or FedEx have accomplished. They are all number one brand in their category of business. The number 2 players are many, each competiting a red ocean for a slice of a finite pie.