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What is the blue ocean strategy? What are the features of the blue ocean? What are the differences between the blue and red oceans when

What is the blue ocean strategy?  What are the features of the blue ocean? What are the differences between the blue and red oceans when compared? 

What is this strategic approach to using the blue ocean strategy in order to play for the win (business success)?

What are the pros and cons of the "blue ocean strategy"?

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The Blue Ocean Strategy is a strategic approach introduced by W Chan Kim and Rene Mauborgne in their book Blue Ocean Strategy How to Create Uncontested Market Space and Make the Competition Irrelevant ... blur-text-image

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