Is the concept of "blue ocean thinking" an important one?

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As with many trendy business ideas, it is not completely clear that this one has much that is new to tell us.  

Blue ocean strategy is based on the idea that firms should try to go beyond competing with other firms in their product area.  Instead, firms need to find new markets that currently do not exist.  An example of this from the past would be a firm that started to make digital cameras instead of simply trying to compete with other companies that were making film cameras.


The idea that firms need to find new market areas to exploit is nothing new.  Firms have always known that it is good to innovate and to create products that have never before existed.  Therefore, I do not really see that the idea of blue ocean thinking or blue ocean strategy does much to increase our knowledge of how businesses should work.

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