Tan Kee Hian then took the audience to go on board for a cruise of Red and Blue oceans.
Red Oceans simply refer to a known market space where competition is bloody. In short, competitors kill each other off for survival or gaining an advantage over market share.
Common characteristics of Red Ocean Approach are intense competition, low growth, shrinking profit pool, etc.
Tan Kee Hian quoted a few companies that broke free of Red Competition:
CIRQUE DU SOLEII
Thailand Auto Components
LI & FUNG
iPod + iTunes
In short, Red Ocean Approach is bad for corporations!