"Blue Ocean Strategy" by W. Chan Kim and Renée Mauborgne. The book argues that companies should focus on creating new market space by offering products or services that make the competition irrelevant. The authors argue that this "blue ocean" strategy is more effective than traditional "red ocean" strategies that focus on competing for existing market share. The excerpt provides numerous examples of companies that have successfully created blue oceans in a variety of industries. It also discusses the importance of aligning a company's value proposition, profit proposition, and people proposition to ensure the sustainability of a blue ocean strategy. The excerpt also explains how to overcome organizational hurdles, build trust and commitment, and create the proper incentives to make a blue ocean strategy successful.