According to the writers of book Blue Ocean strategy, neither the company nor the industry is best way to analyze the way of getting into a blue ocean. The believed strategic move is the right unit of analysis for explaining the creation of blue ocean and high sustainable performance.
Value Innovation is the cornerstone of Blue Ocean Strategy. In value innovation, you focus on making the competition irrelevant by creating a loop for buyers and your company, thereby opening up new and uncontested market space.
This strategy gives equal emphasis on Value and Innovation which is very important because one without the other does not make for the blue ocean market space.
Value without innovation is more focused on value creation which is not sufficient to make you stand out in marketplace. Innovation without value tends to be more technology driven and lacks the value.