For the last ten years, Blue Ocean Strategy has challenged business leaders to explore uncontested marketplaces -- or what we call "blue oceans." But this strategy goes beyond theory: It provides a set of methodologies and tools that can help managers pursue value innovation systematically and make blue oceans attainable for all aspiring organizations and individuals. Take, for instance, the wine industry.

Historically, the industry has proudly promoted wine as a refined beverage with a long history and tradition. This has alienated a large portion of consumers who have viewed wine as intimidating and pretentious. Alternatives -- beer, spirits and ready-to-drink cocktails -- have captured three times as many U.S. consumer-alcohol sales.

The Australian winery Casella Wines addressed these problems with a new strategy that transformed the market, but not by competing on traditional factors.

Instead, Casella looked to beer and ready-to-drink cocktails and created Yellow Tail, a fun and easy-to-drink nontraditional wine brand. Yellow Tail was designed to embody the characteristics of Australia's culture: bold, laid back, fun and adventurous. Yellow Tail aimed to represent a leap in value that appealed to a broad cross-section of alcohol beverage consumers.