Instead of competing within an industry, invent a new industry
Competitive strategy traditionally focuses on competition within an industry with corporations competing for market share. Chan and Mauborgne refer to this as 'Red Ocean Strategy', ie a blood-filled ocean of competitors fighting one another. Instead of competing within an industry, some firms have successfully invented new industries away from traditional competition. For example E-bay invented the online auction industry and in its time the Body Shop created a new industry rather than compete in existing industries.
Note: This web page is not intended to provide comprehensive coverage of the subject, merely a brief introduction to provoke thought and to lead to a more in depth understanding and application of the topic, either through further reading - or from me as your management consultant, executive trainer or personal coach in a consultancy project, training course, workshop or seminar.
References and Further Reading
Kim, W Chan and Mauborgne, Renee. Blue Ocean Strategy. Harvard Business Review. October 2004.