Case study

I need an explanation for this Management question to help me study.

Directions

  1. What is the difference between a Red and Blue Ocean?
  2. How can the Blue Ocean strategy help you make your competition irrelevant?
  3. Are there any advantages/disadvantages between market entrants or incumbents to succeed in establishing a blue ocean strategy?
  4. How Cirque de Soleil was able develop their blue ocean strategy? Mention a minimum of three specific examples.
  5. What is the relationship between Porters Generic Competitive Strategies (Low Cost and Differentiation) with the Blue Ocean Strategy? How does low cost and differentiation play a role?