Is adopting the "blue ocean strategy" always good for companies ?

Yes, I think so. Of course, you need to be able to make a business case for the same, or else innovation wont have much meaning to it. I recently wrote an articel about how Blue Ocean strategies can benefit Indian telcos if they wish to expand as MVNOs in India. Attaching the reference link.

red ocean a.k.a existing market provides a firm with rigid framework to deal with ,on the other hand "blue ocean" :-

1.brings a whole new market to life ,which gives pioneering advantage to first movers .

2.enough space to work out different stratgies while others still try to catch up .Maruti udyog is such an example ,when new entrants were ushering into indian markets in early years MUL expanded its production quantum and flooded the market with four wheller ,when others were still finding there foot in less developed market.

3.red ocean directs efforts towards beating the prevaling competitors while blue ocean make competition irrevalent with gaining edge over the rest .

4.in comparison to red ocean ,blue ocean break the value cost trade offs while the former makes value cost trade off .

Above all ,effective implementation is moot point in pursuing a efficient strategy .

Blue Ocean Strategy can work wonders in a company which has a competent R&D department. In India, it may work in some private companies, but never in Government sector companies

SONY was always in Blue Ocean. Akio Morita ( Hope I have spelled correctly), never did any market research for his product. He will identify a new product, new idea which was not yet manufactured. Go to manufacture and succeed.

But all the Blue Ocean may not succeed.But one success will nullify all other losses. Till then one needs patience.

Though this strategy can not be applied for all segments and products but yes if we are aiming at Niche or a particular segment with a specific product range which is ideally monopolistic in nature than this is the best strategy to go for...

Blue ocean strategy is ideal to introduce a product to market. once the product is launched, a steady marketing strategy for a quiet good period will be ideal for the brand to get rooted in the customers mind. 

Not always, but yes most of the times as blue ocean strategy is based on the view that market boundaries and industry structure are not given and it can be easily reconstructed by the actions and beliefs of other players. And in blue ocean strategy, demand is created, then there is ample opportunity for growth which is profitable and rapid.  So yes, using blue ocean stratey to capture the market for a new product is always a good idea.

The Blue Ocean strategy talks about using unconventional ways to achieve aggregated demand by not focusing on the differences that separate customers, but by building on commonalities across non-customers to maximise the size of the Blue Ocean. Using new and innovative ideas to market a product will be very useful in the beginning. The companies must be able to successfully execute a Blue Ocean Strategy. I believe that most of the strategic plans fail because of poor execution of brilliant ideas. If the companies can well excecute the Blue Ocean Strategy then it will prove to be good.