Grey Ocean discussion

Could we introduce a Grey Ocean stage to clarify what Red Ocean and Blue Ocean really means?

The definition of Grey Ocean is the term, which is used to describe an already empty or ”dead” market.

For instance within the ferry industry a lot of substitute products are being introduce to the market to satisfy the demand for faster mobility, like train and road connections between two parts of the country. When the bridge is completed, the ferry will lose its impact and therefore cannot compete with the increasing demands for mobility and faster traveling time. Could this define Grey Ocean? What are your opinions to this discussion?

Blue Ocean	Red ocean	Grey Ocean
Create uncontested markets to serve	Compete in existing markets	Depleted market
Make the competition irrelevant	Beat the competition	Non competition
Create and capture new demand	Exploiti existing demand	Decreasing demand
Break the value-cost trad-off	Make the value-cost trad-off	Fail the value cost trade-off
Align the whole system of firm's activities in pursuit of differentiation AND low cost	Align the whole system of a firm's activites with its strategic choice of differentiation OR low cost	The whole system of firm's activies, strategies and choice of differentiation OR low cost dissolves