Meaning:

Translated as “red ocean,” this is a concept easy to understand. Unlike blue oceans, the red ocean is where every industry is today. There is a defined market, defined competitors and a typical way to run a business in any specific industry. The researchers called this the red ocean, analogous to a shark infested ocean where the sharks are fighting each other for the same prey. In other words, red ocean is a fully-developed market place where competition is fierce.

Example:

A: 现在智能手机真便宜，很多看起来不错的手机都才一千元多一点。

Xiànzài zhìnéng shǒujī zhēn piányí, hěnduō kànqǐlái bùcuò de shǒujī dōu cái yīqiānyuán duō yīdiǎn。

Smartphones are really cheap now. Many pretty nice-looking phones sell for just a little more than 1,000 yuan.

B: 国产智能手机市场现在是一片红海，都在打价格战。

Guóchǎn zhìnéng shǒujī shìchǎng xiànzài shì yīpiàn hónghǎi, dōu zài dǎ jiàgézhàn。

The domestic market for smartphones is a red ocean, where manufacturers are forced into price wars.