What strategy focuses on creating new market spaces that lack competition?

The strategy that focuses on creating new market spaces that lack competition is indeed the Blue Ocean Strategy. This concept is built on the idea of finding or creating an uncontested market space that allows a business to operate without competing directly with rivals. The term "blue ocean" refers to the vast, untapped market opportunities, in contrast to "red oceans," which are saturated with competition and where companies vie for dominance.

Blue Ocean Strategy encourages businesses to innovate and differentiate their offerings, allowing them to create demand rather than competing for existing customers. This approach involves looking beyond the traditional boundaries of the industry to discover fresh avenues for growth, often by developing unique products or services that meet unaddressed customer needs.

By focusing on value innovation, Blue Ocean Strategy not only seeks to lower costs but also to create value for customers, allowing firms to escape the constraints of saturated markets. This results in a win-win scenario where companies can thrive while simultaneously providing customers with new and beneficial options.