Final answer:
Creating a new, untapped market rather than competing in an existing one involves a disruptive market change, which is aligned with the pursuit of innovative products or technologies that can lead to higher profits and market dominance.
Step-by-step explanation:
Creating a new, untapped market rather than competing with rivals in an existing market is often referred to as pursuing a disruptive market change. This involves introducing an innovative new product or production technology that significantly alters the landscape of a market, creating a unique space that was previously nonexistent. Such innovation can lead to a scenario where early innovators can secure more income and profits due to their temporary advantage.
On the other hand, established firms may lose ground unless they respond with comparable innovations. The pursuit of such disruptive changes aligns with the principle that the relentless pursuit of new innovation is critical for business success, as it opens up a world of possibilities with technology, according to Gregory Lee, past CEO of Samsung. Elevating the importance of innovation is vital, as it can lead to higher profits and an advantageous market position until competitors manage to catch up.