Final answer:
The question addresses innovation strategies that create new markets by fulfilling needs consumers weren't aware could be met. Market competition and advancements in technology and globalization have greatly influenced the need for continuous innovation, as it allows firms to initially capture above-normal profits and remain competitive in a dynamic global market.
Step-by-step explanation:
The blank space in the student's question is seeking a term that describes innovation strategies which create new markets by fulfilling unrecognized or emerging needs. Such strategies often reshape market dynamics by introducing novel solutions or technologies that consumers were previously unaware could exist. This form of innovation is proactive and can revitalize industries by pushing the boundaries of what is considered possible.
Market competition is crucial for spurring innovation, as companies compete to gain a competitive advantage. This can be done by either producing more cost-effectively or by offering new, desirable product features. The temporary lead a company enjoys through innovation can result in significant above-normal profits until competitors manage to catch up.
Two major shifts have profoundly affected market definitions and dynamics in recent years: the advancements in technology and the process of globalization. The connectivity afforded by the internet has amplified competition, with businesses now able to engage with suppliers and consumers on a global scale. This has increased the overall demand for innovation as a means of staying competitive in an ever-expanding market.