Types of markets
Red oceans are packed full of both customers and competitors fighting over them. These are the markets that are already well established.
Blue oceans are wide open and full of opportunity. These markets may not have been created yet, or are in their infancy with a small number of competitors and customers.
Tools and techniques
A Strategy canvas is a tool that can help find opportunities for value innovation. It shows Factors of competition for an industry and the emphasis companies place on those factors. The plot for each company is its value curve.