$1)$ Given the examples below compare and contrast $(1)$ competition, $(2)$ innovation and $(3)$ market space in one blue ocean and one red ocean.

Blue Ocean:

Yellow Tail Wine: Yellow Tail Wine bypassed the traditional wine market, which was heavily segmented by price and sophistication, focusing instead on non$-$wine drinkers and casual consumers. They simplified the wine drinking experience, using fun, approachable branding and offering affordable, easy$-$to$-$enjoy wine, which attracted a wide audience outside the traditional wine market.

Cirque du Soleil redefined the circus industry by creating a new market space that combined elements of traditional circus performances with theater and dance. Instead of competing with traditional circuses over dwindling audiences $($Red Ocean$),$ Cirque du Soleil targeted a new customer base by offering a sophisticated, artistic entertainment experience at premium prices. This created a "blue ocean" of uncontested market space.