Economics and Business / Levels 9 and 10 / The Business Environment
Content description
Explore the nature of innovation and discuss how businesses seek to create and maintain a competitive advantage in the market, including the global market
Elaborations
identifying a variety of innovations in business and discussing how this has benefited the particular business
exploring emerging techniques businesses can use to gain an advantage, such as blended marketing, open innovation, use of digital technologies and social media and the adoption of sustainable production practices
identifying the reasons businesses seek to build or create a competitive advantage, for example, to stay in business, meet the changing demands of a competitive global market, achieve efficiencies, lower costs and improve their profit margins
investigating the different strategies businesses use to create competitive advantage, for example, improving productivity, undertaking research and development, adopting innovative and efficient practices, advertising and marketing, offering a lower-cost product, innovative ways of managing the workforce, or by implementing efficient internal operations strategies
discussing whether the adoption of strategies based around corporate social responsibility can increase the competitive advantage of businesses
Code
VCEBB024
Curriculum resources and support
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