VCEBB024
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
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identifying a variety of innovations in business and discussing how this has benefited the particular business
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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
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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
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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
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discussing whether the adoption of strategies based around corporate social responsibility can increase the competitive advantage of businesses
VCEBB024 | The Humanities | Economics and Business | Levels 9 and 10 | The Business Environment
