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Related topic
Economics and Business 7-10 / Year 9 / Knowledge and understanding
Curriculum content descriptions
processes that businesses use to create and maintain competitive advantage, including the role of entrepreneurs (AC9HE9K04)
Elaborations
- identifying and explaining processes used by First Nations Australian businesses to out-perform competitors and innovate in global markets; for example, promoting brand image recognition or the uniqueness of experiences, managing cultural and intellectual property, copyright and licensing, and collaborating through the First Nations Chamber of Commerce and Industry
- identifying and explaining the processes First Nations Australian businesses use to maintain, control, protect and develop their cultural expressions in goods and/or services; for example, designing products, licensing of art and music, or consulting on locations of cultural significance for movies, television programs and other commercial activities
- explaining the reasons businesses seek to build or create a competitive advantage; for example, to meet the changing demands of a competitive global market and improve their profit margins
- explaining processes that businesses use to build connections, such as working with other businesses within the industry to share promotion costs, working with government to increase exports, developing highly skilled professionals and leaders in different industries
- explaining processes that businesses use to produce goods and services at a lower cost, such as research and development; improving efficiency in development, production or delivery processes; utilising local resources, and outsourced labour in the global economy
- explaining processes that businesses use to innovate and differentiate products and services from competitors; for example, identifiable marketable attributes, and use of advertising and social media
General capabilities
ScOT terms
Competitive advantage, Entrepreneurship, Planning, Production (Economics), Labour market