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Related topic
Economics and business / Year 9 / Economics and Business Knowledge and Understanding
Curriculum content descriptions
The nature of innovation and how and why businesses seek to create and maintain a competitive advantage in the market, including the global market (ACHEK041)
Elaborations
- identifying 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)
- investigating the different strategies businesses use to create competitive advantage (for example, research and development, offering a lower-cost product, 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
- exploring emerging techniques businesses can use to gain an advantage, such as blended marketing, open innovation and use of social media
General capabilities
ScOT terms
Globalisation, Competitive advantage