Learning innovative business strategy from a text book is not the only way we do it at QUT.
For the second year in a row, QUT took out first place and the $10,000 prize in the Australasian Association of Convenience Stores/Coca Cola Amatil innovation Challenge.
The competition tasks students with developing innovative ideas to assist the convenience industry.
Coached by Dr Gary Mortimer and Associate Professor Larry Neale from the QUT Business School, the team of undergraduate students researched global retailing trends and proposed a merging of convenience and pharmacy.
"Such a strategy would allow pharmacists to do what they do best, dispense medicines, and convenience retailers to do what they do best, run retail stores," Dr Mortimer said.
Dr Mortimer said the team's win had again demonstrated the success of QUT Business School's blended learning approach - combining academic knowledge with industry experience.
"Sure, it's one thing to gain a basic knowledge of business strategy in the classroom, but engaging with industry provides a whole new perspective for students," he said.
"It's a win-win situation; our students gain from consulting to industry and industry gains from new, innovate and unencumbered knowledge".
"It really allows students to gain an understanding of challenges faced by businesses, which they can then work to find innovative solutions to with our academics and industry partners."
Dr Mortimer said the challenge had been a unique opportunity for students to engage directly with the convenience industry.
"The convenience industry faces a host of challenges; such as the buying power and aggressive pricing of the major supermarkets, competition from other retail formats, increasing government regulation on key product categories such as tobacco, and the challenging retail environment," he said.
"This was a great way for students to offer some fresh, creative ideas to counter these challenges."
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Media contact:
Rob Kidd, QUT Media, 07 3138 1841, rj.kidd@qut.edu.au
After hours, Rose Trapnell, 0407 585 901
