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Unit of competency details

BSBESB404 - Market new business ventures (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBSMB403 - Market the small business 18/Oct/2020
Supersedes BSBSMB409 - Build and maintain relationships with small business stakeholders 18/Oct/2020

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 19/Oct/2020


Training packages that include this unit

CodeSort Table listing Training packages that include this unit by the Code columnTitleSort Table listing Training packages that include this unit by the Title columnRelease
SFI - Seafood IndustrySeafood Industry 2.0 
FNS - Financial Services Training PackageFinancial Services Training Package 6.0-6.2 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 5.0-5.1 
CPP - Property Services Training PackageProperty Services Training Package 11.0-14.0 
RII - Resources and Infrastructure Industry Training PackageResources and Infrastructure Industry Training Package 6.0-7.0 
BSB - Business Services Training PackageBusiness Services Training Package 7.0-7.2 
ACM - Animal Care and Management Training PackageAnimal Care and Management Training Package 4.0-4.1 

Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnRelease
CUA51120 - Diploma of Visual ArtsDiploma of Visual Arts
BSB40820 - Certificate IV in Marketing and CommunicationCertificate IV in Marketing and Communication
RII40720 - Certificate IV in Civil ConstructionCertificate IV in Civil Construction1-2 
SFI40119 - Certificate IV in AquacultureCertificate IV in Aquaculture
ACM40321 - Certificate IV in Animal Behaviour and TrainingCertificate IV in Animal Behaviour and Training
ACM40221 - Certificate IV in Animal Facility ManagementCertificate IV in Animal Facility Management
CPP40821 - Certificate IV in Access ConsultingCertificate IV in Access Consulting
RII40120 - Certificate IV in Surface Extraction OperationsCertificate IV in Surface Extraction Operations
CPP41319 - Certificate IV in Swimming Pool and Spa ServiceCertificate IV in Swimming Pool and Spa Service
CUA60720 - Advanced Diploma of Visual ArtsAdvanced Diploma of Visual Arts
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080505 Marketing  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080505 Marketing  17/Dec/2020 
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Unit Of competency

Modification History

Release  

Comments  

Release 1

This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to develop and implement a marketing strategy that is integrated into the business plan in order to improve the performance of a business venture. It involves analysing and interpreting market data.

The unit applies to those establishing a business providing self-employment, as well as those establishing a new venture as part of a larger organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Entrepreneurship and Small Business

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Develop marketing strategy for business venture

1.1 Identify focus of marketing activities according to business plan objectives and products and/or services being provided

1.2 Establish marketing objectives in consultation with required people and according to business plan and workplace procedures

1.3 Identify customer base, target market and competitors according to identified marketing objectives

1.4 Establish and evaluate strategy to ensure ethical and cultural appropriateness and alignment with customer and industry expectations

2. Establish marketing mix for the business venture

2.1 Assess product mix, volumes and pricing opportunities according to marketing focus and business plan objectives

2.2 Research and evaluate costs and benefits of available distribution channels and customer service strategies

2.3 Select marketing and promotional activities to suit target market and according to marketing strategies

2.4 Analyse customer journey to evaluate marketing mix

3. Implement marketing strategy

3.1 Plan marketing activities according to marketing objectives and strategy and budgetary requirements

3.2 Communicate roles and responsibilities to required people according to marketing plan and workplace procedures

3.3 Monitor implementation of marketing activities according to marketing plan

3.4 Assess use of digital devices, platforms and technologies for effectiveness in implementing marketing activities

4. Evaluate marketing performance

4.1 Assess business performance according to business plan objectives

4.2 Develop a plan to address performance gaps

4.3 Analyse stakeholder response to all aspects of marketing mix to improve targeting and outcomes

4.4 Assess changes in customer requirements in both online and offline environments, where applicable, and identify opportunities for improvement

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill 

Description 

Reading

  • Identifies, analyses and evaluates complex information from a range of sources

Writing

  • Prepares plans and other workplace documentation using structure, layout and terminology appropriate to audience

Oral communication

  • Presents ideas and requirements clearly and using language and non-verbal techniques appropriate to audience and environment
  • Uses questioning and listening to check and confirm understanding

Numeracy

  • Analyses numerical information to determine budgetary requirements and product quantities
  • Uses a range of calculation methods to evaluate costs and benefits

Initiative and enterprise

  • Reviews current situation and develops strategies to address improvements in marketing performance
  • Implements actions as per plan, making slight adjustments if necessary and addressing some unexpected issues
  • Uses formal and informal processes to monitor implementation of solutions

Planning and organising

  • Takes responsibility for planning and organising own workload, identifying ways of sequencing and combining elements for greater efficiency

Unit Mapping Information

Supersedes and is equivalent to BSBSMB403 Market the small business.

Supersedes but is not equivalent to BSBSMB409 Build and maintain relationships with small business stakeholders.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

 

Assessment requirements

Modification History

Release  

Comments  

Release 1

This version first released with BSB Business Services Training Package Version 7.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • develop and implement a marketing strategy for a business or new business venture, addressing activities in the digital environment.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • workplace processes and procedures for:
  • developing marketing objectives and marketing mix
  • identifying industry market trends relating to marketing new business ventures
  • communicating roles and responsibilities in marketing strategies to those involved
  • key features of a marketing mix that addresses market and business venture needs and:
  • optimises sales and profit
  • evaluates costs and benefits
  • determines customer needs and promotional activities
  • ethically and culturally appropriate practices relating to marketing new business ventures
  • performance evaluation methods relating to marketing strategies
  • methods of:
  • analysing costs and benefits of marketing strategies
  • monitoring customer satisfaction
  • conducting market analysis and research
  • key features of current digital devices, platforms and technologies that achieve marketing objectives by engaging, responding to and monitoring customers.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • business technology, including software for analysis of data
  • workplace documentation and resources relevant to performance evidence.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10