Unit of competency details

BSBMKG501 - Identify and evaluate marketing opportunities (Release 1)

Summary

Releases:
ReleaseStatusRelease date
1 1 (this release)Current 25/Mar/2015

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBMKG501B - Identify and evaluate marketing opportunitiesUpdated to meet Standards for Training Packages 24/Mar/2015


Training packages that include this unit

CodeTitleSort Table listing Training packages that include this unit by the Title columnRelease
SIS10 - Sport, Fitness and Recreation Training PackageSport, Fitness and Recreation Training Package 3.1 
SIS - Sport, Fitness and Recreation Training PackageSport, Fitness and Recreation Training Package 1.0-2.1 
MSF - Furnishing Training PackageFurnishing Training Package 2.0-3.1 
ICP - Printing and Graphic ArtsPrinting and Graphic Arts 1.0-2.0 
HLT - HealthHealth 2.0-3.1 
FWP - Forest and Wood Products Training PackageForest and Wood Products Training Package 2.0 
FNS - Financial Services Training PackageFinancial Services Training Package 1.0-2.1 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 2.0-3.0 
BSB - Business Services Training PackageBusiness Services Training Package 1.0-2.0 

Qualifications that include this unit

CodeTitleSort Table listing Qualifications that include this unit by the Title columnRelease
SIS50612 - Diploma of Sport DevelopmentDiploma of Sport Development 
SIS50215 - Diploma of FitnessDiploma of Fitness 
SIS50115 - Diploma of Sport and Recreation ManagementDiploma of Sport and Recreation Management 
MSF50313 - Diploma of Furniture Design and TechnologyDiploma of Furniture Design and Technology 2-4 
ICP50115 - Diploma of Printing and Graphic ArtsDiploma of Printing and Graphic Arts 1-2 
HLT57715 - Diploma of Practice ManagementDiploma of Practice Management 
FWP50316 - Diploma of Timber Truss and Frame DesignDiploma of Timber Truss and Frame Design 
FWP50216 - Diploma of Timber Truss and Frame ManufactureDiploma of Timber Truss and Frame Manufacture 
FNS51815 - Diploma of Financial ServicesDiploma of Financial Services 1-3 
FNS51215 - Diploma of Insurance BrokingDiploma of Insurance Broking 1-2 
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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  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to identify, evaluate and take advantage of marketing opportunities by analysing market data, distinguishing characteristics of possible markets and assessing viability of changes to operations.

It applies to individuals working in a supervisory or management marketing or advertising role within a marketing or advertising team or media organisation.

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

Unit Sector

Business Development – Marketing

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. Identify marketing opportunities

1.1 Analyse information on market and business needs to identify marketing opportunities

1.2 Research potential new markets and assess opportunities to enter, shape or influence each market, and the likely contribution to the business

1.3 Explore entrepreneurial, innovative approaches and creative ideas for their potential business application, and develop into potential marketing opportunities

2. Investigate marketing opportunities

2.1 Identify and analyse opportunities in terms of their likely fit with organisational goals and capabilities

2.2 Evaluate each opportunity to determine its impact on current business and customer base

2.3 Use an assessment of external factors, costs, benefits, risks and opportunities to determine the financial viability of each marketing opportunity

2.4 Determine probable return on investment and potential competitors

2.5 Describe and rank marketing opportunities on their viability, and likely contribution to the business

3. Evaluate required changes to current operations

3.1 Identify and document changes needed to current operations to take advantage of viable marketing opportunities

3.2 Ensure organisational changes to service an increased or different customer base including provision for continued quality of service to existing customers

3.3 Estimate resource requirements for changed operations

3.4 Determine and communicate viability of making changes to current operations to key stakeholders

3.5 Document newly identified marketing opportunities and required changes

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance Criteria 

Description 

Reading

1.1-1.3, 2.1-2.4, 3.1

  • Evaluates and comprehends textual information from a range of sources and draws own conclusions

Writing

1.1-1.3, 2.5, 3.1, 3.4, 3.5

  • Integrates information from a number of sources to develop material that supports purposes of documentation using suitable grammatical structure and clear, logical language

Oral Communication

2.5, 3.4

  • Presents opinions, ideas and organisational requirements clearly and creatively using language and presentation techniques appropriate to audience and environment
  • Elicits views and opinions of others by listening and questioning

Numeracy

2.3, 2.4, 3.3

  • Evaluates financial and marketing data using whole numbers, decimals and percentages to make accurate calculations

Navigate the world of work

2.1

  • Recognises and follows explicit and implicit organisational protocols and meets expectations associated with own role

Interact with others

2.5, 3.4

  • Selects appropriate form, channel and mode of communication for a specific purpose relevant to own role

Get the work done

1.1-1.3, 2.1-2.4, 3.1, 3.2, 3.3, 3.4

  • Develops plans to manage relatively complex tasks with an awareness of how they may contribute to longer-term operational and strategic goals
  • Makes decisions by systematically analysing information, identifying and evaluating options against set criteria, and choosing most appropriate option
  • Evaluates outcomes of decisions to identify opportunities for improvement
  • Develops new and innovative ideas through exploration, analysis and critical thinking

Unit Mapping Information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBMKG501 Identify and evaluate marketing opportunities

BSBMKG501B Identify and evaluate marketing opportunities

Updated to meet Standards for Training Packages

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.education.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 1.0.

Performance Evidence

Evidence of the ability to:

  • identify and evaluate marketing opportunities to determine whether they can meet organisational objectives
  • document how current business operations need to be modified, and list resources required, to take advantage of newly identified and evaluated opportunities.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • outline key provisions of relevant legislation, codes of practice and national standards affecting marketing operations
  • describe organisational marketing plan, structure, products and services
  • explain principles of marketing and marketing mix
  • describe statistical methods and techniques to evaluate marketing opportunities, including forecasting techniques.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the business development – marketing field of work and include access to:

  • relevant legislation, regulations, standards and codes
  • relevant workplace documentation and resources
  • organisational strategic and marketing plans
  • case studies and, where possible, real situations.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

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