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Unit of competency details

BSBMKG501B - Identify and evaluate marketing opportunities (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Is superseded by and equivalent to BSBMKG501 - Identify and evaluate marketing opportunitiesUpdated to meet Standards for Training Packages 24/Mar/2015

Releases:
ReleaseRelease date
1 1 (this release) 18/Apr/2008

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
ICP10 - Printing and Graphic ArtsPrinting and Graphic Arts 1.0-2.1 
FPI11 - Forest and Forest Products Training PackageForest and Forest Products Training Package 1.0-2.3 
LMF02 - Furnishing Training PackageFurnishing Training Package 6.0-8.1 
FNS10 - Financial Services Training PackageFinancial Services Training Package 1.0-5.1 
PSP12 - Public Sector Training PackagePublic Sector Training Package 1.0 
MSF - Furnishing Training PackageFurnishing Training Package 1.0-1.3 
SIS10 - Sport, Fitness and Recreation Training PackageSport, Fitness and Recreation Training Package 1.2-3.1 
AUR05 - Automotive Industry Retail, Service and Repair Training PackageAutomotive Industry Retail, Service and Repair Training Package 3.0-4.0 
BSB07 - Business Services Training PackageBusiness Services Training Package 5.0-9.0 
CUV11 - Visual Arts, Crafts and Design Training PackageVisual Arts, Crafts and Design Training Package 1.0 
PSP04 - Public Sector Training PackagePublic Sector Training Package 4.1-4.2 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 1.0 
FPI05 - Forest and Forest Products Training PackageForest and Forest Products Training Package 3.0 
CUS09 - MusicMusic 1.1-1.2 
CUV03 - Visual Arts, Craft and Design Training PackageVisual Arts, Craft and Design Training Package 3.0 
AVI08 - Aviation Training PackageAviation Training Package 3.0-5.0 
CUE03 - Entertainment Training PackageEntertainment Training Package 3.1-3.2 
FDF10 - Food ProcessingFood Processing 2.0-4.1 
HLT07 - Health Training PackageHealth Training Package 4.0-5.1 
SIR07 - Retail Services Training PackageRetail Services Training Package 1.3-3.3 
CUF07 - Screen and Media Training PackageScreen and Media Training Package 1.2 

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
FNS50710 - Diploma of SuperannuationDiploma of Superannuation
AUR50105 - Diploma of Automotive ManagementDiploma of Automotive Management1-2 
SIR50112 - Diploma of Retail ManagementDiploma of Retail Management1-3 
SIS50210 - Diploma of FitnessDiploma of Fitness1-3 
FNS50910 - Diploma of Banking Services ManagementDiploma of Banking Services Management1-3 
FNS51811 - Diploma of Financial ServicesDiploma of Financial Services1-2 
SIS50712 - Diploma of Sport and Recreation ManagementDiploma of Sport and Recreation Management1-2 
AVI60110 - Advanced Diploma of Aviation (Flight Instruction)Advanced Diploma of Aviation (Flight Instruction)
PSP50112 - Diploma of GovernmentDiploma of Government
BSB50107 - Diploma of AdvertisingDiploma of Advertising1-4 
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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  25/Jul/2008 
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Modification History

Not applicable.

Unit Descriptor

Unit descriptor 

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

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

Application of the Unit

Application of the unit 

This unit applies to individuals working in senior marketing management roles who, together with a marketing team, identify, investigate and evaluate marketing opportunities to determine whether they meet organisational and marketing objectives. Based on this evaluation, changes to current business operations can be determined to take advantage of marketing opportunities.

Adjusting the marketing mix in the light of new marketing opportunities is covered in BSBMKG502B Establish and adjust the marketing mix.

Licensing/Regulatory Information

Not applicable.

Pre-Requisites

Prerequisite units 

Employability Skills Information

Employability skills 

This unit contains employability skills.

Elements and Performance Criteria Pre-Content

Elements describe the essential outcomes of a unit of competency.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

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 the market in terms of 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 in terms of 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 include 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

Required Skills and Knowledge

REQUIRED SKILLS AND KNOWLEDGE 

This section describes the skills and knowledge required for this unit.

Required skills 

  • culturally appropriate communication skills to relate to people from diverse backgrounds and people with diverse abilities
  • literacy skills to identify and interpret market information, to write in a range of styles for different audiences and to document outcomes and requirements
  • numeracy skills to calculate and evaluate financial information on new marketing options
  • research and evaluation skills to gain information on and interpret market trends to identify marketing opportunities.

Required knowledge 

  • key provisions of relevant legislation from all forms of government, codes of practice and national standards that may affect aspects of business operations such as:
  • anti-discrimination legislation and the principles of equal opportunity, equity and diversity
  • ethical principles
  • marketing codes of practice and conduct such as the Australian Direct Marketing Association (ADMA) Direct Marketing Code of Practice; Free TV Australia Commercial Television Industry Code of Practice; and the Australian E-commerce Best Practice Model
  • privacy laws
  • Trade Practices Act
  • organisational marketing plan, structure, products and services
  • principles of marketing and the marketing mix
  • statistical methods and techniques to evaluate marketing opportunities, including forecasting techniques.

Evidence Guide

EVIDENCE GUIDE 

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment 

Critical aspects for assessment and evidence required to demonstrate competency in this unit 

Evidence of the following is essential:

  • identifying and evaluating marketing opportunities to determine whether they will meet organisational objectives
  • documenting how current business operations will need to be modified and what resources will be required to take advantage of newly identified and evaluated opportunities.

Context of and specific resources for assessment 

Assessment must ensure:

  • access to office equipment and resources
  • access to organisational strategic and marketing plans.

Method of assessment 

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

  • analysis of responses to case studies
  • assessment of written reports on identified marketing opportunities and evaluation activities
  • direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
  • observation of presentations on opportunity identification, evaluation and required resources to capitalise on new marketing opportunities
  • oral or written questioning to assess knowledge and understanding
  • review of authenticated documents from the workplace or training environment
  • review of testimony from team members, colleagues, supervisors or managers.

Guidance information for assessment 

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:

  • BSBMKG502B Establish and adjust the marketing mix
  • international business units
  • other marketing units.

Range Statement

RANGE STATEMENT 

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Information on market and business needs  may include:

  • comparative market information
  • competitors' performance
  • customer requirements
  • legal and ethical requirements
  • market share
  • market trends and developments
  • new and emerging markets
  • profitability
  • sales figures

Marketing  may include:

  • business-to-business marketing
  • direct marketing
  • ideas marketing
  • marketing of goods
  • public sector marketing
  • services marketing
  • telemarketing

New markets  may include:

  • e-commerce
  • export markets
  • segments of the market not currently penetrated

Contribution to the business  may include:

  • effect on sales volume
  • growth
  • market share
  • profitability

Evaluation  may include:

  • investigation of:
  • knockout factors
  • present value analysis
  • return on investment
  • scored criteria
  • weighted criteria

External factors  may include:

  • codes of practice
  • policies and guidelines
  • regulations
  • relevant legislation

Resource requirements  may include:

  • additional staff
  • distribution costs
  • equipment
  • production costs
  • promotional costs
  • research and development
  • re-tooling
  • staff training

Key stakeholders  may include:

  • Board of directors
  • finance staff
  • human resources staff
  • managers
  • marketing personnel
  • owners
  • production staff
  • supervisors

Unit Sector(s)

Unit sector 

Competency field

Competency field 

Business Development - Marketing

Co-requisite units

Co-requisite units