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 |
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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 |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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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. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the following is essential:
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Context of and specific resources for assessment |
Assessment must ensure:
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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:
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Guidance information for assessment |
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
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Range Statement
RANGE STATEMENT |
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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. |
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Information on market and business needs may include: |
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Marketing may include: |
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New markets may include: |
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Contribution to the business may include: |
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Evaluation may include: |
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External factors may include: |
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Resource requirements may include: |
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Key stakeholders may include: |
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Unit Sector(s)
Unit sector |
Competency field
Competency field |
Business Development - Marketing |
Co-requisite units
Co-requisite units |
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