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Unit of competency details

BSBMKG541 - Identify and evaluate marketing opportunities (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBMKG501 - Identify and evaluate marketing opportunities 18/Oct/2020
Supersedes BSBMKG518 - Plan and implement services marketing 18/Oct/2020
Supersedes BSBMKG519 - Plan and implement business-to-business marketing 18/Oct/2020
Supersedes BSBMKG521 - Plan and implement sponsorship and event marketing 18/Oct/2020

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


Training packages that include this unit

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
FNS51220 - Diploma of Insurance BrokingDiploma of Insurance Broking1-2 
CUA51120 - Diploma of Visual ArtsDiploma of Visual Arts
CUA60220 - Advanced Diploma of Live Production and Management ServicesAdvanced Diploma of Live Production and Management Services1-2 
CUA50420 - Diploma of Live Production and Technical ServicesDiploma of Live Production and Technical Services
CPP60421 - Advanced Diploma of Building DesignAdvanced Diploma of Building Design1-2 
FNS50720 - Diploma of SuperannuationDiploma of Superannuation
FNS51120 - Diploma of General InsuranceDiploma of General Insurance1-4 
BSB50120 - Diploma of BusinessDiploma of Business
CUA50920 - Diploma of Photography and Digital ImagingDiploma of Photography and Digital Imaging
BSB50620 - Diploma of Marketing and CommunicationDiploma of Marketing and Communication
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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 identify, evaluate and take advantage of marketing opportunities by analysing market data, distinguishing characteristics of possible markets and assessing viability of changes to operations.

The unit 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

Technical Skills – 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. Explore marketing opportunities

1.1 Analyse information on market and business needs for marketing opportunities

1.2 Identify potential new markets

1.3 Apply innovative approaches relevant to the development of potential marketing opportunities

2. Evaluate marketing opportunities

2.1 Identify and analyse opportunities for organisational fit according to organisational goals and capabilities

2.2 Analyse the viability of each opportunity

2.3 Determine probable return on investment and potential competitors

2.4 Select marketing opportunities according to outcomes of viability analysis, return on investment and competition

3. Evaluate required changes to current operations

3.1 Seek feedback from relevant stakeholders

3.2 Incorporate feedback received for current operations and take advantage of viable marketing opportunities

3.3 Review current operations and document changes needed

3.4 Identify resource requirements for marketing opportunities

3.5 Document and communicate viability of marketing opportunities to key stakeholders

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

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

Writing

  • 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

  • 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

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

Initiative and enterprise

  • Evaluates outcomes of decisions to identify opportunities for improvement
  • Develops new and innovative ideas through exploration, analysis and critical thinking

Self-management

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

Planning and organising

  • 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

Unit Mapping Information

Supersedes and is equivalent to BSBMKG501 Identify and evaluate marketing opportunities.

Supersedes but is not equivalent to:

  • BSBMKG518 Plan and implement services marketing
  • BSBMKG519 Plan and implement business-to-business marketing
  • BSBMKG521 Plan and implement sponsorship and event marketing.

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:

  • identify and evaluate at least three marketing opportunities.

In the course of the above, the candidate must:

  • comply with organisational policies and procedures
  • communicate and document potential of identified marketing opportunity to relevant stakeholders.

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:

  • key provisions of relevant legislation, codes of practice and national standards affecting marketing operations
  • how to calculate the financial viability of marketing opportunities
  • return on investment
  • financial and marketing data
  • organisational structure, products and services
  • principles of marketing and marketing mix
  • statistical methods and techniques to evaluate marketing opportunities, including forecasting techniques.

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:

  • legislation, regulations, standards and codes for marketing
  • workplace marketing 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