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Unit of competency details

BSBMKG542 - Establish and monitor the marketing mix (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBMKG502 - Establish and adjust the marketing mix 18/Oct/2020
Supersedes BSBMKG514 - Implement and monitor marketing activities 18/Oct/2020
Supersedes BSBMKG529 - Manage client account 18/Oct/2020

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


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 and establish an effective marketing mix for a business. It includes preparing, implementing and monitoring the market mix.

The unit applies to individuals who have management roles in marketing and are responsible for developing marketing and promotional mix within an organisation. These individuals may monitor the marketing mix to adjust according to new marketing opportunities identified.

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. Prepare marketing mix

1.1 Identify task requirements

1.2 Analyse effects of pricing policy, promotional methods and channels of distribution on marketing outcomes

1.3 Identify potential customer base and key pressure points

1.4 Test effects of components of marketing mix on each other and relative importance to customer base

1.5 Select suitable marketing mix

2. Implement marketing mix

2.1 Identify required resources

2.2 Brief stakeholders of roles and responsibilities in implementation

2.3 Establish communication and team building strategies

2.4 Establish strategies for monitoring the marketing activities

3. Monitor marketing mix

3.1 Assess marketing performance against targets for task objectives

3.2 Compare and record variances in marketing revenue and costs against budget

3.3 Prepare and present marketing reports indicating ongoing progress towards marketing objectives

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 

Numeracy

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

Reading

  • Evaluates and comprehends textual information from a range of sources

Writing

  • Documents results of analysis of marketing mix
  • Presents analysis results in required format

Problem solving

  • When dealing with complex issues identifies cause of the problem, and uses analytical processes to generate possible solutions

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

Self-management

  • Makes decisions by systematically analysing information, identifying and evaluating options against set criteria, and choosing most appropriate option
  • Evaluates outcomes of decisions to identify any required adjustments

Unit Mapping Information

Supersedes and is equivalent to BSBMKG502 Establish and adjust the marketing mix.

Supersedes but is not equivalent to:

  • BSBMKG514 Implement and monitor marketing activities
  • BSBMKG529 Manage client account.

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:

  • establish and monitor the marketing mix for an organisation or work area, including:
  • reporting on activities undertaken to establish marketing mix in organisation
  • reporting information on each element of marketing mix, including:
  • customer service levels
  • distribution
  • pricing
  • promotion.

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:

  • organisational policies, procedures, products and services related to marketing
  • principles and concepts of marketing, including consumer and buyer behaviour
  • elements of marketing mix
  • methods to gather and analyse marketing information, including variances in marketing revenue and costs.

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 and codes relevant to marketing mix
  • organisational and marketing strategic plans.

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