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 monitor and improve business performance via a clear strategy complementing the business plan.
It applies to individuals who operate a small business independently or within a larger organisation. Individuals in this role analyse and interpret market data and are proficient communicators.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Management and Leadership – Small and Micro Business
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. Develop marketing strategies |
1.1 Analyse the business and its key products or services to determine focus of marketing activities, in accordance with objectives of the business plan 1.2 Evaluate customer base and target market for the small business as a basis for marketing objectives and strategies 1.3 Determine marketing objectives and strategies are ethically and culturally appropriate, in consultation with relevant people and in accordance with the business plan |
2. Determine a marketing mix for the business |
2.1 Balance product mix, volumes and pricing to optimise sales and profit 2.2 Evaluate costs and benefits of using different distribution channels and/or providing different levels of customer service, and consider results in determining marketing mix 2.3 Determine promotional activities to suit target market 2.4 Consider customer needs and preferences in determining marketing mix 2.5 Determine marketing mix according to market and business needs |
3. Implement marketing strategies |
3.1 Brief those involved in the marketing effort on their roles and responsibilities, to ensure success of marketing strategies 3.2 Plan and implement promotional activities, in accordance with marketing objectives and budgetary requirements |
4. Monitor and improve marketing performance |
4.1 Monitor marketing activities and evaluate business performance according to objectives and targets of the business plan 4.2 Analyse performance gaps and take corrective action or set new targets 4.3 Encourage all relevant people to propose ways to improve marketing performance 4.4 Seek and analyse customer reaction to all aspects of the marketing mix, using culturally appropriate processes, to improve targeting and outcomes 4.5 Conduct ongoing research of customer requirements to identify opportunities for change and improvement 4.6 Monitor and investigate market changes for new opportunities to aid business development |
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, 2.2-2.4, 3.2, 4.1, 4.4, 4.6 |
|
Writing |
1.3, 2.3, 2.5, 3.1, 3.2, 4.4-4.6 |
|
Oral Communication |
1.3, 3.1, 4.3, 4.4 |
|
Numeracy |
2.1, 2.2, 3.2, 4.2 |
|
Navigate the world of work |
4.5 |
|
Interact with others |
4.3 |
|
Get the work done |
1.1-1.3, 2.1-2.5, 3.2, 4.1, 4.2 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBSMB403 Market the small business |
BSBSMB403A Market the small business |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10