This unit describes the skills and knowledge required to determine the optimum marketing mix for a business through analysis of interrelated marketing components.
It applies to individuals in marketing management roles who are responsible for developing marketing and promotional mix within an organisation. They may also adjust the marketing mix when new marketing opportunities are identified.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Performance criteria describe the performance needed to demonstrate achievement of the element.
1.1 Identify key characteristics of products or services and estimate their significance to the market
1.2 Review pricing policy and analyse pricing variables to determine their effect on demand
1.3 Analyse promotional methods to determine their importance to marketing outcomes
1.4 Review channels of distribution and estimate their significance to marketing outcomes
1.5 Identify and analyse level of customer service provision to determine its significance to marketing outcomes
1.6 Identify potential customer base and key pressure points
1.7 Analyse and test effect of components of marketing mix on each other, and establish their relative importance to customer base
2.1 Identify and assess environmental factors, and their impact on marketing mix
2.2 Identify consumer priorities, needs and preferences affecting marketing mix
2.3 Consider product, pricing, promotional, distribution and service variations, and evaluate these against marketing objectives, target market characteristics and desired positioning
2.4 Select marketing mix that best satisfies target market and meets marketing objectives
2.5 Ensure marketing mix decision meets organisational, strategic and operational marketing objectives
3.1 Monitor marketing mix against marketing performance and isolate components for testing
3.2 Evaluate implications of altering one or more components of marketing mix in relation to market factors and consumer response
3.3 Adjust components of marketing mix in response to test results and market-response evaluation
3.4 Ensure adjusted marketing mix meets budgetary requirements
3.5 Ensure adjusted marketing mix continues to meet organisational, strategic and operational marketing objectives, and desired positioning
About This Course
Evidence of the ability to:
- report on activities undertaken to establish a marketing mix in an organisation, including information on each element of the mix, such as:
- customer service levels
- product or service distribution
- product or service pricing
- additional products or services, if any
- product or service promotion
- report on success of marketing mix activities developed, including coverage of any necessary adjustments made.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
- outline organisational policies, procedures, products and services related to marketing
- describe principles and concepts of marketing such as consumer or buyer behaviour and elements of marketing mix
- outline and explain statistical techniques used to gather and analyse marketing information.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the business development marketing field of work and include access to:
- office equipment and resources
- organisational and marketing strategic plans
- case studies and, where possible, real situations.
Assessors must satisfy NVR/AQTF assessor requirements.