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.
It 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.
Performance criteria describe the performance needed to demonstrate achievement of the element.
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 each market, and the 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
2.1 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 on their viability, and likely contribution to the business
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 including 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
About This Course
Evidence of the ability to:
- identify and evaluate marketing opportunities to determine whether they can meet organisational objectives
- document how current business operations need to be modified, and list resources required, to take advantage of newly identified and evaluated opportunities.
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 key provisions of relevant legislation, codes of practice and national standards affecting marketing operations
- describe organisational marketing plan, structure, products and services
- explain principles of marketing and marketing mix
- describe statistical methods and techniques to evaluate marketing opportunities, including forecasting techniques.
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:
- relevant legislation, regulations, standards and codes
- relevant workplace documentation and resources
- organisational strategic and marketing plans
- case studies and, where possible, real situations.
Assessors must satisfy NVR/AQTF assessor requirements.