Elements and Performance Criteria
- Identify marketing opportunities
- Analyse information on market and business needs to identify marketing opportunities
- Research potential new markets and assess opportunities to enter, shape or influence each market, and the likely contribution to the business
- Explore entrepreneurial, innovative approaches and creative ideas for their potential business application, and develop into potential marketing opportunities
- Investigate marketing opportunities
- Identify and analyse opportunities in terms of their likely fit with organisational goals and capabilities
- Evaluate each opportunity to determine its impact on current business and customer base
- Use an assessment of external factors, costs, benefits, risks and opportunities to determine the financial viability of each marketing opportunity
- Determine probable return on investment and potential competitors
- Describe and rank marketing opportunities on their viability, and likely contribution to the business
- Evaluate required changes to current operations
- Identify and document changes needed to current operations to take advantage of viable marketing opportunities
- Ensure organisational changes to service an increased or different customer base including provision for continued quality of service to existing customers
- Estimate resource requirements for changed operations
- Determine and communicate viability of making changes to current operations to key stakeholders
- Document newly identified marketing opportunities and required changes