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Elements and Performance Criteria

1. Direct research into organisation’s business domain
   • Research sectors in the relevant industry for trends that may yield viable business opportunities
   • Research business initiatives undertaken by competitor organisations to address the same or similar opportunities and analyse resources required to undertake such initiatives or project opportunities
   • Identify strategies for realising the identified business initiatives, including sub-contracting of suitable elements where applicable
   • Research legal, environmental and social implications of identified initiatives
2. Evaluate new business initiatives
   • Initiate and oversee market research for potentially viable identified business opportunities
   • Gauge the likely impacts of candidate new initiatives on the business enterprise, including specific legal, financial and transformational implications
   • Evaluate delivery strategies for anticipated products or services stemming from candidate initiatives
3. Explore feasibility of the new initiatives
   • Formulate selection criteria based on strategic business objectives
   • Facilitate a feasibility study, including cost-benefit analysis
   • Select most feasible option against selection criteria
   • Recommend preferred initiative

Required Skills

Required skills

analytical skills to evaluate relevant industry sectors and market sensitivities

communication skills to liaise with clients and stakeholders at relevant levels of management

initiative planning and organisational skills to

coordinate new initiatives and crossdivisional projects including potential business acquisitions

direct strategic level research

proactively seek out new market opportunities

literacy skills to develop presentations and documents for executive management

numeracy skills to

create and manage budgets

present the results of financial analysis and financial modelling

review and appraise a financial business case

problemsolving skills to identify and resolve problems quickly

research skills to

conduct research collect and synthesise complex data

scan market research results and make decisions based on them

technical and negotiation skills to direct and coordinate IT and business architecture change

Required knowledge

analysis methods and tools including

affinity diagrams

competition matrix

decision trees

mind maps

risk assessment

SWOT analysis

value chain

contracts and procurement

identifying government and nongovernment governing bodies in the relevant industry

legal ethical and security issues relating to research of competitive business opportunities including the laws related to patents and copyright

organisational structure policies and procedures

relevant government legislation that affects business operation

Evidence Required

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit	Evidence of the ability to conduct research into trends for a specified industry sector and identify potential business opportunities undertake market research and report on the viability and related implications of a selected business opportunity develop and present a feasibility report including costbenefit analysis justifying recommendations for a proposed new business initiative
Context of and specific resources for assessment	Assessment must ensure access to appropriate resources to allow research to be conducted into industry trends which may include access to commercial research house libraries via memorandum of understanding or other arrangements opportunity to conduct meaningful market research on potential business opportunities simulated or real executive level management teams for presentation of proposals and feedback Where applicable physical resources should include equipment modified for people with special needs
Method of assessment	A range of assessment methods should be used to assess practical skills and knowledge The following examples are appropriate for this unit direct observation of the candidate carrying out the required work verbal or written questioning to assess required knowledge and skills review of reports and proposals prepared by the candidate and feedback from executive team presentations a portfolio of the work undertaken Note The preferred assessment method is through a workplace project or through a simulated medium to large enterprise workplace
Guidance information for assessment	Holistic assessment with other units relevant to the industry sector workplace and job role is recommended where appropriate Assessment processes and techniques must be culturally appropriate and suitable to the communication skill level language literacy and numeracy capacity of the candidate and the work being performed Indigenous people and other people from a nonEnglish speaking background may need additional support In cases where practical assessment is used it should be combined with targeted questioning to assess required knowledge

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Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Social implications may include:	ethical dilemmas or issues unintended social consequences and costs.
Market research may include:	focus groups interviews mystery shopping product tests surveys.
Delivery strategies may refer to decisions about:	consumers’ perception of value for money and pricing design of products or services to meet customer needs distribution strategies to ensure the product or service can be delivered to or obtained easily by consumers support services to ensure customer satisfaction.

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