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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

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

Performance Evidence

Evidence of the ability to:

conduct research into the trends for a specified industry sector, and identify potential business opportunities

undertake market research and analysis, and report on the viability and related implications, of a selected business opportunity

develop and present a feasibility report, including a cost benefit analysis that justifies the recommendations for a proposed new business initiative.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

formulate various analysis methods and tools, including:

affinity diagrams

competition matrix

decision trees

mind maps

risk assessment

strengths, weaknesses, opportunities and threats (SWOT) analysis

value chain

review and outline, contract and procurement methods

summarise possible social implications, both internal and external, to the organisation as a result of the introduction of new market opportunities

research government and non-government governing bodies in the relevant industry

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

outline the organisational structure, policies and procedures

review the relevant government legislation that affects business operation.

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