Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

ICAICT701A Mapping and Delivery Guide
Lead research into identifying new marketplace opportunities

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency ICAICT701A - Lead research into identifying new marketplace opportunities
Description This unit describes the performance outcomes, skills and knowledge required to lead the work involved in researching, evaluating and recommending new organisational initiatives based on perceived marketplace opportunities.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application Strategic business analysts in medium to large organisations apply the skills and knowledge in this unit to enhance organisational competitiveness by identifying and establishing new initiatives and transformational change based on researched marketplace opportunities.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Not applicable.
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: 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
       
Element: 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
       
Element: 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
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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 cost-benefit 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 non-English speaking background may need additional support.

In cases where practical assessment is used it should be combined with targeted questioning to assess required knowledge.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

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 cross-divisional 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

problem-solving 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 non-government 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.

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.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
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 
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 
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 

Forms

Assessment Cover Sheet

ICAICT701A - Lead research into identifying new marketplace opportunities
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

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Assessment Record Sheet

ICAICT701A - Lead research into identifying new marketplace opportunities

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

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Signature:

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