Application
This unit describes the skills and knowledge required to assess enterprise potential and capacity for entering new markets. It also describes the skills and knowledge required to identify new markets, research regulatory requirements and negotiate contracts.
Decisions to enter new markets should be based on extensive research and planning. Management’s understanding of the risks and benefits of new markets and their implications for the business is essential.
This unit would benefit managers responsible for marketing and production and Quality Assurance (QA) managers required to supply product for new markets. This unit is relevant for all industry sectors.
This unit must be delivered in the context of Australian meat industry standards and regulations.
No occupational licensing, legislative or certification requirements are known to apply to this unit at the time of publication.
Elements and Performance Criteria
Element | Performance criteria |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Research and determine viability of entering new markets | 1.1 Identify and evaluate sources of assistance for locating and establishing new markets 1.2 Analyse characteristics of potential markets 1.3 Review enterprise products and service range in in terms of potential market and customer requirements 1.4 Assess competitive position of enterprise product and prepare sales projections 1.5 Determine licensing and other regulatory requirements 1.6 Evaluate costs, benefits and risks of entering new markets |
2. Develop a market entry strategy | 2.1 Develop resourcing strategies for new market entry 2.2 Identify risk management strategies 2.3 Develop marketing strategies in association with relevant internal and external personnel 2.4 Plan distribution strategies to ensure profile of product in the new market |
3. Identify contract and service requirements | 3.1 Establish enterprise terms of payment and administrative requirements 3.2 Identify documentary and commercial requirements of new markets 3.3 Identify finance and insurance requirements 3.4 Identify contractual requirements relating to transport and distribution to ensure product quality and safety |
4. Develop evaluation strategy for new market entry | 4.1 Identify targets and determine performance indicator requirements 4.2 Prepare strategies for collecting and analysing performance data 4.3 Identify strategies for reporting outcomes, including future planning recommendations |
Evidence of Performance
Evidence must demonstrate the candidate's consistency of performance over time.
Candidates must:
apply relevant communication and mathematical skills
communicate and negotiate clearly, ethically and effectively with a range of representatives (including internal personnel, government agents, financial agencies, distributors, export control agencies, brokers, customers) and other stakeholders
research potential markets including competitors, products, customers and market regulations, legislation and controls
evaluate feasibility of entering new markets
identify the cultural requirements of the new market and clients
identify strategies for financial risk management
prepare, negotiate and implement strategies and action plans for entering new markets
determine and obtain resources required to support new market strategy
establish infrastructure requirements for new market
use teamwork strategies to prepare work team to support new market strategy
evaluate and report market entry performance
identify and apply relevant workplace health and safety, regulatory and workplace requirements
maintain currency of knowledge through independent research or professional development
prepare enterprise strategies and plans which include resource requirements, timelines, milestones and communication strategies
present reports according to legal and enterprise requirements
research, collate and analyse information relating to the individual business, domestic and international context (as applicable)
use available information and communication technology and systems (including forecasting software, budgets, research material) to assist planning, monitoring and reporting
Evidence of Knowledge
The candidate must demonstrate an in depth technical and theoretical knowledge of:
purpose and features of distribution and marketing strategies
role of new markets in achieving enterprise goals and plans
enterprise budgetary and planning cycles and processes; methods of production analysis; and sales records and costs; and enterprise methods for estimating and forecasting sales and production requirements
Assessment Conditions
Competency must be demonstrated through sustained performance over time, at an appropriate level of responsibility and authority under typical operating and production conditions for the enterprise.
Methods of assessment must include:
a third-party referee report of sustained performance at appropriate level of authority and responsibility
assignment focusing on understanding and application of principles and theory to workplace operations
workplace projects which focus on enterprise environment and conditions
Assessors must satisfy current standards for RTOs.
Foundation Skills
Foundation Skills essential to performance are explicit in the performance criteria of this unit of competency.