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.
Not applicable.
1. Direct research into organisation’s business domain | 1.1 Research sectors in the relevant industry for trends that may yield viable business opportunities 1.2 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 1.3 Identify strategies for realising the identified business initiatives, including sub-contracting of suitable elements where applicable 1.4 Research legal, environmental and social implications of identified initiatives |
2. Evaluate new business initiatives | 2.1 Initiate and oversee market research for potentially viable identified business opportunities 2.2 Gauge the likely impacts of candidate new initiatives on the business enterprise, including specific legal, financial and transformational implications 2.3 Evaluate delivery strategies for anticipated products or services stemming from candidate initiatives |
3. Explore feasibility of the new initiatives | 3.1 Formulate selection criteria based on strategic business objectives 3.2 Facilitate a feasibility study, including cost-benefit analysis 3.3 Select most feasible option against selection criteria 3.4 Recommend preferred initiative |
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 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. |
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. |
General ICT
This unit contains employability skills.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement but users should confirm requirements with the relevant federal, state or territory authority.