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Evidence Guide: BSBMKG501 - Identify and evaluate marketing opportunities

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBMKG501 - Identify and evaluate marketing opportunities

What evidence can you provide to prove your understanding of each of the following citeria?

Identify marketing opportunities

  1. Analyse information on market and business needs to identify marketing opportunities
  2. Research potential new markets and assess opportunities to enter, shape or influence each market, and the likely contribution to the business
  3. Explore entrepreneurial, innovative approaches and creative ideas for their potential business application, and develop into potential marketing opportunities
Analyse information on market and business needs to identify marketing opportunities

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Research potential new markets and assess opportunities to enter, shape or influence each market, and the likely contribution to the business

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Explore entrepreneurial, innovative approaches and creative ideas for their potential business application, and develop into potential marketing opportunities

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Investigate marketing opportunities

  1. Identify and analyse opportunities in terms of their likely fit with organisational goals and capabilities
  2. Evaluate each opportunity to determine its impact on current business and customer base
  3. Use an assessment of external factors, costs, benefits, risks and opportunities to determine the financial viability of each marketing opportunity
  4. Determine probable return on investment and potential competitors
  5. Describe and rank marketing opportunities on their viability, and likely contribution to the business
Identify and analyse opportunities in terms of their likely fit with organisational goals and capabilities

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Evaluate each opportunity to determine its impact on current business and customer base

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Use an assessment of external factors, costs, benefits, risks and opportunities to determine the financial viability of each marketing opportunity

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Determine probable return on investment and potential competitors

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Describe and rank marketing opportunities on their viability, and likely contribution to the business

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Evaluate required changes to current operations

  1. Identify and document changes needed to current operations to take advantage of viable marketing opportunities
  2. Ensure organisational changes to service an increased or different customer base including provision for continued quality of service to existing customers
  3. Estimate resource requirements for changed operations
  4. Determine and communicate viability of making changes to current operations to key stakeholders
  5. Document newly identified marketing opportunities and required changes
Identify and document changes needed to current operations to take advantage of viable marketing opportunities

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Ensure organisational changes to service an increased or different customer base including provision for continued quality of service to existing customers

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Estimate resource requirements for changed operations

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Determine and communicate viability of making changes to current operations to key stakeholders

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Document newly identified marketing opportunities and required changes

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify marketing opportunities

1.1 Analyse information on market and business needs to identify marketing opportunities

1.2 Research potential new markets and assess opportunities to enter, shape or influence each market, and the likely contribution to the business

1.3 Explore entrepreneurial, innovative approaches and creative ideas for their potential business application, and develop into potential marketing opportunities

2. Investigate marketing opportunities

2.1 Identify and analyse opportunities in terms of their likely fit with organisational goals and capabilities

2.2 Evaluate each opportunity to determine its impact on current business and customer base

2.3 Use an assessment of external factors, costs, benefits, risks and opportunities to determine the financial viability of each marketing opportunity

2.4 Determine probable return on investment and potential competitors

2.5 Describe and rank marketing opportunities on their viability, and likely contribution to the business

3. Evaluate required changes to current operations

3.1 Identify and document changes needed to current operations to take advantage of viable marketing opportunities

3.2 Ensure organisational changes to service an increased or different customer base including provision for continued quality of service to existing customers

3.3 Estimate resource requirements for changed operations

3.4 Determine and communicate viability of making changes to current operations to key stakeholders

3.5 Document newly identified marketing opportunities and required changes

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify marketing opportunities

1.1 Analyse information on market and business needs to identify marketing opportunities

1.2 Research potential new markets and assess opportunities to enter, shape or influence each market, and the likely contribution to the business

1.3 Explore entrepreneurial, innovative approaches and creative ideas for their potential business application, and develop into potential marketing opportunities

2. Investigate marketing opportunities

2.1 Identify and analyse opportunities in terms of their likely fit with organisational goals and capabilities

2.2 Evaluate each opportunity to determine its impact on current business and customer base

2.3 Use an assessment of external factors, costs, benefits, risks and opportunities to determine the financial viability of each marketing opportunity

2.4 Determine probable return on investment and potential competitors

2.5 Describe and rank marketing opportunities on their viability, and likely contribution to the business

3. Evaluate required changes to current operations

3.1 Identify and document changes needed to current operations to take advantage of viable marketing opportunities

3.2 Ensure organisational changes to service an increased or different customer base including provision for continued quality of service to existing customers

3.3 Estimate resource requirements for changed operations

3.4 Determine and communicate viability of making changes to current operations to key stakeholders

3.5 Document newly identified marketing opportunities and required changes