NTISthis.com

Evidence Guide: BSBMKG501B - 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

 

BSBMKG501B - 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 the market in terms of 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 the market in terms of 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 in terms of 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 in terms of 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 include 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 include 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

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 following is essential:

identifying and evaluating marketing opportunities to determine whether they will meet organisational objectives

documenting how current business operations will need to be modified and what resources will be required to take advantage of newly identified and evaluated opportunities.

Context of and specific resources for assessment

Assessment must ensure:

access to office equipment and resources

access to organisational strategic and marketing plans.

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:

analysis of responses to case studies

assessment of written reports on identified marketing opportunities and evaluation activities

direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate

observation of presentations on opportunity identification, evaluation and required resources to capitalise on new marketing opportunities

oral or written questioning to assess knowledge and understanding

review of authenticated documents from the workplace or training environment

review of testimony from team members, colleagues, supervisors or managers.

Guidance information for assessment

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:

BSBMKG502B Establish and adjust the marketing mix

international business units

other marketing units.

Required Skills and Knowledge

Required skills

culturally appropriate communication skills to relate to people from diverse backgrounds and people with diverse abilities

literacy skills to identify and interpret market information, to write in a range of styles for different audiences and to document outcomes and requirements

numeracy skills to calculate and evaluate financial information on new marketing options

research and evaluation skills to gain information on and interpret market trends to identify marketing opportunities.

Required knowledge

key provisions of relevant legislation from all forms of government, codes of practice and national standards that may affect aspects of business operations such as:

anti-discrimination legislation and the principles of equal opportunity, equity and diversity

ethical principles

marketing codes of practice and conduct such as the Australian Direct Marketing Association (ADMA) Direct Marketing Code of Practice; Free TV Australia Commercial Television Industry Code of Practice; and the Australian E-commerce Best Practice Model

privacy laws

Trade Practices Act

organisational marketing plan, structure, products and services

principles of marketing and the marketing mix

statistical methods and techniques to evaluate marketing opportunities, including forecasting techniques.

Range Statement

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.

Information on market and business needs may include:

comparative market information

competitors' performance

customer requirements

legal and ethical requirements

market share

market trends and developments

new and emerging markets

profitability

sales figures

Marketing may include:

business-to-business marketing

direct marketing

ideas marketing

marketing of goods

public sector marketing

services marketing

telemarketing

New markets may include:

e-commerce

export markets

segments of the market not currently penetrated

Contribution to the business may include:

effect on sales volume

growth

market share

profitability

Evaluation may include:

investigation of:

knockout factors

present value analysis

return on investment

scored criteria

weighted criteria

External factors may include:

codes of practice

policies and guidelines

regulations

relevant legislation

Resource requirements may include:

additional staff

distribution costs

equipment

production costs

promotional costs

research and development

re-tooling

staff training

Key stakeholders may include:

Board of directors

finance staff

human resources staff

managers

marketing personnel

owners

production staff

supervisors