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Evidence Guide: ICAICT701A - Lead research into identifying new marketplace 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

 

ICAICT701A - Lead research into identifying new marketplace opportunities

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

Direct research into organisation’s business domain

  1. Research sectors in the relevant industry for trends that may yield viable business opportunities
  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
  3. Identify strategies for realising the identified business initiatives, including sub-contracting of suitable elements where applicable
  4. Research legal, environmental and social implications of identified initiatives
Research sectors in the relevant industry for trends that may yield viable business opportunities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify strategies for realising the identified business initiatives, including sub-contracting of suitable elements where applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research legal, environmental and social implications of identified initiatives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate new business initiatives

  1. Initiate and oversee market research for potentially viable identified business opportunities
  2. Gauge the likely impacts of candidate new initiatives on the business enterprise, including specific legal, financial and transformational implications
  3. Evaluate delivery strategies for anticipated products or services stemming from candidate initiatives
Initiate and oversee market research for potentially viable identified business opportunities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Gauge the likely impacts of candidate new initiatives on the business enterprise, including specific legal, financial and transformational implications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate delivery strategies for anticipated products or services stemming from candidate initiatives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explore feasibility of the new initiatives

  1. Formulate selection criteria based on strategic business objectives
  2. Facilitate a feasibility study, including cost-benefit analysis
  3. Select most feasible option against selection criteria
  4. Recommend preferred initiative
Formulate selection criteria based on strategic business objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Facilitate a feasibility study, including cost-benefit analysis

Completed
Date:

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Select most feasible option against selection criteria

Completed
Date:

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Recommend preferred initiative

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 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.

Required Skills and Knowledge

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.

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.

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.