Unit of competency Outline

Date retreived
22/07/2026 8:34 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Identify and evaluate marketing opportunities

Identify and evaluate marketing opportunities

Unit of competency
National Code
BSBMKG501
State Code
AUI00
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080505 - Marketing
Original Release Date
15/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to identify, evaluate and take advantage of marketing opportunities by analysing market data, distinguishing characteristics of possible markets and assessing viability of changes to operations.It applies to individuals working in a supervisory or management marketing or advertising role within a marketing or advertising team or media organisation.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
D0866 BSBMKG501B Identify and evaluate marketing opportunities Unit of competency
Replaced By
State Code National Code Title Type
OCF41 BSBMKG541 Identify and evaluate marketing opportunities Unit of competency
State Code National Code Title Type
AVU4 BSB50115 Diploma of Advertising Qualification
BFE9 FNS50920 Diploma of Banking Services Management Qualification
AVX9 FNS50915 Diploma of Banking Services Management Qualification
AVU9 BSB50215 Diploma of Business Qualification
BFE8 FNS51820 Diploma of Financial Services Qualification
AWB7 FNS51815 Diploma of Financial Services Qualification
AWN6 SIS50215 Diploma of Fitness Qualification
BDO3 FBP30617 Certificate III in Food Processing (Sales) Qualification
J731 MSF50313 Diploma of Furniture Design and Technology Qualification
AWB4 FNS51215 Diploma of Insurance Broking Qualification
J708 CUA60213 Advanced Diploma of Live Production and Management Services Qualification
AZK8 CUA50415 Diploma of Live Production and Technical Services Qualification
AVW6 BSB51215 Diploma of Marketing Qualification
AZK1 BSB52415 Diploma of Marketing and Communication Qualification
AD337 BSBSS00083 Marketing Operations Skill Set Skill set
AZN0 CUA50815 Diploma of Music Industry Qualification
AVY3 FNS50515 Diploma of Personal Trustees Qualification
AZM2 CUA50915 Diploma of Photography and Photo Imaging Qualification
AWI7 HLT57715 Diploma of Practice Management Qualification
AWC6 ICP50115 Diploma of Printing and Graphic Arts Qualification
BFC2 ICP50120 Diploma of Printing and Graphic Arts Business Management Qualification
AYW2 SIS50115 Diploma of Sport and Recreation Management Qualification
J514 SIS50612 Diploma of Sport Development Qualification
AWD2 FNS50715 Diploma of Superannuation Qualification
BAL6 FWP50316 Diploma of Timber Truss and Frame Design Qualification
BAM6 FWP50216 Diploma of Timber Truss and Frame Manufacture Qualification
AZL3 CUA51115 Diploma of Visual Arts Qualification