Unit of competency Outline

Date retreived
22/07/2026 8:55 AM AWST

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Identify and evaluate marketing opportunities

Identify and evaluate marketing opportunities

Unit of competency
National Code
BSBMKG501B
State Code
D0866
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
18/04/2008
State Implementation and Classification
Approved Date
15/10/2014
Field of Education
080505 - Marketing
Original Release Date
15/10/2014
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to identify, evaluate and take advantage of marketing opportunities by analysing market data, distinguishing the characteristics of possible markets and assessing the viability of changes to operations.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
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 the market in terms of 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 in terms of 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 include 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
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
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.
Replaces
State Code National Code Title Type
C3649 BSBMKG501A Evaluate marketing opportunities Unit of competency
Replaced By
State Code National Code Title Type
AUI00 BSBMKG501 Identify and evaluate marketing opportunities Unit of competency
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