BSBMKG501 - Identify and evaluate marketing opportunities

Learners’ Guide

Unit within the qualification Diploma of Business / Diploma of

Marketing and Communication

Duration 5 weeks
Mode of Study Mixed (face to face + online)
Trainer/Assessor
Recommended textbook(s) Marketing: A Practical Approach 7th
Edition by Peter Rix

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 Application
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.

Unit Sector
Business Development – Marketing

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 Elements and Performance Criteria
ELEMENT PERFORMANCE CRITERIA

Elements describe the Performance criteria describe the performance needed to

essential outcomes. demonstrate achievement of the element.

1. Identify marketing 1.1 Analyse information on market and business needs to

opportunities 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 2.1 Identify and analyse opportunities in terms of their likely

marketing fit with organisational goals and capabilities
opportunities 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 3.1 Identify and document changes needed to current

changes to current operations to take advantage of viable marketing
operations 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

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 ELEMENT PERFORMANCE CRITERIA
to current operations to key stakeholders
3.5 Document newly identified marketing opportunities and
required changes

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 Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated
in the performance criteria that are required for competent performance.
Skill Performance Description
Criteria

Reading 1.1-1.3, 2.1-2.4, 3.1 Evaluates and comprehends textual information

from a range of sources and draws own
conclusions
Writing 1.1-1.3, 2.5, 3.1, 3.4, Integrates information from a number of sources to
3.5 develop material that supports purposes of
documentation using suitable grammatical
structure and clear, logical language
Oral 2.5, 3.4 Presents opinions, ideas and organisational
Communicati requirements clearly and creatively using
on language and presentation techniques
appropriate to audience and environment
Elicits views and opinions of others by listening and
questioning
Numeracy 2.3, 2.4, 3.3 Evaluates financial and marketing data using whole
numbers, decimals and percentages to make
accurate calculations
Navigate the 2.1 Recognises and follows explicit and implicit
world of work organisational protocols and meets expectations
associated with own role
Interact with 2.5, 3.4 Selects appropriate form, channel and mode of
others communication for a specific purpose relevant to
own role
Get the work 1.1-1.3, 2.1-2.4, 3.1, Develops plans to manage relatively complex tasks
done 3.2, 3.3, 3.4 with an awareness of how they may contribute to
longer-term operational and strategic goals
Makes decisions by systematically analysing
information, identifying and evaluating options
against set criteria, and choosing most
appropriate option
Evaluates outcomes of decisions to identify

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 opportunities for improvement
Develops new and innovative ideas through
exploration, analysis and critical thinking

Unit Mapping Information

Code and title Code and title Comments Equivalence status
current version previous version

BSBMKG501 BSBMKG501B Updated to meet Equivalent unit

Identify and Identify and Standards for
evaluate marketing evaluate Training Packages
opportunities marketing
opportunities

Links
Companion volumes available from the IBSA website:
http://www.ibsa.org.au/companion_volumes -
http://companion_volumes.vetnet.education.gov.au/Pages/TrainingPackage.as
px?pid=13

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 Training Schedule
Week Topics Details Learning Learning activities Student Workbook
Resources

1 Identifying o This session introduces learners Presentation Simply Roses Section 1

Marketing to the theory behind defining
1
Opportunities basic Marketing requirements.
Topics introduced include:
o What is marketing?
o Analysing market and business
needs
o Marketing information systems
(MIS)
o Internal reporting systems
o Marketing research system
o Marketing intelligence system

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2 Identifying o Marketing models  Collection of data for
Presentation Section 1
Marketing market research
o SWOT analysis 1
Opportunities
o Gap analysis  Ways to conduct low cost
but effective primary
o Market analysis research
o Competitive analysis.  Data collection techniques
o Assessing markets and
 Research ABS for Farm
estimating demand
Data
o Market investigation and
 Research business
analysis
websites
o Customer analysis –
 Hostile business
segmentation, targeting and
environment
positioning
 External environment
o Market analysis questionnaire
 Total market potential
o Obtaining data specific to the
assessing market demand
problem
Custom Qualitative
o Qualitative and quantitative
research

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3 Investigating o Organisational fit of new Presentation- New services Section 2
Marketing marketing opportunities 2 Business objectives

Opportunities o Business aims Australia Post Expanding

into new markets
o Business objectives
Key objectives within a corporate Calculating break-even
strategy for a new product or
service
o Evaluating new opportunities
o Gap analysis for break-even
point
o Market segmentation
Ranking marketing opportunities

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4 Evaluating o Embracing new opportunities Presentation Document changes Section 3
Required o Maintaining service quality Australia Post
3
Changes to despite change
Current
Operations

5 Evaluating o New resource Presentation Australia Post Section 3

Required requirements for new
3
Changes to operations
Current
o Communicating with key
Operations
stakeholders Stakeholder
analysis

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Assessment Summary

Assessment Methods of Assessment

Assessment Tasks
assessment Due
The candidate will analyse a real or simulated
Assessment Group Project Week 4
Task 1 business (provided) to identify two marketing
and
opportunities, research potential new markets,
Presentation
assess opportunities with respect to contribution to
the business, and explore innovative approaches.
The candidate will then prepare a brief presentation
for marketing peers to support and explain the two
marketing opportunities they have identified.

In response to a simulated business scenario, the

Assessment Written Week 5
Task 2 candidate will evaluate three marketing
Report
opportunities, rank them in terms of viability and
likely contribution to the business, and assess the
impact of the top-ranked opportunity on
operations. The candidate will then prepare a
report for the board of directors documenting
identified marketing opportunities and required
changes to operations.

***Please note-
The Trainer/Assessor may ask questions in order to further clarify your answers and verify the
authenticity of your submitted assessments.

Online study

It is mandatory that you do 30% (at least 6 hours per week) of course study online outside the
scheduled class time. For this purpose numbers of study materials and an Online study plan
which includes a list of online resources links have been provided below.

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