Identify and Evaluate Marketing Opportunities

STUDENT ASSESSMENT GUIDE Unit of competency name| Identify and evaluate marketing opportunities| Unit of competency number| BSBMKG501B| Unit Purpose On successful completion of this unit you should be able to actively seek out and assess marketing opportunities in terms of viability and suitability to the organisation. You should also be able to turn the assessed marketing opportunities into reality – by scoping the implementation process and getting buy in from management and other key stakeholders for your opportunity. Specifically, you will be able to:Identify marketing opportunities Investigate marketing opportunities Evaluate required changes to current operations Reporting of assessment outcomes Your result will be recorded and reported to you as Distinction or Credit or Competent or Not yet Competent. If you are doing this unit in a course which is graded (Pass, Credit or Distinction) and this is one of the units which contribute to the course grade, your result in this unit will be assigned a nominal mark which will be used to calculate your course grade. Requirements to successfully complete this unit of competency IntroductionAssessment is a process that will require you to provide evidence that you have achieved the knowledge and skills required in this unit of competency. Successful completion of this unit is based on the assessment of your demonstrated competence in a workplace or simulated workplace environment. How do you complete this unit? You can complete this unit by demonstrating competence. To do this you must provide evidence that you can: Prepare a written report which identifies, evaluates and ranks a number of Marketing Opportunities Prepare an opportunity scope document that clearly describes the proposed execution of the marketing opportunitySynthesise the scope, viability, risks and forecast outcomes of the proposed marketing opportunity into a persuasive presentation to gain â€Å"buy-in† for the marketing opportunity What evidence will you be asked to supply? You may be requested to: 1. Identify and Evaluate Marketing Opportunities and submit a Written Report Identify and evaluate marketing opportunities. Conduct a SWOT analysis and identify four (4) marketing opportunities. Evaluate each of the four identified opportunities using a range of metrics – for example financial measures; marketing measures; customer impact methods – and competitor response analysis.Rank the marketing opportunities and identify the key opportunity. (This marketing opportunity will be explored further in the next task) 2. Write a Scope Document and Plan the execution of a marketing opportunity This would include: establishing the marketing opportunity objective, analysing and assessing organizational preparedness; designing a marketing opportunity implementation schedule; establishing a financial analysis, projections and forecasted results for the marketing opportunity; designing suitable marketing contr ols; establish a clear understanding to the key isks involved in the marketing opportunity and the strategies for managing these risks 3. Provide a persuasive Marketing Opportunity Presentation Present your marketing opportunity. This would include synthesizing your marketing opportunity framework into communicable pieces, where you would impart objectives and expected outcomes; define the risks; clarify changes that will need to be made and communicate the viability of making changes to current operations. Your peers should act as â€Å"managers and key stakeholders† providing feedback on the presentation of your marketing opportunity.Your teacher will advise you of the specific assessment requirements for this unit. This is a graded unit. To receive a PASS grade you must: Identify several marketing opportunities using a SWOT analysis Analyse and then evaluate marketing opportunities using one marketing and one financial measure Prioritise marketing opportunities – ra nk marketing opportunities and identify key opportunities. Establish a clear understanding of the key risks involved in the marketing opportunity and the strategies for managing these risks.Scope and plan the execution of one marketing opportunity Prepare a good quality written report and scope document Present your marketing opportunity to your peers To receive a CREDIT grade you must: Meet all the criteria of a pass grade Identify marketing opportunities using a greater number of sources and areas of growth eg international growth Apply entrepreneurial and creative thinking frameworks to the identification of opportunities Use a more extensive number of evaluation methods – including finance, marketing, customer and risk method.Demonstrate advanced skills in prioritising the various opportunities. Demonstrate a clear understanding of the concept of risk and how it applies to the evaluation of opportunity Prepare a professional quality written report and scope document Provi de a professional quality presentation which demonstrates high level presentation techniques and is accompanied by visual/audio aids. Address audience questions and garner feedback from peers in regard to the presentation of the opportunity To receive a DISTINCTION grade you must: Meet all the criteria of a credit gradeDemonstrate an advanced ability to plan, organise and control market opportunity analysis, evaluation and scoping Produce clearly superior identification and evaluation of opportunities Draw on an immense number of sources and areas of growth to support market opportunity identification Clearly show an application of and understanding of entrepreneurial and creative thinking frameworks and how they should be applied to the identification of marketing opportunities Evaluate every opportunity using a range of methods – finance, marketing, customer and risk methods.Present reports of desk-top publishing quality with complete audio/visual support for presentation. Respond to peer feedback in a professional and detailed manner What you will need Your teacher will advise you of any resources, including text books, which you will require for this unit. More about assessment For information about assessment in TAFE please see â€Å"Every Student's Guide to Assessment in TAFE NSW† which is available on the TAFE internet site at: http://www. tafensw. edu. au/courses/about/assessment_guide. htm Additional details for local assessment arrangements