Identify and evaluate marketing opportunities
Assessment tool 1: Project(s)
Learners should undertake the following project(s) as directed by the trainer/ assessor.
Project
Section 1
You are the marketing manager for an organisation. Briefly describe the organisation, its products or services and its current markets. Identify two opportunities to enter new market, with current or new products and two opportunities to introduce new products to your current markets.
Analyse and document these opportunities in terms of:
- their potential contribution to your organisation's business
- their fit with your organisation's goals and capabilities
- likely impact on your current business and customers
- external influences on the financial viability of each opportunity
- probable return on investment
- changes needed to current operations
- changes needed to maintain current quality of customer service
- resources required to make the necessary changes
Communicate your findings and recommendations to the key stakeholders in your organisation.
Section 2
Choose an industry and give detailed explanations of the legislation and codes of ethics which apply to its marketing activities. Present your findings as a report which lists all the sources of your information
Section 3
Practical assessment
To be completed as well as the theory assessments.
To be assessed as competent in this study unit you most demonstrate the ability to:
- identify and evaluate marketing opportunities to determine whether they will meet organisational objectives document how current business operations will need to be modified and what resources will be required to take advantage of newly identified and evaluated opportunities
You will need to demonstrate:
- Culturally appropriate communication skills to relate to people from diverse backgrounds and people with diverse abilities
- literacy skills to identify and interpret market information, to write in a range of styles for different audiences and to document outcomes and requirements
- numeracy skills to calculate and evaluate financial information on new marketing options
- research and evaluation skills to gain Information on and interpret market trends to identify marketing opportunities
Candidates for assessment must demonstrate, at the required qualification level:
Research and analyse information to identify marketing opportunities
Investigate marketing opportunities
Evaluate the required changes and their impact on current operations
Documenting current business operations, modifications, and resources needed to take advantage of identified opportunities
Culturally appropriate communication skills
Literacy skills necessary to understand market information
Numeracy skills to calculate and evaluate financial information, forecasting, and operational
An understanding of legislation and its impact on business operations
Understanding of marketing plans and market mix
Negotiate, with your assessor, a time and place - either in an actual or simulated workplace to demonstrate these skills. Your assessor will draw up and provide you, ahead of time, with a properly contextualised task list that will enable demonstration of the required skills and knowledge. You can use this when preparing for the assessment and it can be used as a checklist during the assessment.
Assessment tool 2:
Provide comment on workplace performance/ demonstration. Record the context in which the learner was observed detail any evidence that has been provided.
Identify marketing opportunities
Analyse information on market and business needs to identify marketing opportunities.
Research potential new markets and assess opportunities to enter, shape or influence the market in terms of likely contribution to the business
Explore entrepreneurial, innovative approaches and creative ideas for their Potential business application, and develop into potential marketing opportunities
Investigate marketing opportunities
Identify and analyse opportunities in terms of their likely flt with organisational goals and capabilities
Evaluate each opportunity to determine its impact on current business and customer base
Use an assessment of external factors, costs, benefits, risks and opportunities to determine the financial inability of each marketing Opportunity
Determine probable return on investment and potential competitors
Describe and rank marketing opportunities in terms of their viability and likely contnbutico to the business
Evaluate required changes to current operations
Identify and document changes needed to current operations to take advantage of viable marketing Opportunities
Ensure organisational changes to service an increased or deferent customer base include provision for continued quality of service to existing customers
Estimate resource requirements for Changed operations
Determine and communicate viability Of making changes to current operations to key stakeholders
Document newly identified marketing opportunities and required changes
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
culturally appropriate communication skills to relate to people from diverse backgrounds and people with diverse abilities
1000 words
4 references
250words for section 1 and 2, 500 words for section 3, 250 for section 4