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.
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
2.1 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
3.1 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