Application
This unit of competency specifies the outcomes required to identify and develop business opportunities. It covers identifying the market segment in which the business operates; developing strategies for branding the organisation; selling professional services; and managing clients. The capacity to respond to tenders and win business is also addressed.
The unit supports developing a marketing strategy to identify and develop business opportunities. It applies to senior managers and business owners who market the organisation and build business opportunities.
Licensing, legislative, regulatory or certification requirements apply to this unit of competency in some States. Relevant state and territory regulatory authorities should be consulted to confirm those requirements.
Elements and Performance Criteria
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the range of conditions. | ||
1. | Analyse the business environment in which organisation operates. | 1.1. | Research is conducted to determine and analyse the competitive business environment in which organisation operates. |
1.2. | Data on industry trends is accessed and analysed to provide knowledge about future opportunities and directions for the business. | ||
1.3. | Risks and opportunities from within the internal and external environments are identified. | ||
2. | Identify and scope development opportunities. | 2.1. | Position of the organisation within its market is analysed and specified. |
2.2. | Gaps in the market that provide opportunities for growth are analysed and identified. | ||
2.3. | Demographic and trend data is identified, collected and analysed to provide profiling information about the organisation’s market. | ||
2.4. | Industry intelligence relating to competitors is collected and analysed. | ||
2.5. | Key strengths, weaknesses, opportunities and threats (SWOT) that affect new business opportunities are identified. | ||
3. | Prepare a marketing plan. | 3.1. | Marketing goals and objectives for the organisation are developed in consultation with stakeholders. |
3.2. | Market segments to be addressed are analysed, quantified and developed. | ||
3.3. | Products and services to be offered to market are analysed and specified. | ||
3.4. | Marketing options are analysed and marketing strategy is developed in consultation with stakeholders. | ||
3.5. | Resourcing and budgeting to implement the plan are determined. | ||
4. | Win new business. | 4.1. | Business relationships that may assist in identifying and winning new business are identified and cultivated. |
4.2. | Opportunities to respond to tenders are identified. | ||
4.3. | External expertise is sought as required to prepare tenders and business proposals. | ||
4.4. | Tenders and business proposals are developed and submitted that meet prospective client requirements. | ||
4.5. | Presentations and pitches are made that communicate the strengths and benefits of the proposal and organisation. | ||
4.6. | Contracts are negotiated with client to finalise the successful tender or business proposal process. | ||
Evidence of Performance
A person demonstrating competency in this unit must satisfy the requirements of the elements, performance criteria, foundation skills and range of conditions of this unit.
The person must also develop a marketing strategy and secure new business for one organisation.
In doing the above, the person must:
analyse the market and its users, products and services
identify a strategically sound position for the organisation following in-depth analysis of:
competitors
strengths, weaknesses, opportunities and threats within the market and organisation
demographic and other trends within the marketplace
niche opportunities
apply communication and personal skills to develop effective business relationships
prepare tenders
deliver professional presentations to secure business
negotiate and finalise contracts for new business.
Evidence of Knowledge
A person demonstrating competency in this unit must demonstrate knowledge of:
business operating requirements, including:
financial
legal
licensing
contractual requirements and implications for the business
key components of and process for business costings
organisational resource requirements to build a business
marketing planning processes, including:
4Ps: product, price, place and promotion
6Ps: people, product, price, place, promotion and performance
processes for developing business opportunities
risk management processes.
Assessment Conditions
The following must be present and available to learners during assessment activities:
equipment:
computer with internet access
telephone
materials:
historical and current company information
contingencies:
limited budget or human resource availability
physical conditions:
established organisation requiring marketing plan and new business.
Timeframe:
according to organisational requirements.
Assessor requirements
As a minimum, assessors must satisfy the assessor requirements in the Standards for Registered Training Organisations (RTOs) current at the time of assessment.
Foundation Skills
This section describes the language, literacy, numeracy and employment skills essential to performance in this unit but not explicit in the performance criteria. | |
Skill | Performance feature |
Learning skills to: | develop and implement a methodology to research and produce a marketing strategy identify reliable sources of information on industry trends and gaps in the market. |
Numeracy skills to: | interpret numerical data including statistical analysis of market research in research findings estimate costs and develop competitive pricing for tenders for new work. |
Oral communication skills to: | develop and maintain new, strategic business relationships deliver persuasive presentation in support of tenders for new work consult stakeholders and obtain precise information using questioning skills. |
Reading skills to: | interpret complex information, including market research reports, industry sector analyses and competitor information available in the public domain. |
Writing skills to: | prepare complete, compliant and timely tender responses |
Initiative and enterprise skills to: | identify products and services to fill identified gaps in the market. |
Planning and organising skills to: | manage timeframes for tender responses plan professional networking activities to maximise opportunities to form new and useful business relationships. |
Range Statement
This section specifies work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included. Bold italicised wording, if used in the performance criteria, is detailed below. | |
Research must include: | commissioned market research data available from industry associations information gained through industry networks desk-based research, such as internet search published reports on industry composition search of publicly available annual reports for listed companies search of publicly available business records. |
Risks and opportunities | changes to technology within the industry cyclical economic changes funding constraints increased buying power of clients increased internal costs labour shortages long-term economic changes within the market new and emerging markets new competition skill shortages strong competition. |
Sectors
Common