Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with BSB Business Services Training Package Version 7.0. |
Application
This unit describes the skills and knowledge required to develop and implement a marketing strategy that is integrated into the business plan in order to improve the performance of a business venture. It involves analysing and interpreting market data.
The unit applies to those establishing a business providing self-employment, as well as those establishing a new venture as part of a larger organisation.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Business Competence – Entrepreneurship and Small Business
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Develop marketing strategy for business venture |
1.1 Identify focus of marketing activities according to business plan objectives and products and/or services being provided 1.2 Establish marketing objectives in consultation with required people and according to business plan and workplace procedures 1.3 Identify customer base, target market and competitors according to identified marketing objectives 1.4 Establish and evaluate strategy to ensure ethical and cultural appropriateness and alignment with customer and industry expectations |
2. Establish marketing mix for the business venture |
2.1 Assess product mix, volumes and pricing opportunities according to marketing focus and business plan objectives 2.2 Research and evaluate costs and benefits of available distribution channels and customer service strategies 2.3 Select marketing and promotional activities to suit target market and according to marketing strategies 2.4 Analyse customer journey to evaluate marketing mix |
3. Implement marketing strategy |
3.1 Plan marketing activities according to marketing objectives and strategy and budgetary requirements 3.2 Communicate roles and responsibilities to required people according to marketing plan and workplace procedures 3.3 Monitor implementation of marketing activities according to marketing plan 3.4 Assess use of digital devices, platforms and technologies for effectiveness in implementing marketing activities |
4. Evaluate marketing performance |
4.1 Assess business performance according to business plan objectives 4.2 Develop a plan to address performance gaps 4.3 Analyse stakeholder response to all aspects of marketing mix to improve targeting and outcomes 4.4 Assess changes in customer requirements in both online and offline environments, where applicable, and identify opportunities for improvement |
Foundation Skills
This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.
Skill |
Description |
Reading |
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Writing |
|
Oral communication |
|
Numeracy |
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Initiative and enterprise |
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Planning and organising |
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Unit Mapping Information
Supersedes and is equivalent to BSBSMB403 Market the small business.
Supersedes but is not equivalent to BSBSMB409 Build and maintain relationships with small business stakeholders.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10