Assess market opportunities and develop a business case
Overview
This standard is about assessing market opportunities and developing a business case. It includes identifying the ways in which markets operate and the needs for your organisation's products or services. You assess cultural and behavioural factors that impact on markets and make a realistic assessment of opportunities and threats to the organisation when entering, or expanding within, markets. The standard also includes developing a business case and marketing plan for a specific market. You consult with sources of expertise and forecast the potential return on investment (ROI). You assess opportunities and recommend a strategy for developing the market to decision makers. The standard is for marketing professionals who assess market opportunities and develop a business case.
Performance criteria
You must be able to:
- identify how markets operate, including any barriers to trade, entry or expansion
- assess the environments and outlook of selected market opportunities
- assess market needs for products or services
- identify associated opportunities for your organisation linked to market needs
- analyse how potential customers perceive and use the types of products or services offered by your organisation
- assess the purchasing potential of customer groups within markets
- assess the potential impact of cultural or behavioural factors on customers
- identify potential competitors in markets
- assess the strengths and weaknesses of potential competitors' marketing strategies and tactics
- define your organisation's current business strengths and weaknesses
- identify opportunities and threats for your organisation based on its strengths and weaknesses within current markets
- define and agree the marketing objectives and develop a business case and marketing plan for a specific market
- specify the physical, human and financial resources required to achieve the market potential
- consult with internal and external sources of expertise
- produce a forecast of return on investment (ROI)
- identify the risks to the organisation of developing the selected market
- recommend a strategy for developing the market, including possible options
- state the risks, costs and benefits of possible options
- identify the target customer groups, based on your assessment of their purchasing potential
- present the business case and marketing proposals to decision makers
- agree marketing proposals and actions with decision makers
Knowledge and Understanding
You need to know and understand:
- the legal, regulatory and ethical requirements relating to your organisation's products and services within the market
- the current and emerging trends and developments in the sectors that your organisation operates within
- the potential barriers to trade, entry or expansion to markets and how these are overcome
- the factors to consider when assessing the environment and outlook of markets
- how to assess the needs of the different markets for the products and services that your organisation provides to identify opportunities
- the importance of understanding how customers perceive and use the products and services that your organisation provides
- how cultural and behavioural factors can influence the actions of potential customers and the impact this may have
- how to identify competitors and compare their marketing approaches to your own organisations
- how to conduct a PESTLE analysis to explore how political, economic, social technological, legal and environmental factors can influence the selected market
- how to complete a SWOT analysis to identify and assess strengths, weaknesses, opportunities and threats to your organisation
- how the develop a business case and marketing plan in accordance with your organisation's requirements
- the different types of resources that are required to deliver marketing plans
- the sources of internal and external expertise available to assist with developing market opportunities
- the topics to be covered within a business case and marketing plan,
- the different ways of entering or developing markets and their implications for the organisation
- the risks associated with entering or developing new and existing markets and ways to mitigate them
- how to develop possible options for marketing strategies and the ways to assess the best solution
- the importance of identifying specific target customer groups based on an assessment of their purchasing potential
- how to present a business case to decision makers and agree actions