Match new venture opportunity to market needs.
Course Purpose Defining marketing in the context of new venture opportunities, conducting market research, identifying market segments relevant to one’s venture opportunity, integrating market research into a comprehensive marketing plan, and exploring the product/service life cycle are essential steps in …
Overview
Course Purpose
Defining marketing in the context of new venture opportunities, conducting market research, identifying market segments relevant to one’s venture opportunity, integrating market research into a comprehensive marketing plan, and exploring the product/service life cycle are essential steps in effectively navigating the marketing aspects of a new business endeavor..
What you’ll learn
Learners working towards this standard will be learning towards the full qualification, or will be working within a SMME (Small, Medium, Micro Enterprise) environment, specialising in New Venture Ownership and Management, where the acquisition of competence against this standard will add value to one’s job. This standard will also add value to entrepreneurs who are seeking to develop their entrepreneurial skills so that they can become more marketable for bigger contracts, including commercial and public sector contracts, for example the Department of Public Works programmes. The qualifying learner is capable of identifying and describing what marketing is in relation to new venture opportunities, conducting market research, identifying market segments in relation to own venture opportunity, incorporating market research into a marketing plan and Exploring product/service life cycle.
Duration: 1 Day
Curriculum
Curriculum
- 5 Sections
- 26 Lessons
- 1 Day
- Unit 1: Identify and describe what marketing is in relation to the new venture opportunitiesASSESSMENT CRITERIA7
- 0.0The concept of a market is described, including the four P’s of marketing
- 0.1A market is described in relation to supply, demand and pricing, utilising examples
- 0.2The importance of the value addition of a proposed business in relation is explained in relation to the market
- 0.3Factors that influence markets are explained in the context of proposed business venture
- 0.4Differentiations between product and service marketing are identified and explained with examples
- 0.5The concept of market segmentation is explained with examples
- 0.6The concept of competition is explained in relation to the marketing function
- Unit 2: Conduct market researchASSESSMENT CRITERIA5
- 0.0The importance of market research is explained in relation to proposed new venture
- 0.1Market research techniques are identified and explained in context of proposed new venture
- 0.2Market research tools are identified and utilised to determine viability of new venture
- 0.3Market research is conducted and factual information is gathered and interpreted in relation to own business
- 0.4Viability of new venture is determined according to market research findings
- Unit 3: Identify market segment in relation to own new venture opportunityASSESSMENT CRITERIA4
- 0.0Own product or service requirements are analysed in relation to the identified target market
- 0.1Customers are segmented according to business goals
- 0.2The competition to new venture opportunity is identified and analysed to determine the threats they may present
- 0.3The changes that may be required to increase competitiveness of new venture are identified and explained in accordance with competitor analysis and market research
- Unit 4: Incorporate market research into a marketing planASSESSMENT CRITERIA6
- 0.0The elements of a marketing plan are outlined and described according to their own business context
- 0.1New venture opportunity is analysed and a marketing plan compiled in accordance with the four P’s of marketing
- 0.2Measurement tools to evaluate success of marketing plans are identified and included in the plan
- 0.3Action goals are outlined and implemented, with time frames
- 0.4Reasons and methods for evaluating and modifying marketing plans are explained and implemented in the context of market research results
- 0.5Marketing plans integrated into business
- Unit 5: Explore product or service life cycleASSESSMENT CRITERIA4
- 0.0The concept of a product or service life cycle is explained with examples
- 0.1Growth opportunities for new venture are identified and explained with typical examples of how this can be achieved
- 0.2Trends and developments in relation to product or service are monitored and product or service life cycle is determined accordingly
- 0.3Plans are made to ensure that business venture is aligned to product or service life cycle
Requirements
- Grade 9
- NQF Level 1
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Course Features
- Lectures 26
- Quiz 0
- Duration 1 day
- Skill level All levels
- Language English
- Students 1230
- Assessments Yes