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..

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.

Course Content

  • The concept of a market is described, including the four P’s of marketing.
  • A market is described in relation to supply, demand and pricing, utilising examples
  • The importance of the value addition of a proposed business in relation is explained in relation to the market
  • Factors that influence markets are explained in the context of proposed business venture
  • Differentiations between product and service marketing are identified and explained with examples
  • The concept of market segmentation is explained with examples
  • The concept of competition is explained in relation to the marketing function
  • The importance of market research is explained in relation to proposed new venture
  • Market research techniques are identified and explained in context of proposed new venture
  • Market research tools are identified and utilised to determine viability of new venture
  • Market research is conducted and factual information is gathered and interpreted in relation to own business
  • Viability of new venture is determined according to market research findings
  • Own product or service requirements are analysed in relation to the identified target market
  • Customers are segmented according to business goals
  • The competition to new venture opportunity is identified and analysed to determine the threats they may present
  • The changes that may be required to increase competitiveness of new venture are identified and explained in accordance with competitor analysis and market research
  • The elements of a marketing plan are outlined and described according to their own business context
  • New venture opportunity is analysed and a marketing plan compiled in accordance with the four P’s of marketing
  • Measurement tools to evaluate success of marketing plans are identified and included in the plan
  • Action goals are outlined and implemented, with time frames
  • Reasons and methods for evaluating and modifying marketing plans are explained and implemented in the context of market research results
  • Marketing plans integrated into business
  • The concept of a product or service life cycle is explained with examples
  • Growth opportunities for new venture are identified and explained with typical examples of how this can be achieved
  • Trends and developments in relation to product or service are monitored and product or service life cycle is determined accordingly
  • Plans are made to ensure that business venture is aligned to product or service life cycle
  • Non-accredited: Short course only  
  • Duration: 1h 30m
  • Delivery: Classroom/Online/Blended
  • Access Period: 12 Months 
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