Match new venture opportunity to market needs – Unit Standard 119669




  • Identify and describe what marketing is in relation to new venture opportunities
  • Conduct market research
  • Identify market segments in relation to own new venture opportunity
  • Incorporate market research into a marketing plan
  • Explore product/service life cycle

Purpose – The qualifying learner is capable of:

  • Identifying and describing what marketing is in relation to new opportunities venture
  • Conducting market research
  • Identifying market segments in relation to own venture opportunity Incorporating market research into a marketing plan
  • Exploring product/service life cycle

Essential embedded knowledge – The learner must demonstrate an understanding of:

  • The principles and skills of marketing
  • The product/service life cycle
  • Basic principles and techniques for conducting market research
  • The four P`s of marketing as they relate to new ventures
  • The basic principles for compiling a marketing plan and how this forms part of an overall business plan

Critical cross field outcomes

  • Identify and solve problems using critical and creative thinking processes to conduct market research, compile marketing plan and explore the product/service life cycle of a potential new venture
  • Work effectively with others as a member of a team, group, organisation or community to identify and compile a marketing plan based on community/industrial needs
  • Organise and manage oneself and one’s activities responsibly and effectively in order to gather data, compile and develop a marketing plan
  • Collect, analyse, organise and critically evaluate marketing information in order to put a sound marketing plan together
  • Communicate effectively using visual, mathematical and/or language in the modes of oral and/or written persuasion to compile marketing plan
  • Use science and technology effectively and critically, showing responsibility to the environment and health of others in ensuring all marketing and product/service life cycle data is effectively incorporated into marketing plan
  • Demonstrate an understanding of the world as a set of interrelated systems by recognising that marketing problem-solving contexts do not exist in isolation
  • Participating as responsible citizens in the life of local, national and global communities by analysing all aspects of market segments in relation to own new venture opportunity