Principles of marketing and evaluation

Overview

Framework:
RQF
Level:
Level 3
Unit No:
T/502/9935
Credits:
7
Guided learning hours:
50 hours

Assessment Guidance

All Assessment Criteria must be met. The method of assessment is determined by individual awarding organisations, in compliance with the CfA Sales Assessment Strategy.

Unit Learning Outcomes

1

Understand the principles of market segmentation.

Assessment Criteria

  • 1.1

    Explain the importance of defining market segments to the development and achievement of the marketing strategy.

  • 1.2

    Explain the difference between market segments and customer classification.

  • 1.3

    Explain how the characteristics, motivations and behaviours of potential target customers are identified.

  • 1.4

    Explain how to cluster customers with similar characteristics.

  • 1.5

    Describe how to confirm that proposed segments are real, distinctive, viable and their buying power measurable.

  • 1.6

    Explain how to evaluate the profitability and stability of market segments.

  • 1.7

    Describe how a range of products may appeal to different market segments.

  • 1.8

    Explain the motivators and inhibitors that influence customer behaviour.

  • 1.9

    Explain the use of Customer Relationship Management.

2

Understand how to assess market opportunities for new products and/or services.

Assessment Criteria

  • 2.1

    Describe the economic and buyer behavioural factors to be taken into account when assessing new market opportunities.

  • 2.2

    Describe the cultural factors that are likely to affect customers’ perception of products and/or services and sales performance.

  • 2.3

    Explain how to identify opportunities and threats in new markets and for new products in existing markets.

  • 2.4

    Explain how competitor and potential competitor activity may affect projected sales performance.

  • 2.5

    Explain the basis of recommendations to exploit new market opportunities.

3

Understand the principles of marketing strategy development.

Assessment Criteria

  • 3.1

    Describe the topics to be addressed in a marketing strategy.

  • 3.2

    Explain the use of market analyses to inform the development of a marketing strategy.

  • 3.3

    Explain how to evaluate risks to the achievement of objectives.

  • 3.4

    Describe how to forecast sales by product and/or service.

  • 3.5

    Explain how to present a marketing strategy including aims, objectives, actions, accountabilities, resources, budgets and forecasts.

  • 3.6

    Explain the importance of engaging stakeholders in the development of a marketing strategy.

  • 3.7

    Explain the significance of customer loyalty to the achievement of marketing objectives and strategy.

  • 3.8

    Explain how to set performance indicators and evaluation arrangements that are capable of measuring returns on investment.

4

Understand how to evaluate the effectiveness of a marketing strategy.

Assessment Criteria

  • 4.1

    Explain the importance of conducting the evaluation in accordance with the specification.

  • 4.2

    Describe the factors to be taken into account in the evaluation of the effectiveness of a marketing strategy.

  • 4.3

    Explain the strengths and weaknesses of different evaluation methods.

  • 4.4

    Describe how to identify trends and themes from evaluation data.

  • 4.5

    Explain how to ensure the reliability and validity of evaluation data.

  • 4.6

    Explain how to achieve an acceptable level of statistical confidence.

  • 4.7

    Explain how to address critical issues revealed by evaluation.

  • 4.8

    Explain the importance of justifying recommendations and conclusions with evidence.

  • 4.9

    Explain the use of impact analysis in the evaluation process.

  • 4.10

    Explain the importance of marketing to the achievement of business objectives and strategies.

  • 4.11

    Describe the links between corporate social responsibility and marketing strategies.