Market research process
1. Market Research Process
2. Terms of reference for marketing and implementing a new qualification
2.1 Evidence is gathered all the time form a wide range of sources. The evidence is reviewed in the light of current capacity to develop and implement new products. Priorities are established in consultation with stakeholders and the plan of provision updated accordingly.
2.2 Implementing new qualifications is subject to a risk assessment against the following headings:
- Market demand
- Development cost
- Operating cost
2.3 Key questions that must be answered in the affirmative and cleared by the Responsible Officer are:
- Is the market demand sufficient to cover the development costs?
- Have all avenues for contributing to development costs been explored? (eg EU grants, client contributions)
- Will the operation fit the standard INGOT assessment model?
- Is the client base willing to pay the rate calculated to cover operating costs with a reasonable profit margin?
- Is there direct relevant expertise available to ensure high quality in delivery?
2.4 Cases where the qualification is in an area not yet agreed with Ofqual
In cases where a qualification falls outside the current area of agreed regulation with Ofqual, consultations will take place with the relevant Sector Skills Council to ensure that relevant sector strategies are taken into account and to find out about the possible shared units that could be employed from RITs. The Responsible Officer will fill out the "Application for Recognition or Expansion of Recognition" referencing the Awarding Organisation's policies and procedures as appropriate. The Responsible Officer will make available a business plan for development, using Google Docs and share the plan with the Governing Body, Ofqual and other interested parties. The plan will include sensitivity testing related to financial viability.
2.5 Qualifications design and implementation
One in a position to make a new qualification available, the qualification will go through the design process. It will be posted on the RITS database subject to the documented quality controls.
Making the qualification known to the potential user base will be by the following methods.
- Word of mouth and viral marketing through the established customer base and the web site
- E-mail shot to potential interested parties
- Shows and exhibitions where TLM takes part
- Third party agents eg those delivering qualifications in other countries.
- Social networking channels such as Twitter, YouTube and LinkedIn
