PURPOSE OF THE UNIT STANDARD 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. Exploring product/service life cycle.