Course Title: Identify and evaluate marketing opportunities

Part B: Course Detail

Teaching Period: Term2 2019

Course Code: MKTG7905C

Course Title: Identify and evaluate marketing opportunities

School: 650T Vocational Business Education

Campus: City Campus

Program: C5366 - Diploma of Marketing and Communication

Course Contact: Felicity Burns

Course Contact Phone: +61 3 9925 5486

Course Contact Email: felicity.burns@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Claire Gourlay

Claire.gourlay@rmit.edu.au

Nominal Hours: 70

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

None

Course Description

This unit describes the skills and knowledge required to identify, evaluate and take advantage of marketing opportunities by analysing market data, distinguishing characteristics of possible markets and assessing viability of changes to operations.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBMKG501 Identify and evaluate marketing opportunities

Element:

1. Identify marketing opportunities

Performance Criteria:

1.1 Analyse information on market and business needs to identify marketing opportunities

1.2 Research potential new markets and assess opportunities to enter, shape or influence each market, and the likely contribution to the business

1.3 Explore entrepreneurial, innovative approaches and creative ideas for their potential business application, and develop into potential marketing opportunities

Element:

2. Investigate marketing opportunities

Performance Criteria:

2.1 Identify and analyse opportunities in terms of their likely fit with organisational goals and capabilities

2.2 Evaluate each opportunity to determine its impact on current business and customer base

2.3 Use an assessment of external factors, costs, benefits, risks and opportunities to determine the financial viability of each marketing opportunity

2.4 Determine probable return on investment and potential competitors

2.5 Describe and rank marketing opportunities on their viability, and likely contribution to the business

Element:

3. Evaluate required changes to current operations

Performance Criteria:

3.1 Identify and document changes needed to current operations to take advantage of viable marketing opportunities

3.2 Ensure organisational changes to service an increased or different customer base including provision for continued quality of service to existing customers

3.3 Estimate resource requirements for changed operations

3.4 Determine and communicate viability of making changes to current operations to key stakeholders

3.5 Document newly identified marketing opportunities and required changes

Learning Outcomes


Students will learn the skills required to research identify opportunities in chosen markets. 


Details of Learning Activities

This course is co-delivered with Interpret Market trends and development MKTG7932C

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities. The collaborative classroom based activities will include face-to-face workshops, practical computer exercises based on teacher handouts and online tasks.

We expect you to participate and contribute in all scheduled learning activities. Students should attend all sessions. Students will also be expected to undertake work on a small  project and other activities for homework.

 


Teaching Schedule

Teaching Schedule

This course is co-delivered with Interpret Market trends and development MKTG7932C

 

 

Course Schedule

 

Week

 

Topics

Assessment

1

Teacher, student introductions

Assessments and Feedback

Orientation programme.

Assessment Tasks

Groups

Workshop

Brief all assessments and assessment overview

2

Research data on organisation, industry and consumers for analysis

Brief Assessment 2 in more details

3

Research data on organisation, industry and consumers for analysis

 

4

Qualitative tools for analysis of data

 

5

Introduction to statistics Pitstop 1

Assessment 2 pit stop 1

6

Statistical marketing analysis and forecasting

 

7

 Assessment 1 in class test

 

Assessment 1

8

Innovative and creative thinking in new opportunity development

Assessment 2 pitstop 2

Mid Semester Break

9

Pit stop 3  Investigating new ideas  - Presentation and discussion on new ideas  

Assessment 2 pit stop 3 including presentations

10

Feasibility and validation Pitstop 4

Assessment 2 pit stop 4

11

Impact on marketing plan of new opportunity

 

12

Impact on marketing plan of new opportunity and marketing mix review

Assessment 2 due in Sunday

 

13

Assessment 2 interviews.  Interviews for any students who missed 1 or more pitstops

 

14

Consumer needs and organizational considerations

Brief assessment 3

15

Consumer needs and organizational considerations review

Assessment 3 Due Sunday midnight

16

Assessment  feedback and resubmits advice

 

17

Resubmit and consultations

 

 


Learning Resources

Prescribed Texts


References


Other Resources

All resources will be available in Canvas.


Overview of Assessment

 

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to: 

  • identify and evaluate marketing opportunities to determine whether they can meet organisational objectives
  • document how current business operations need to be modified, and list resources required, to take advantage of newly identified and evaluated opportunities.

 

Knowledge Evidence

To complete the unit requirements safely and effectively, you must:

  • outline key provisions of relevant legislation, codes of practice and national standards affecting marketing operations
  • describe organisational marketing plan, structure, products and services
  • explain principles of marketing and marketing mix
  • describe statistical methods and techniques to evaluate marketing opportunities, including forecasting techniques.

 

Assessment Conditions

 

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the business development – marketing field of work and include access to:

  • relevant legislation, regulations, standards and codes
  • relevant workplace documentation and resources
  • organisational strategic and marketing plans
  • case studies and, where possible, real situations.

Assessors must satisfy NVR/AQTF assessor requirements.

 

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.

 


Assessment Tasks

This course is co-delivered and co-assessed with MKTG7932C Interpret trends and developments

You must demonstrate an understanding of all elements of competency to be deemed competent.

 A range of assessment methods are used to assess practical skills and knowledge, for example:

  • direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
  • review of authenticated documents from the workplace or training environment
  • demonstration of techniques

There are 3 assessments for this course, you must be deemed satisfactory in all assessments to be deemed competent in the course.

 

Assessment 1

Assessment Task 1 – Forecast and Statistics quiz

Date and time due:  Week 7 In class

Group or Individual: Individual                        

 Purpose: 

The purpose of this assessment is for you to demonstrate your understanding of interpreting market trends and forecasting.

Requirements:

This assessment will cover Forecasting, measures of central tendency and interpreting trends and data analysis.

Details of Assessment:

You will complete an in class Quiz. You will have 2 hours to complete a range of questions.

This is a closed book assessment, however we will have completed similar questions in class.

 

Assessment 2

Assessment Task 2 – Evaluation and decision report

Date and time due:  Week 12 Sunday (plus 4 Pitstop meetings)

Group or Individual: Pairs           

Purpose:

The purpose of this assessment is to apply the skills and knowledge to identify trends and evaluate and validate new opportunities, and to demonstrate the skill needed to clearly identify and describe the target market segment for each.

Requirements:

You are to demonstrate your analysis skills by identifying possible marketing opportunities for a company.

  • Choose an Australian company or subsidiary (identify the industry) and choose 1 category they participate in.
  • You are required to come up with 3 opportunities for the organisation.
  • Evaluate and validate their opportunities and prioritise them.
  • They are also to clearly define their target market segments and the needs of each that the opportunity will satisfy.
  • For this assessment a document of approx. 2500 words is required, tables and charts should be used as appropriate. 
  • There 4 are pitstops to ensure You keep progressing with the assessment, as well as tracking individual participation in pairs.
  • You who do not participate will need to have individual interview in week 13, to gauge satisfactory in this assessment

 

 Assessment 3

Assessment 3 - Organisation modification report

Date and time due:  Week 15 Sunday midnight

Group or Individual: Individual

You are to document how their current business needs to be modified due to the launch of the new product opportunity identified in assessment 2. This assessment requires research and analysis into your organisation and the industry the opportunity is entering. 

This is to be a professional report and therefore include title page and references.

This document should be approx. 800-1000 words.       

                

Full details of this assessment are available in the Assessment guide on CANVAS and further discussed in class.

 


Assessment Matrix

The assessment matrix that maps all the assessment is available on CANVAS.   Submission Requirements   You should:

  • Ensure that you submit assessments on or before the due date.  
  • Always retain a copy of your assessment tasks. (hard copy and soft copy)
  • When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
  • Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. 

Other Information

Late Submission Procedures    You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.  If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.   More Information:  https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work   Where an extension of greater than seven days is needed, you must apply for Special Consideration.  Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.   More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration   Resubmissions:   If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.     If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.       Adjustments to Assessment    In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:  https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment   Marking Guide (Competency): 

Feedback on your assignment and your results will be released via the rubric on Canvas. Assessment tasks will receive the following outcomes:

Satisfactory

Not Satisfactory

DNS (Did not Submit)

There are 3 assessments for this course, students must be deemed satisfactory in all 3 assessments to be competent in this course. You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

  You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.      Further information regarding the application of the grading criteria will be provided by your teacher.

Course Overview: Access Course Overview