Course Title: Interpret market trends and developments

Part B: Course Detail

Teaching Period: Term1 2017

Course Code: MKTG7932C

Course Title: Interpret market trends and developments

School: 650T Vocational Business Education

Campus: City Campus

Program: C5366 - Diploma of Marketing and Communication

Course Contact: Sally Parrott

Course Contact Phone: +61 3 9925 5175

Course Contact Email: sally.parrott@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Claire Gourlay

Nominal Hours: 50

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 conduct an analysis of market data in order to determine organisational and competitor business performance and to prepare market and business forecasts. The information assists in developing an organisation’s marketing plan and to determine the current or potential future success of marketing strategies.

This unit applies to marketing professionals who use statistical techniques to analyse organisational and competitor marketing performance and to interpret new and emerging trends when forecasting future business needs.

 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBMKG507 Interpret market trends and developments

Element:

1. Interpret trends and market developments

Performance Criteria:

1.1 Use statistical analysis of market data to interpret market trends and developments

1.2 Analyse market trends and developments for their potential impact on the business

1.3 Use measures of central tendency or dispersion and correlations between sets of data for quantitative interpretation of comparative market data

1.4 Perform qualitative analysis of comparative market information as a basis for reviewing business performance

1.5 Analyse the market performance of existing and potential competitors and their products or services to identify potential opportunities or threats

Element:

2. Analyse qualitative results

Performance Criteria:

2.1 Analyse performance data from all areas of the business to determine success of marketing activities

2.2 Identify over-performing and under-performing products and services to be considered for redevelopment or withdrawal

2.3 Forecast existing and emerging market needs based on information available using forecasting techniques

Element:

3. Report on market data

Performance Criteria:

3.1 Prepare, plot and interpret data for visual presentation

3.2 Assess visual presentation for potential problems, and take any necessary corrective action

3.3 Report on analysis of market data to meet organisational requirements in terms of content, format, level of detail and scheduling


Learning Outcomes


Students will develop the skills required to recognise trends in the market and interpret their impact on current and future marketing strategies.


Details of Learning Activities

 

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 Web project and other activities for homework.

 


Teaching Schedule

1

Feb 6

Teacher, student introductions

Assessments and Feedback

Orientation programme.

Assessment Tasks

Groups

Workshop

2

Feb 13

Assessment Tasks

Context and process

Research the market

-       Resources

-       What to look at

Research the consumer

-       Segments, needs

Research the business

-       Performance, shares, trends, brand health

 

3

Feb 20

Analyse the data.

-       What to look for

-       Statistical analysis

4

Feb 27

Creative thinking, Idea generation, Innovation management

5

Mar 6

Matching opportunities, ideas and needs.

Identifying the external factors impacting the idea.

6

Mar 13

Feasibility and Validation.

7

Mar 20

Workshop Assessment One.

8

Mar 27

Target consumers and their needs.

9

Apr 3

 

Planning, budgeting and stakeholders

 

Apr 10

Mid-semester Break 13–19 April  (Thursday to Wednesday)

10

Apr 17

Design and Packaging

11

Apr 24

Brand, POD and Position

12

May 1

 Assessment 2 workshop

13

May 8

Name, promise and positioning

14

May 15

The Pitch

Workshop

15

May 22

Presentations

16

May 29

Student Counselling and feedback.

 

 

 

 

 

 

 


Learning Resources

Prescribed Texts


References


Other Resources


Overview of Assessment

 

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

Performance Evidence

 

Evidence of the ability to:

  • apply statistical and qualitative analysis techniques to identify:
  • current business performance
  • competitor performance
  • potential threats and opportunities
  • apply qualitative and forecasting techniques to identify:
  • success of marketing activities
  • over and under-performing products and services
  • existing and emerging market needs
  • document the analysis of market data including visual presentation of findings.

 

Knowledge Evidence

 

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

  • outline internal and external sources of information relevant to forecasting market trends including:
  • business and strategic objectives
  • marketing and other business performance
  • comparative market information
  • changes in technology
  • demographic changes
  • social and cultural factors
  • economic trends
  • government activities and legislative changes
  • industry trends
  • supplier data
  • outline the legislative and regulatory context as it applies to marketing
  • identify software applications that are commonly used in quantitative and qualitative analysis and outline their key features
  • outline statistical concepts, methods, techniques and reporting formats commonly used in marketing including:
  • conversion rate of leads to sales
  • measures of central tendency
  • measures of dispersion
  • nature and degree of relationship between variables
  • net response rate
  • normal distribution probability curve
  • sampling
  • speed of response curve
  • recency or frequency grids
  • lifetime value of customers
  • net present value of customers.

 

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
  • 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 MKTG7905C Identify And Evaluate Marketing Opportunities

Students 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, students must be deemed competent in all assessments to be deemed competent in the course

Assessment 1

Assessment Task 1 – Explore the market report

Date handed out:  Week One

Date and time due: Week 7 . Sunday 26th March 11.59pm.

Group or Individual: Individual

Purpose:

The purpose of this assessment is for students to firstly demonstrate research skills to collect data from existing databases and identify a range of characteristics about a chosen market  and its consumers.

Requirements:

From a range of options, students are to choose a product or service industry, a category in that industry and an Australian business. Report must be in report format and with clear referencing of all key facts.

For this assessment a document of approximately 2000 words is required, as well as a Pitstop meeting in Week 5. Attendance at the Pitstop is essential and you will need to outline your industry choice and overall direction. Students who do not attend the pitstop may lose up to 10% of the final mark.

 

Assessment 2:

Assessment Task 2 – Opportunities and evaluation report.

Date handed out:  Week 1

Date and time due: Week 12 Sunday 7th May

Group or Individual: Groups of three. 

As time will be allocated in class to work on activities related to this assessment - Students who do not attend classes may be asked to complete this assessment individually

Purpose:

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

Requirements:

Students are required to 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. Report must be in report format and with clear referencing of all key facts.

For this assessment a document of approximately 3000 words is required, as well as a Pitstop meeting in Week 9,11. Attendance at the Pitstop is essential and students who do not attend or contribute during the pitstop may lose up to 10% of the group mark.

Assessment 3:

Assessment Task 3 – Present ideas and opportunity

Date handed out:  Week 1

Date and time due: Week 15 in class. A copy of the presentation must be uploaded at least 24 hours before the presentation

Group or Individual: Groups of three (students may be marked individually)

Purpose:

The purpose is for students to demonstrate the skills needed to prepare and present their chosen idea.

Requirements:

The team is then to make a presentation, with visuals, 8-10 minutes of their idea supported by the data used to demonstrate that it has good commercial potential.

Including:

  • Justification for its launch - supported by the data used to demonstrate that it has good commercial potential.
  • A visual, model or mock up of their idea.
  • A brief description of what it is and does.
  • Present the Point of Difference and Positioning statements.
  • A stakeholder communication strategy for a launch

Further information on all the assessments will be in the Assessment guide and discussed in class with your teacher.

  

Submission Requirements:

All Assessment tasks need to be submitted via Blackboard. Email submission will not be accepted. You should:

Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.

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 a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of work for assessment is available on blackboard.  Late Submission ProceduresYou are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.More Information:  http://www.rmit.edu.au/students/assessment/extensionWhere 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. Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf  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. More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31  

         

Resubmission Guide:  

Once a student has submitted an assessment task, a resubmission may be granted if deemed NYC. On resubmission, a student will not receive a grade higher than CAG (Competency achieved)

Marking Guide (competency): Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention. You need to demonstrate you are competent in each element of the unit of competency you are studying. You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading. Please refer to the Final Grades table below.

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:

Adjustments to Assessment

If you are found to be Not Yet Competent in a Course Assessment Task you will be allowed one resubmission only.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.  The highest grade you will receive if your resubmission is successful is “CAG”.

Resubmissions (VET Programs):

More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w (unresolved)

Form to use:  http://mams.rmit.edu.au/seca86tti4g4z.pdf

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. 

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. For example, Julie Macpherson, 324567, Task 2, OHS2345C “Develop a workplace policy and practices for sustainability, Page 1 of 10.”

Marking Guide (Grading) After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills. The grading is according to the following criteria:

1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK Students are expected to complete all tasks independently as specified in the assessment tasks requirements. Throughout the course students will have to demonstrate a deeper understanding of sustainability practices within an organisational framework and how planning a policy for sustainability can affect the business environment. Developing a sustainability policy requires a step-by-step approach in which students will define the aim and objectives, the scope, strategy and action plan of such policy. Throughout the course students will have to have engaged and shown initiative in applying such skills in different parts in the policy development process.

 2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING Students are expected to build upon the knowledge and skills gained throughout the course and apply them in the development process of the policy. It is expected that students will have researched different approaches to sustainability practices and are able to communicate and assess the effectiveness of a variety of policy approaches. Students are expected to demonstrate their ability to adopt and develop new sustainability practices through a process of continuous exploration of new approaches.

3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING As part of the policy development process students are expected to analyse sustainability challenges and develop a strategy and an action plan to address those challenges. Students will formulate solutions using industry best practices and benchmarks to qualify techniques and processes in their approach. Students are expected to qualify their chosen solutions to environmental challenges and demonstrate the process behind such solutions.

4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT As the unit is delivered in a ‘blended mode’, i.e. online and face-to-face students are expected to work on their tasks and self manage their workload accordingly. Students will need to plan their workflow guided by the BlackBoard portal and submit their completed tasks on time. It is expected that students will upload ‘work-in-progress’ files and have a backup plan for potential eventualities, such as file damage, accidental deletion, peer work unavailable, …etc.

5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK As part of the assessment, students are required to present their policy with the aim for management adoption. Students will use their skills to influence the audience while communicating the benefit of their policy, how it was developed as a team approach and the overall value proposition of their policy.

 

Final Grades Table:

 

CHD: Competent with High Distinction

CDI: Competent with Distinction

CC: Competent with Credit

CAG: Competency Achieved – Graded

NYC: Not Yet Competent

DNS: Did Not Submit for assessment

 

Further information on the assessments and regarding the application of the grading criteria will be provided by your teacher.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Assessment Matrix

NA

Other Information

NA

Course Overview: Access Course Overview