Course Title: Forecast international market and business needs

Part A: Course Overview

Program: C5372 Diploma of International Business

Course Title: Forecast international market and business needs

Portfolio: BUS Portfolio Office

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.

Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

MKTG7889C

City Campus

TAFE

650T Vocational Business Education

Face-to-Face or Internet

Term2 2017

Course Contact: Tim Wallis

Course Contact Phone: +61 3 9925 5423

Course Contact Email: timothy.wallis@rmit.edu.au



Course Description

This unit describes the skills and knowledge required to gather intelligence about an international target market to inform business development.

It applies to individuals who possess a sound theoretical knowledge base in international business management and who have a range of managerial and supervisory skills to ensure business activities are conducted effectively.

In this role, individuals would have responsibility for forecasting international and business needs, collecting market intelligence, reviewing current business performance and capability, evaluating specific markets and documenting how a business can meet current and emerging needs.

Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

BSBMKG512 Forecast international market and business needs

Elements:

1. Collect market intelligence

2. Review current business performance and capability

3. Evaluate the specific market

4. Document how business can meet current and emerging needs of the target market


Learning Outcomes

This course is structured to provide students with the optimum learning experience in order to demonstrate the skills and knowledge required to gather intelligence about an international target market to inform business development.


Overview of Assessment

Assessment Methods

Assessment methods have been designed to measure achievement of the requirements in a flexible manner over a range of assessment tasks, 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 final printed documents
  • demonstration of techniques
  • observation of presentations
  • oral or written questioning to assess knowledge of software applications

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.

Performance Evidence

You must provide evidence of the ability to:

  • analyse information from a range of sources and apply forecasting techniques to identify international market and business needs, including:
    - collection of market intelligence
    - review of current business performance and capability
    - review of effectiveness of international marketing or positioning
    - evaluation of specific international markets
    - networking and professional development
  • identify opportunities for improved performance in the international market including consideration of:
    - re-development or withdrawal of under-performing products or services
    - under-serviced markets
    - market changes with a direct link to the organisation’s strengths or capabilities
    - gaps in competitor products or services
    - strategic alliances and cooperative business models
    - greater market penetration with existing products or services
    - new businesses and franchising
    - new products or services to target specific markets
  • evaluate commercial services providing market intelligence and access as appropriate
  • produce a written report outlining how the business can meet current and emerging needs of targeted international markets.

Knowledge Evidence

To complete the unit requirements effectively, you must:

  • give examples of cultural, historical, political, economic and general knowledge of international events that may have an impact on international business activity in the industry
    - explain forecasting techniques including:
    - bottom-up forecasting
    - Delphi techniques
    - model building
    - projection
    - scenario planning
    - surveys of intentions
    - top-down forecasting
  • outline internal and external sources of information relevant to forecasting international market and business needs including:
    - core activities, customer base, business values and current business direction
    - marketing and other business performance
    - comparative market information
    - changes in technology
    - demographic changes
    - political events
    - social and cultural factors
    - economic trends
    - government activities and legislative changes
    - industry trends
  • outline the legislative and regulatory context of the organisation in relation to forecasting market and business needs
  • give examples of software applications that are commonly used in market analysis and forecasting and outline their key features.

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.