Course Title: Forecast international market and business needs

Part B: Course Detail

Teaching Period: Term2 2019

Course Code: MKTG7889C

Course Title: Forecast international market and business needs

School: 650T Vocational Business Education

Campus: City Campus

Program: C5372 - Diploma of International Business

Course Contact: Suzanne Maugeri

Course Contact Phone: +61 3 9925 1466

Course Contact Email: suzanne.maugeri@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

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 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.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBMKG512 Forecast international market and business needs

Element:

1. Collect market intelligence

Performance Criteria:

1.1 Gather and document market intelligence through networking activities and participation in activities such as trade fairs, conferences, and/or professional development activities

1.2 Identify and access further sources of market intelligence

1.3 Evaluate commercial services providing market intelligence for value for money and quality of market intelligence, and access as required

1.4 Collate and analyse market for relevance and applicability to the organisation’s international business activity and undertake an evaluation of marketing performance

 

Element:

2. Review current business performance and capability

Performance Criteria:

2.1 Confirm core activities, customer base, business values and current business direction

2.2 Identify current international marketing performance and effectiveness of past international marketing or positioning

2.3 Review performance data from all areas of the business to identify strengths, weaknesses and critical success factors relevant to international business activity

2.4 Identify and assess current capabilities and resources to identify areas for improvement or exploitation within international markets

2.5 Identify under‑performing products or services within international markets for re‑development or withdrawal

2.6 Confirm the strength and current competitive position of the business within international markets

 

Element:

3. Evaluate the specific market

Performance Criteria:

3.1 Identify and analyse trends and developments having an impact on international business activity for their potential impact on the business

3.2 Gather and analyse comparative international market information as a basis for reviewing business performance

3.3 Analyse the market performance internationally of existing and potential competitors and their products or services to identify potential opportunities or threats within international business markets

3.4 Identify and tap sources of intelligence for advance warning of new products, services, technology or new international markets for the business

3.5 Identify and analyse the legal, ethical and environmental constraints of the international market for their effect on international business activity

 

Element:

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

Performance Criteria:

 4.1 Identify, analyse and document poor/under‑servicing of existing international market needs by the organisation and/or its competitors

4.2 Identify changes in international markets that link positively to the organisation’s strengths or capabilities

4.3 Consider the advantages and disadvantages of forecasting techniques in relation to the required outcome, and select technique/s in accordance with organisational requirements

4.4 Forecast and justify emerging international market needs in terms of available information

4.5 Identify the needs of the business in terms of changes required to improve performance or to address an international market opportunity

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.


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 group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.

We expect you to participate and contribute in all scheduled learning activities.


Teaching Schedule

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course.  This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.  

 

Week

Week Commencing

Topics

Assessment

1

8 Jul

Introduction to course and schedules – Forecast Int’l Market & Business Needs 

 

2

15 Jul

Potential market assessment and Success factors 

 

3

22 Jul

Information gathering 

 

4

29 Jul

5a. Political & legal environment of int’l marketing (Potential market assessment)

5b. Natural & Technological environment of int’l marketing (Potential market assessment) 

 

5

5 Aug

Economic environment of int’l marketing     (Potential market assessment) 

 

6

12 Aug

Overview and discussion of Assessment 1

 

 

 

7

19 Aug

Risks assessment & risk management strategies (Critical issues in global trade) 

 

8

26 Aug

Cultural influences on int’l marketing              (Potential market assessment) 

 

 

2 – 8 Sep. 2019

Mid-Semester Break

 

9

9 Sep

Assessment 1 workshop

 

  

10

16 Sep

Domestic and international outlook 

 

Assessment 1 due

22 Sep Sun. 11.59pm

11

23 Sep

Market entry and expansion strategies 

 

12

1 Oct

Overview and discussion of Assessment 2

 

 

13

7 Oct

Monitor, control & evaluate int’l performance 

 

14

14 Oct

Assessment 2 workshop

  

15

21 Oct

Assessment Review & Feedback

 

Assessment 2 due

27 Oct Sun. 11.59pm

16

28 Oct

Feedback - Re-submission of assessments

 

17

4 Nov

Final Re-submissions

 


Learning Resources

Prescribed Texts


References


Other Resources


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.


Assessment Tasks

There are two assessments in this course.  In order to pass student must successfully achieve competency in both.

Assessment Task 1

Task Name: Country assessment report

Duration and/or due date:

This assessment task is to be completed by week 10 (22 Sep., Sunday 11:59 pm) 

Summary and Purpose of Assessment

This assessment task has been designed to allow you to work within groups of 2 to demonstrate an understanding of how to research and forecast international markets for business expansion overseas. This assessment task is one of two required to demonstrate competency for this unit. 

You will be required to identify and access sources of international market & business trends and market intelligence.

  

Assessment Task 2 

Task Name: International market and business needs report

Duration and/or due date:

This assessment task is to be completed by week 15 (27 Oct 11.59pm) 


Summary and Purpose of Assessment 

This assessment task has been designed to demonstrate your forecasting skills in international and business needs. This assessment task is one of two required to demonstrate competency for this unit. 

You will need to gather and document market intelligence, identify and assess current capabilities and resources to identify areas for improvement, evaluate specific markets, forecast and justify emerging international market needs in terms of available information.

 

 

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.


Assessment Matrix

The competency assessment map that maps all the assessment tasks is available on CANVAS unit mapping

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 a footer with your name, student number, the title of the assessment, unit code and title and page numbers.

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.  You must submit your application within five working days after your assessment date or due date.

More Information:https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration

Resubmissions:

If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task 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

Final Results 

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.

 The following grades are available for 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.

The following grades are available for this course: 

CA

Competency Achieved

NYC

Not Yet Competent

DNS

Did Not Submit for Assessment

Course Overview: Access Course Overview