Course Title: Forecast international market and business needs
Part B: Course Detail
Teaching Period: Term1 2020
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: Sam Menai
Course Contact Phone: +61 3 9925 8805
Course Contact Email: sam.menai@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
Forecast international market & business needs
Week |
Week Commencing |
Topics |
Assessment |
1 |
10 Feb |
Introduction to course and schedules – Forecast Int’l Market & Business Needs |
|
2 |
17 Feb |
Potential market assessment and Success factors |
|
3 |
24 Feb |
Information gathering |
|
4 |
2 Mar |
5a. Political & legal environment of int’l marketing (Potential market assessment) 5b. Natural & Technological environment of int’l marketing (Potential market assessment) |
|
5 |
9 Mar |
Overview and discussion of Assessment 1
|
|
6 |
16 Mar |
Economic environment of int’l marketing (Potential market assessment)
|
|
7 |
23 Mar |
Risks assessment & risk management strategies (Critical issues in global trade) |
|
8 |
30 Mar |
Socio-Cultural influences on int’l marketing (Potential market assessment)
|
|
9a |
6 Apr |
Assessment 1 workshop
|
|
|
9 – 15 Apr. 2020 Mid-semester break
| |||
9b |
13 Apr |
Assessment 1 workshop
|
Assessment 1 due 19 Apr., Sun. 11.59pm |
10 |
20 Apr |
Domestic and international outlook Overview and discussion of Assessment 2
|
|
11 |
27 Apr |
Market entry and expansion strategies |
|
12 |
4 May |
Monitor, control & evaluate int’l performance |
|
13 |
11 May |
Assessment 2 Part A workshop |
Assessment 2 Part A due 17 May Sun. 11.59pm |
14 |
18 May |
Assessment 2 Part B workshop #1 |
|
15 |
25 May |
Assessment 2 Part B workshop #2 |
Assessment 2 Part B due 31 May Sun. 11.59pm |
16 |
1 Jun |
Resubmission of assessments
|
|
17 |
8 Jun |
Final Resubmissions |
|
Learning Resources
Prescribed Texts
References
Other Resources
All learning materials will be provided in CANVAS.
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
Assessment Task 1
Task Name: Country assessment report
Duration and/or due date:
This assessment task is to be completed by week 9 (19 Apr., Sunday 11.59pm) of commencing this unit.
|
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 Instructions What For this assessment you are required to analyse two countries and recommend one of the two countries for an Australian organisation/company to expand internationally.
Suggested list of Australian companies to choose from include: Baxter Boots, Blundstone Footwear, Rip Curl, Billabong, Uggs-N-Rugs, Bega Cheese, Australian Vintage Limited wines, Penfolds, Accolade Wine, R.M.Williams, Sukin, A’kin, Cotton On, Bunnings Warehouse, Crumpler, Blackmores, Boag’s Brewery, Boost Juice, Bulla Diary Foods, Foster’s Group, Tarocash, Darrell Lea, Paspaley Pearl, Sportsgirl, Jurlique.
1. Prepare two documents: 1a. A country assessment worksheet (Country Assessment Worksheet) 1b. A country assessment report for an Australian company (Country Assessment Report)
2. Analyse two countries and recommend one of the two counties for the company’s business expansion. Include the following analysis: economic and trade, political & legal and socio-cultural. 3a. Use forecasting techniques such as top-down and bottom-up forecasting, Delphi Technique, trend projection, to gather scenario planning and survey of buyers’ intentions method to gather intelligence and research from sources such as DFAT www.dfat.gov.au, Business advisory services, Australian Trade Missions with Countries, www.ibisworld.com.au (IBIS World), Career Expos, Dept. of Education and Training, Embassy. 3b. Commercial services sources examples include Banks, Financial advisors such KPMG, PwC, EY, Deloitte’s, private research companies such as , A.C.Nielsen, Roy Morgan. 4. After collecting market intelligence, evaluate the information whether it is relevant to your chosen country and the company’s international activities. 5. In the international business objectives section, briefly mention about the company’s main activities, their current target market, business values and current business direction. 6. Identify the strengths, weaknesses and critical success factors of the organisation relevant to its international business activity 7. Evaluate the ability to compete with existing and potential competitors in the host country (Degree of competitive intensity) 8. Identify advance warning of potential threats or risks within international business markets 9. Identify external factors that may affect the organisation’s international business activity
Word limit: Between 2,500 to 3,000 words.
Where You will be provided half an hour before the conclusion of each class to work on this assessment task however you are expected to complete most of the assessment outside of class time. How You will be assessed according to the criteria outlined in the Criteria for Assessment on page 3. All criteria identified must be addressed to satisfactorily complete this Assessment Task. |
Assessment Task 2 Part A
Task Name: International market and business needs report
Duration and/or due date:
This assessment task is to be completed by week 13 (17 Mar., 11.59pm) of commencing this unit.
|
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 two (2) 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 Instructions What This assessment task is split into two parts – A and B. In Part A, you will need to complete a report. In Part B, you will need to answer a total of eight (8) questions. Part A You must complete this assignment using the selected Australian organisation from assignment 1. For this assessment you are required to prepare a short report for the selected Australian organisation/ company to expand overseas. You need to evaluate the international environment, identify market factors and risks and to assess the viability of international marketing opportunities. You must select an entry mode for entering an international or export market for the first time. The report will describe how the chosen business can meet current and emerging needs of targeted international markets. Word limit: Between 2,500 to 3,000 words. To complete the report, you must undertake the following activities: 1. Prepare a short report for the selected Australian organisation or company to expand overseas. 2. In the introduction, students should include an overview of the company. E.g. name of the company, company location, type of product/s, background information AND also include reasons why the company should expand overseas. (International business goal or objectives). 3. Provide a clear understanding of international trade patterns and market trends related to the organisation. 4. Provide a summary of the country assessment, micro-environment and risks factors for the chosen country. 5. Explain the impact of current international trade policies and agreements on the company’s business. 6. Describe and explain the key marketing goals and objectives for the chosen country. 7. Explain the overall target market, marketing strategies, tactics including distribution & logistics and promotion infrastructure. 8. Describe one foreign market entry method required to achieve the business objective/s. 9. Describe at least two evaluation methods used to monitor marketing activities 10. Identify at least 2 performance gaps of the selected international market to improve international marketing performance. 11. Provide at least 2 recommendations to the company/client based on the identified gaps. 12. Provide information from at least three (3) sources and selected at least 2 (two) suitable forecasting techniques to identify international market and business needs. 13. Provide at least two (2) opportunities for improved performance in the international market through analysis of a range of criteria. 14. Provide a written report outlining how the business can meet current and emerging needs of targeted international markets. 15. Gather information to undertake international trade patterns and market trends 16. Gathering information required to conclusively choose a country market for business expansion 17. Gather information required to assess risk and risk management strategies 18. Gather information required to evaluate and choose a foreign market entry mode. You must complete all sections of the report template provided (see International market and business needs report below) on page 5.
Assessment Task 2 Part B Task Name: International market and business needs report Duration and/or due date: This assessment task is to be completed by week 15 (31 May, 11.59pm) of commencing this unit. |
|
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 two (2) 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 Instructions What This assessment task is split into two parts – A and B. In Part A, you will need to complete a report. In Part B, you will need to answer a total of eight (8) questions.
Part B (Due 31 May 2020) After completing your report in Part A, you should answer all eight (8) questions in Part B. Answers should be provided in the space underneath the question.
Where You will be provided half an hour before the conclusion of each class to work on this assessment task however you are expected to complete most of the assessment outside of class time.
How You will be assessed according to the criteria outlined in the Criteria for Assessment on page 3. All criteria identified must be addressed to satisfactorily complete this Assessment Task.
|
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:
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 |
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.
Grading & re-submissions
Successful re-submissions will contribute a CA (Competency Achieved) result to your overall grade for the course.
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:
Marking Guide (Competency):
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.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:
Final Grades table
CA |
Competency Achieved |
NYC |
Not Yet Competent |
DNS |
Did Not Submit |
Further information regarding the application of the grading criteria will be provided by your teacher.
Other information:
Academic Integrity
Plagiarism
Plagiarism is a form of cheating in assessment and may occur in oral, written or visual presentations. It is the presentation of the work, idea or creation of another person, without appropriate referencing, as though it is your own.
The penalties for cheating in assessment are severe, whether the cheating involves plagiarism, fabrication, falsification of data, copyright infringement or some other method. Penalties can include charges of academic misconduct, cancellation of results and exclusion from your course. It is also a disciplinary offence for you to allow your work to be plagiarised by another student.
Referencing
RMIT Business produce their own referencing guidelines entitled written reports and essays: guidelines for referencing and presentation in RMIT Business which all Business students should use.
RMIT Business referencing guidelines (RTF, 1,286 KB, 52 pages). A supporting Referencing website has been developed for the RMIT Business guidelines. You can find out more about Academic Integrity at RMIT Academic Integrity webpage.
Group Assessment
A number of your assessments will rely upon group work. This is a critical part of your program as in the workplace you will be regularly required to work in a team environment. Teamwork is also one of the key employability skills for this qualification.
The key to being successful in group work is getting to know your classmates and finding out what they want to achieve. You should seek to find a team which shares your key interests and drivers.
If you are facing issues with your group, the key is to resolve them quickly well before assessments are due. If you need to you can seek support from your teacher.
Course Overview: Access Course Overview