Course Title: Identify and evaluate marketing opportunities

Part B: Course Detail

Teaching Period: Term1 2010

Course Code: MKTG5832C

Course Title: Identify and evaluate marketing opportunities

School: 650T TAFE Business

Campus: City Campus

Program: C5229 - Diploma of Marketing

Course Contact : Tim Wallis

Course Contact Phone: +61 3 9925 5423

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


Name and Contact Details of All Other Relevant Staff

Chris Lee Ph (03) 9925 5471
email: chris.lee@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 required
 

Course Description

This unit applies to individuals working in senior marketing management roles who, together with a marketing team, identify, investigate and evaluate marketing opportunities to determine whether they meet organisational and marketing objectives. Based on this evaluation, changes to current business operations can be determined to take advantage of marketing opportunities.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBMKG501B Identify and evaluate marketing opportunities

Element:

1. Identify marketing opportunities

Performance Criteria:

1.1 Analyze information on market and business needs to identify marketing opportunities 1.2 Research potential new markets and assess opportunities to enter, shape or influence the market in terms of 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 analyze opportunities in terms of their likely fit with organizational 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 in terms of 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 organizational changes to service an increased or different customer base include 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


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


Details of Learning Activities

This course is structured to provide students with the optimum learning experience. Students will participate in a combination of group and individual assessment activities. These assessable activities will be provided through a combination of face to face teacher/student deliveries, workshops and laboratory exercises. Additional assessable activities will also be provided to students to complete outside of the timetabled time. The concepts learned will be explored through the investigation of real world and simulated environments.

Competency Based Assessment
Students will be provided with more than one opportunity to demonstrate competence. Competency based assessment is detailed below in “Assessment methods” and “Assessment Tasks”.


Teaching Schedule

Week beginning Element/Performance Criteria
Week 1 (8th Feb)        Course overview 
Week 2 (15th Feb)Understanding the business #1
1. The strategic planning process
2. The marketing plan (brief overview)
3. Situation analysis
BSBMKG603 Element#1
Week 3 (22nd Feb)Understanding the business #2
1. The strategic planning process
2. The marketing plan (brief overview)
3. Situation analysis
BSBMKG603 Element#1
Week 4 (1st Mar) Identifying market needs
1. Marketing information systems
2. Marketing segmentation and target market strategies
3. Market positioning
BSBMKG501 Element#1
Week 5 (8th Mar)Identifying marketing opportunities

 BSBMKG501 Element#1

Week 6 (15th Mar)Evaluating marketing opportunities BSBMKG501 Element#2
Week 7 (22nd Mar)Strategy development:
1. Setting marketing objectives
2. Developing marketing strategies:
a. The 4Ps’
b. Higher level marketing strategies
BSBMKG603 Element#1
Week 8 (29th Mar) Budgets (Resource allocation, submission & approval BSBMKG603 Element#1
BSBMKG501 Element#2&3
 Week 8 (5th Apr)Budgets (Resource allocation, submission & approval) MID SEMESTER BREAK – 1st – 7th April  
 Week 9 (12th Apr) Implementation: Managing marketing personnel  BSBMKG603 Element#2
 Week 10 (19th Apr)Evaluation, control mechanisms and recommend any improvements to future marketing performance BSBMKG603 Element #1&3
BSBMKG501 Element#3
Week 11 (26th Apr)Presenting the business opportunities #1 (Business Model) BSBMKG501 Elements 1-3
BSBMKG603 Elements 1-3
Week 12 (3rd May)Presenting the business opportunities #2 (Business Model)  
Week 13 (10thMay) Draft due for client to assess (Extended executive summary and business model)  
 Week 14 (17thMay)1. WIL project assign. due
2. Final ‘extended executive summary’ on CD due
PLUS a hard copy of ‘extended executive summary’.
3. Reflective journal due
4. Students to prepare for client presentation
NB: All the above are due on 19th May (Wed.) by 5.00pm 
 
 Week 15 (24thMay) Client presentation BSBMKG501 Elements 1-3
BSBMKG603 Elements 1-3
 Week 16 (31stMay) Major test BSBMKG501 Elements 1-3
BSBMKG603 Elements 1-3
 Week 17 (7th Jun) Resubmissions (where applicable) 
 Week 18 (14thJun) Results/Feedback 


Learning Resources

Prescribed Texts

TBA


References

• Reed, P. (2006): Strategic Marketing Planning, 2nd ed., Thomson
• Walker, Mullins, Boyd, Larreche (2006); Marketing Strategy, 5th ed., McGraw-Hill
• Healy, G. (2004); Strategic Marketing Analysis, 1st ed., Thomson


Other Resources


Overview of Assessment

Students must demonstrate an understanding of all elements of a particular competency to be deemed competent. Assessment methods have been designed to measure achievement of each competency in a flexible manner over a range of assessment tasks.

Assessment will incorporate a variety of methods including assignments, journals, presentation and written or test. Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met.
 


Assessment Tasks

 Assessment 1
(1) Written WIL project assignment (Group) 35%
This assessment will require students to work in designated groups of no less than 3 on a live project (i.e. working on a direct marketing problem that an organization is currently facing that requires research and the implementation of a solution). Students will present their findings to the client in a professionally written report. Much of this work will be undertaken both outside of class time and in the “Practical Sessions”.

(2) Reflective journal (Individual) 10%
This assessment will require students to reflect and record their weekly activities and learning experiences in a journal

(3) Extended executive summary onto a CD (Group) 5%
(Require both a soft and hard copy)
Students are to prepare and present an extended executive summary and any other required materials (TBA) into a CD and hand it in.
Assessment 2
Oral client presentation (Individual) 20%
(Presented In a group but students will be assessed individually)
Students will be required to take part in an oral presentation to the client. Much of this work will be undertaken both outside of class time and in the “Practical Sessions”.
Assessments 3
Oral test (Individual) 30%
The third assessment will require students to present themselves in an interview with their class teacher on learned concepts/principles taught during the semester.

NB: To be co-assessed with BSBMKG603B Manage the marketing process


Assessment Matrix

Element

Assess.#1
1. WIL project assignment                                                        2. Reflective journal                                                                    3. Extended executive summary onto a CD                  (Require both a soft and hard copy)

Assess.#2
Oral client presentation
Assess.#3
Written or oral test
(1) Manage the marketing processYesYesYes
(2) Manage marketing personnelYesYesYes
(3) Evaluate and improve strategic marketing performanceYesYesYes

Other Information

“In adherence with RMIT’s commitment to sustainability, course teachers will seek to incorporate environmental concerns in the facilitation of this course. These include, but are not limited to:
• Conserving natural resources
• Using recycled materials wherever possible
• Minimizing pollution
• Applying energy savings measures
• Reducing waste
Students are encouraged to identify and follow environmental and resource efficient ways of working whilst studying this course.”

Course Overview: Access Course Overview