Course Title: Identify and evaluate marketing opportunities

Part B: Course Detail

Teaching Period: Term1 2016

Course Code: MKTG7905C

Course Title: Identify and evaluate marketing opportunities

School: 650T Vocational Business Education

Campus: City Campus

Program: C5342 - 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

Elaine Holstein

elaine.holstein@rmit.edu.au

9925 5155
 

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

Course Description

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

It applies to individuals working in a supervisory or management marketing or advertising role within a marketing or advertising team or media organisation.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBMKG501 Identify and evaluate marketing opportunities

Element:

1. Identify marketing opportunities

Performance Criteria:

1.1. Analyse 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 analyse opportunities in terms of their likely fit with organisational 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 organisational 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 course is structured to provide students with the optimum learning experience in order to demonstrate the skills and knowledge required to identify, evaluate and take advantage of marketing opportunities by analysing market data, distinguishing characteristics of possible markets and assessing viability of changes to operations.


Details of Learning Activities

This unit is co delivered and co assessed with MKTG7907C (BSBMKG507) - Interpret Market trends and Developments

A range of in class activities, case studies and independent research are included as the learning activities for this course.


Teaching Schedule

Week NumberDateTopic
18th FebIntroduction to course
215th FebResearch, and the concept development process
• Overview of the processes
• Steps and issues for consideration in planning and developing concepts/products.
• Introduction to the market research concepts and process
 
322nd FebOpportunity ID
Idea generation
• Examination of the concept of innovation and innovation management

Opportunity ID
Idea screening
• SWOT
• GAP analysis
Evaluating concepts in terms of their suitability for the target audience or purpose, their feasibility and their commercial potential -Taking account of legal, social, ethical and environmental issues as concepts and ideas are generated and discussed.
 

429th FebUnderstanding basic statistical analysis for market scoping – introduction to measures of central tendency and correlation
57th March
 
Identifying and working with a range of stakeholders
Stakeholder management –
• Identifying and understanding the different stakeholders that will be involved in the process
Preparing stakeholder management plans

Essential skills of project management
Project Management
Identifying the skills and requirements of managing the project from beginning to end
 

614th March Labour Day holiday MondayOpportunity ID
Idea generation
Idea screening
• Creative thinking techniques
• Using creativity in innovation to generate concepts to address identified needs Test and experiment with different concepts and ideas as part of a collaborative process
Conduct a mini lab using different techniques
 
721st MarchBudget Management for new concepts

Identifying the skills and requirements of managing the budget and other metrics from beginning to end
 

  

Thursday 24th –Wednesday 30th March mid semester break and Easter
 

 

 

 8 4th AprilOpportunity ID
Feasibility

• Evaluate the effectiveness of different strategies for achieving desired outcomes.
• Select concepts or approaches that achieve required outcomes in an innovative and feasible way
Look at a number of metrics numerical and financial that will assist in refining and selecting concept for potential commercialisation


 

911th AprilResearch and Development Technology – nuts and bolts of commercialising creativity

• Understanding the R&D and its role in new concept development
• The R&D technology acquisition continuum

Design theory and thinking
Overview of the design/product development process
 

1018th AprilUse of strategic alliances
• Strategic Alliances and networks as part of the commercialisation process
Strategic development
• Product and Brand strategies and testing
• Includes a range Branding issues and platforms
 
1125th AprilPackaging
• Types and roles of packaging
• Packaging as part of the brand
• A look at packaging as part of the new product concept
Services Innovation
• Overview of innovation in services
  A look at the services innovation process
 
122nd mayCommercialising concepts
Overview of Launch and Lifecycle Management strategy
 
139th MayFinalise assessment 3
1416th MayFocus on assessment 3, presentation preparation
1523rd MayIn class presentations
1630th MayClient presentations where appropriate, Resubmits if required.

This unit is co delivered and co assessed with MKTG7907C (BSBMKG507) - Interpret Market trends and Developments


Learning Resources

Prescribed Texts


References


Other Resources

Relevant resources will be provided to students throughout the semester.


Overview of Assessment

This course is co-delivered and co-assessed with MKTG5834C Interpret Market Trends And Developments

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:

  • identify and evaluate marketing opportunities to determine whether they can meet organisational objectives
  • document how current business operations need to be modified, and list resources required, to take advantage of newly identified and evaluated opportunities.

Knowledge Evidence

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

  • outline key provisions of relevant legislation, codes of practice and national standards affecting marketing operations
  • describe organisational marketing plan, structure, products and services
  • explain principles of marketing and marketing mix
  • describe statistical methods and techniques to evaluate marketing opportunities, including forecasting techniques.

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

Students are required to complete 3 tasks. All tasks must successfully be completed to be deemed competent in this unit.

TASK 1 – Group participation and e-reflection - Individual assessment

Purpose: This assessment is designed to provide students with the opportunity to demonstrate individual concept analysis and research skills as they relate to the content of this course.

Each week students will be set a case study or research and analysis task for completion during the class. This will be followed by a group discussion.

Students will be required to participate both in the research and analysis task and take an active part in small group and in class discussions. For weeks 2, 6, 10 and 15 students will be required to prepare a short reflective comment and discussion board entry that summarises the essence of their learning for each week and includes the link to 1 interesting reference (not including in teachers resources and not included by another student I your class) to share with the rest of the class.

Please refer to competency requiremens for grading criteria.

If links are not included, or if the link is the same as other students for any of the discussions, or if the commentary is a statement with no real analysis or consideration, a CHD will not be awarded.

Marking guides will be discussed during class time

Submission Requirements: Through the discussion board and wiki facilities on Blackboard.

.
Task 2 Market Scoping and Opportunity Identification: (This assessment is due 23:59 pm Friday week 8)

Purpose:

This assessment task is designed to provide students with the opportunity to demonstrate skills in research, statistical analysis, market scoping, as well as their ability to manage and participate as a member of a consulting team.

The focus for assessment 2 is research, analysis and the exploration of concepts and market exploration techniques. Students are required to work in designated groups 3 (maximum) and prepare an evaluation and exploration of the need for a new concept/product/service/technology/process. The evaluation needs to explicitly include:

Submission Requirements: Students are required to provide a written document. Uploaded into Blackboard in either word or PDF format. Note emailed assignments will not be marked

A marking guide will also be provided for this assessment and discussed during classes in week 1.

Task 3 - Concept to commercialisation (This assessment piece is due 23:59 pm Friday week 14) client presentations week 15

Purpose:
Following on from assessment piece 2, this assessment piece is designed to provide a more refined focus by providing students with the opportunity to develop their recommendation to launch stage, “commercialising their concept”.

Working in their groups students are required to prepare an evaluation and exploration of the new product need identified in assessment 2. This assessment task includes elements that could take the concept to commercialisation. Development of “product/service/concept prototypes – sample designs” etc. are also included as part of this project which are all creative elements of the in practice in the workplace.

Submission Requirements: Students are required to provide a written document by the due date uploaded into blackboard. Please note that submissions are not to be emailed.

As an integral part of this assessment three “review pit stops” will be conducted during class time. Each group member will chair one of the pit stop meetings held with the client (the teacher). Criteria for what constitutes a successful pit stop meeting is attached as part of the marking guide for this assessment. While the project itself will receive an overall group grade, individual grades will be adjusted downwards accordingly for any group member who does not participate in all three pit stop meetings or does not chair a successful pit stop meeting

A marking guide will also be provided for this assessment and discussed during classes in week 1.
 


Assessment Matrix

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:

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 regarding the application of the grading criteria will be provided by your teacher.
 

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: http://www.rmit.edu.au/students/assessment/extension

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

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: http://www.rmit.edu.au/browse;ID=g43abm17hc9w

Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf

Resubmissions (VET Programs):

If you are found to be unsuccessful 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”.

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 More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31
 

Course Overview: Access Course Overview