Course Title: Interpret market trends and developments

Part B: Course Detail

Teaching Period: Term1 2016

Course Code: MKTG7907C

Course Title: Interpret market trends and developments

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

Teacher: Elaine Holstein

Elaine.holstein@rmit.edu.au

ph: 9925 5155

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 conduct an analysis of market data in order to determine organisational and competitor business performance and to prepare market and business forecasts. The information assists in developing an organisation’s marketing plan and to determine the current or potential future success of marketing strategies.

This unit applies to marketing professionals who use statistical techniques to analyse organisational and competitor marketing performance and to interpret new and emerging trends when forecasting future business needs.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBMKG507 Interpret market trends and developments

Element:

1. Interpret trends and market developments

Performance Criteria:

1.1 Use statistical analysis of market data to interpret market trends and developments
1.2 Analyse market trends and developments for their potential impact on the business
1.3 Use measures of central tendency or dispersion and correlations between sets of data for quantitative interpretation of comparative market data
1.4 Perform qualitative analysis of comparative market information as a basis for reviewing business performance
1.5 Analyse the market performance of existing and potential competitors and their products or services to identify potential opportunities or threats
 

Element:

2. Analyse qualitative results

Performance Criteria:

2.1 Analyse performance data from all areas of the business to determine success of marketing activities
2.2 Identify over performing and under performing products and services to be considered for redevelopment or withdrawal
2.3 Forecast existing and emerging market needs based on information available using forecasting techniques
 

Element:

3. Report on market data

Performance Criteria:

3.1 Prepare, plot and interpret data for visual presentation
3.2 Assess visual presentation for potential problems, and take any necessary corrective action
3.3 Report on analysis of market data to meet organisational requirements in terms of content, format, level of detail and scheduling
 


Learning Outcomes


This course is structured to provide students with the optimum learning experience in order to demonstrate the skills and knowledge required to conduct an analysis of market data in order to determine organisational and competitor business performance and to prepare market and business forecasts. The information assists in developing an organisation’s marketing plan and to determine the current or potential future success of marketing strategies.


Details of Learning Activities

 This course is clustered with MKTG7905C (BSBMKG501) -Identify and Evaluate Marketing Opportunities.  A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

 The self-paced activities will be delivered through various technology platforms and include your contribution to tutorial activities and interactive sessions.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

WeekWeek commencingTopics
18th Feb1) Course Induction
• Course delivery and assessment details
• Course support documents
• Online learning environment
• Grading
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities
(2) Pre-Training Review
• Includes skills analysis and Recognition of Prior Learning and Credit Transfers
(3) Introduction to the 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 MarchIdentifying 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
 

  

Mid-semester break

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

 84th 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
 

91th 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 May• Commercialising concepts
• Overview of Launch and Lifecycle Management strategy
 
139th MayFinalise assessment 3
1416th MayFocus on assessment 3, presentation preparation
1523rd MayClient Presentations
1630th mayResubmissions and resits


Learning Resources

Prescribed Texts


References


Other Resources

A range of support materials will be made available to students throughout the semester.


Overview of Assessment

This course is co-delivered and co-assessed with MKTG5832C Identify And Evaluate Marketing Opportunities

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:

  • apply statistical and qualitative analysis techniques to identify:
    - current business performance
    - competitor performance
    - potential threats and opportunities
  • apply qualitative and forecasting techniques to identify:
    - success of marketing activities
    - over and under-performing products and services
    - existing and emerging market needs
  • document the analysis of market data including visual presentation of findings.

Knowledge Evidence

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

  • outline internal and external sources of information relevant to forecasting market trends including:
    - business and strategic objectives
    - marketing and other business performance
    - comparative market information
    - changes in technology
    - demographic changes
    - social and cultural factors
    - economic trends
    - government activities and legislative changes
    - industry trends
    - supplier data
  • outline the legislative and regulatory context as it applies to marketing
  • identify software applications that are commonly used in quantitative and qualitative analysis and outline their key features
  • outline statistical concepts, methods, techniques and reporting formats commonly used in marketing including:
    - conversion rate of leads to sales
    - measures of central tendency
    - measures of dispersion
    - nature and degree of relationship between variables
    - net response rate
    - normal distribution probability curve
    - sampling
    - speed of response curve
    - recency or frequency grids
    - lifetime value of customers
    - net present value of customers.

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):
Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.

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.You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are
studying.

Once competent in all elements of the unit you receive a competency grading

Marking Guide (Grading)
After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.
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:
http://rmit.edu.au/browse;ID=7usdbki1fjf31

Electronic Submission
When submitting work online, you need to include the cover sheet supplied by your teacher. This includes the following declaration:

RMIT Electronic Submission of work for assessment
I declare that in submitting all work for this assessment I have read, understood and agree to the content and expectations of the assessment declaration.
(URL: http://www.rmit.edu.au/students/assessment/declaration)


Final Date for All Assessments
No assessment tasks or resubmissions will be accepted after 5pm Friday, week 16.

Course Overview: Access Course Overview