Course Title: Forecast international market and business needs
Part B: Course Detail
Teaching Period: Term1 2017
Course Code: MKTG7889C
Course Title: Forecast international market and business needs
School: 650T Vocational Business Education
Campus: City Campus
Program: C5340 - Diploma of International Business
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
Course Contact: Joe Rosagrata
Email: joe.rosagrata@rmit.edu.au
ph: 99255476
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 in class activities, case studies and face to face delivery will provide a range of learning and teaching experiences for students.
<See below for weekly schedule and topics) >
Week 1 will consist of an induction to the course which will include completion of a pre training review and familiarisation with:
• Your teacher(s) and other students.
• Services and facilities
• Student responsibilities
• Where to get support
• Course requirements, key learning outcomes, assessment, feedback and grading.
• Submission requirements and the resubmission policy
• Plagiarism
• Appeals
• Extensions and Special Consideration
• Privacy
Teaching Schedule
Week No |
Date |
Topic |
Assessment |
1 |
6th Feb 2017 |
Introduction to the Course including:
· Getting help |
|
2 |
13th Feb |
Identify market opportunities |
|
3 |
20th Feb |
Marketing information systems and Regulatory and Legal (considerations) |
|
4 |
27th Feb |
Trade-map Data sets – analysing the global market |
|
5 |
6th March |
Workshop - Trends (Mktg Mix |
|
6 |
13th March |
Segmentation & Mktg Mix (cont)
Note: Monday 13th March Labor Day Holiday |
|
7 |
20th March |
Market Trends & PLC |
Task 1 Due You will receive the feedback in week 9. If required, resubmission for this assessment is due by the end of week 10.. |
8 |
27th March |
SWOT & PESTE (market analysis) |
|
9 |
3rd April |
STATS |
|
10a |
10th April |
Budgets and Trends Analysis |
|
10b |
17th April |
Budgets and Trends Analysis Mid Semester Break 13th to 19th Apr inclusive ( Easter Break ) |
|
11 |
24th April |
Workshop Note: 25th April Anzac Day Holiday |
|
12 |
1st May |
Sales/market forecasting (market tends/peste search 1) |
|
13 |
8th May |
Assignment – Workshop (market tends/peste search 2) |
Task 2 Due You will receive the feedback in week 15. If required, resubmission for this assessment is due by the end of week 16. |
14 |
15th May |
Revision and Review (market tends/peste search – 3) |
|
15 |
22nd May |
Resubmissions and resits/revision |
|
16 |
29th May |
Interviews and Final Feedback |
|
Learning Resources
Prescribed Texts
References
Other Resources
Based class material (provided) also student directed learning and support
Relevant learning resources will be placed on the online learning hub (Blackboard) progressively throughout the semester. You will need to access this site on a weekly basis to ensure that you keep up to date with important information related to this course.
Overview of Assessment
This course is co-delivered and co-assessed with MKTG7888C Analyse Data from International Market
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 – (Write Opportunity Report) – Identify Austrade product data
Date handed out: Week #2
Date and time due: Week #7
Group or Individual: This assessment should be conducted as an individual assessment.
Purpose: This assessment aims to identify student’s ability to analyse secondary data and interpret trends for international market opportunities. This will provide students with a working knowledge of real-world international market data.
Requirements:
Students are required to produce a short opportunity report that will show how they analyse data and determine international market trends. The report will be in an individual task based on primarily trade map (& dfat) data and is to be no more than 750-1000 words in total.
Assessment Task 2 – – Identify Target Market and Segments for an International Market
Date handed out: Week #7
Date and time due: Week #13
Group or Individual: This assessment should be conducted in groups of 4 only
Purpose:This assessment aims to identify student’s ability to apply analysis of secondary data and trends for international market opportunities and suggest which markets and segments should be adapted as marketing considerations. This will provide students with a working knowledge of real-world international market forecast data and application for products opportunity in a real-world scenario.
Requirements: Students are required to produce a report that will show how they analysed data to determine which markets to enter and target with international market products. The report will be written in groups of 3 based on trade map data and is to be no more than 3000 words in total.
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
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