Course Title: Interpret market trends and developments

Part B: Course Detail

Teaching Period: Term2 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

Doug Bell

doug.bell@rmit.edu.au

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 includes a range of learning activities; in-class workshops, group projects and teacher presentations. The content all relates to real markets and products. Students are expected to attend classess and complete work at other times.


Teaching Schedule

 

Week

 

Week Commencing

Topics

Assessment

1

Jul 4

Teacher, student introductions

Assessments and Feedback

Orientation programme.

Assessment Tasks

Groups

Workshop

Brief Assessment One

2

Jul 11

Assessment Tasks

Context and process

Research the market

-       Resources

-       What to look at

Research the consumer

-       Segments, needs

Research the business

-       Performance, shares, trends, brand health

 

 

3

Jul 18

Analyse the data.

-       What to look for

-       Statistical analysis

 

L’Oréal presentation.

 

4

Jul 25

-       Creative thinking

-       Idea generation.

-       Innovation management

 

Pit Stop #1

5

Aug 1

Matching opportunities, ideas and needs.

Identifying the external factors impacting the idea.

 

6

Aug 8

Workshop Assessment One.

Assessment One due 11.59pm Sunday August 14.

7

Aug 15

Feasibility and Validation.

Brief Assessment Two

8

Aug 22

 

Target consumers and their needs.

 

 

Aug 29

Mid-semester Break

 

9

Sep 5

Workshop Assessment Two

Pit Stop

10

Sep 12

Costing

Stakeholders

Assessment Two due

11

Sep 19

Design

Packaging

Brief Assessment Three

12

Sep 26

Brand

POD and Position.

 

13

Oct 3

The Pitch

Workshop

 

14

Oct 10

Presentations

Assessment Three document due.

Presentation in class

15

Oct 17

Presentations

Presentations in class.

16

Oct 24

Student Counselling and feedback.

 

 


Learning Resources

Prescribed Texts


References


Other Resources


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

Assessment Task 1 – Explore the market.

 

Date handed out:  Week One

Date and time due:  Week Six . Sunday August 14 at 11.59pm. 

Group or Individual: Groups of three.

Purpose:

The purpose of this assessment is for students to firstly demonstrate research skills to collect data from  existing databases and identify a range of characteristics about a chosen market  and its consumers.

Students then have to demonstrate their analysis skills by identifying possible marketing opportunities.

Requirements:

From a range of options, students are to choose a product or service industry, a category in that industry and an Australian business in that industry but NOT in that category. The context for all assessments is for the group to devise a new opportunity and present it to that business.

For this assessment a document of around 3000 words is required, as well as a Pitstop meeting in Week 4. Attendance at the Pitstop is essential and team members will take turns at chairing and doing the minutes for a Pitstop meeting.

Assessment Task 2 – Evaluate and decide.

Date handed out:  Week Seven

Date and time due:  Week Ten

Group or Individual: Groups of three.                          

Purpose:

The purpose of this assessment is to apply the skills and knowledge to evaluate, validate, and cost new opportunities, and to demonstrate the skill needed to clearly identify and describe the target market segment for each. 

Requirements:

Students are required to evaluate and validate their opportunities and prioritise them. They are also to clearly define their target market segments and the needs of each that the opportunity will satisfy.

For this assessment a document of around 3000 words is required, as well as a Pitstop meeting in Week 9. Attendance at the Pitstop is essential and team members will take turns at chairing and doing the minutes for a Pitstop meeting.

Assessment Task 3 – Develop and Present.

Date handed out:  Week 11

Date and time due:  Week 14,15

Group or Individual: Group                          

Purpose:

The purpose is for students to demonstrate the skills needed to prepare and present their chosen idea.

Requirements:

Firstly students must create a visual, model or mock-up of their idea with a brief description of what it is and does. Secondly they must create very clear branding, Point of Difference and Positioning statements. Finally a stakeholder communication strategy for a launch. For this assessment a document of no more than 2000 words is required, as well as a Pitstop meeting in Week 13. Attendance at the Pitstop is essential and team members will take turns at chairing and doing the minutes for a Pitstop meeting. 

The team is then to make a presentation, with visuals, of up to 10 minutes of their idea supported by the data used to demonstrate that it has good commercial potential.


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.

Course Overview: Access Course Overview