Course Title: Identify and evaluate marketing opportunities
Part B: Course Detail
Teaching Period: Term2 2021
Course Code: MKTG7905C
Course Title: Identify and evaluate marketing opportunities
School: 650T Vocational Business Education
Campus: City Campus
Program: C5366 - Diploma of Marketing and Communication
Course Contact: Nick Reynolds
Course Contact Phone: +61 3 9925 0791
Course Contact Email: nick.reynolds@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Claire Gourlay
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.
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 each market, and the 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 on 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 including 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
Students will learn the skills required to research identify opportunities in chosen markets.
Details of Learning Activities
This course is co-delivered with Interpret Market trends and development MKTG7932C
This course is structured to provide you with the optimum learning experience. A range of learning activities are provided during the semester and are designed to enhance learning and understanding of the topics.
You will be required to participate in a combination of group and individual learning activities. These activities will be provided through classroom work time and additional learning activities will be provided to you to complete outside of the scheduled class time.
A range of in class activities, case studies and independent research is included as the learning activities for this course. We expect you to participate and contribute in all scheduled learning activities.
The learning activities will also include group discussion, group problem solving activities and opportunities to practice your skills in a simulated workplace environment.
Teaching Schedule
This course is co-delivered with Interpret Market trends and development MKTG7932C
Course Schedule
Week |
Week Commencing |
Topics |
Assessment |
1 |
5th July |
THIS IS A NON-ATTENDANCE WEEK - YOUR TEACHER WILL PROVIDE YOU WITH Relevant information including: Assessments and Feedback Assessment Tasks Groups Workshop |
Brief all assessments and assessment overview |
2 |
12th July |
Research data on organisation, industry and consumers for analysis |
Brief Assessment 2 in more details |
3 |
19th July |
Research data on organisation, industry and consumers for analysis |
|
4 |
26th July |
Qualitative tools for analysis of data Pitstop 1 |
Assessment 2 pit stop 1 |
5 |
2nd August |
Introduction to statistics |
|
6 |
9th August |
Statistical marketing analysis and forecasting |
Assessment 1A |
7 |
16th August |
Statistical analysis using excel |
|
8 |
23rd August |
Assessment 1B Quiz |
Assessment 1B |
|
Mid Semester Break 30th August - 5th September | |||
9 |
6th September |
Innovative and creative thinking in new opportunity development |
Assessment 2 pitstop 2 |
10 |
13th September |
Pit stop 3 Investigating new ideas - Presentation and discussion on new ideas |
Assessment 2 pit stop 3 including presentations |
11 |
20th September |
Feasibility and validation Pitstop 4 |
Assessment 2 pit stop 4 |
12 |
27th September |
Impact on marketing principles of new opportunity and marketing mix review |
|
13 |
4th October |
Assessment 2 Workshop |
Assessment 2 due end of class |
14 |
11th October |
Impact on organisation and resources, legal implications and stakeholder communication . Assessment 2 interviews. Interviews for any students who missed 1 or more pitstops . Brief assessment 3 |
Assessment 2 Interviews Brief Assessment 3 |
15 |
18th October |
Assessment 3 overview and workshop |
Assessment 3 Due end of class |
16 |
25th October |
Assessment feedback and resubmits advice |
|
17 |
1st November |
Resubmission |
Learning Resources
Prescribed Texts
References
Other Resources
All resources will be available in Canvas.
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
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, you 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.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the business development – marketing field of work and include access to:
- relevant legislation, regulations, standards and codes
- relevant workplace documentation and resources
- organisational strategic and marketing plans
- case studies and, where possible, real situations.
Assessors must satisfy NVR/AQTF assessor requirements.
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.
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
You must demonstrate an understanding of all elements of competency to be deemed competent.
A range of assessment methods are used to assess practical skills and knowledge, 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 authenticated documents from the workplace or training environment
- demonstration of techniques
There are 3 assessments for this course, you must be deemed competent in all assessments to be deemed competent in the course.
Assessment 1
Assessment Task 1 – Forecast and Statistics quiz and activity
Date and time due: Week 6 and 8 In class
Group or Individual: Individual
Summary and Purpose of Assessment
The purpose of this assessment is for you to firstly demonstrate your understanding statistical terms and their use in marketing and forecasting (1A). The assessment also allows you to demonstrate knowledge and use of quantitative and qualitative analysis tools (1B).
Requirements:
This assessment will cover Forecasting, measures of central tendency and interpreting trends and data analysis.
Details of Assessment:
Please note that assessment 1 is in 2 parts held in class over 2 weeks
1A Week 6– in class activity submitted prior to the end of class Week 6 (students can use resources and collaborate with others during this activity)
1B Week 8 – This is an in-class Quiz in week 8 using excel (individual no collaboration and closed book). ( 90 minutes to complete)
Assessment 2
Assessment Task 2 – Market analysis and opportunity report
Date and time due: Week 13 end of class (presentation in week 10)
You are to demonstrate your analysis skills by analysing trends and identifying possible marketing opportunities for an organisation. (ALL facts must be clearly referenced and at least 3 different sources of data used).
Choose an organisation that is active in Australia (i.e. An Australian organisation or one with an Australian subsidiary). Choose a medium sized company that participates in only a few categories.
You are required to come up with 3 new product/service concepts in new categories for this organisation. Based on interpreting trends and using qualitative and quantitative analysis
- You will then evaluate and validate each new concept and prioritise them.
- Clearly define the target market segments and the needs of each that your concepts will satisfy.
- This assessment will be completed in pairs.
For this assessment a document of approx. 2500 words is required, tables and charts should be used as appropriate. The Pitstop meetings form part of the assessment, as outlined below and not completing a pitstop within the scheduled timelines will impact your final result.
Full details of this assessment are available in the Assessment guide on CANVAS and further discussed in class.
Assessment 3
Assessment 3 - Organisation change document
Date and time due: Week 15 end of class
Group or Individual: Individual
This assessment is based on the launch of your new product or service presented in assessment 2. You are to document how your organisation needs to be modified due to the launch of this new product or service opportunity. This assessment requires research and analysis into your organisation and the industry the opportunity is entering.
Assessment Instructions
This individual assessment must evaluate required changes to your organisation to take advantage of the opportunity identified in Assessment Task 2.The document completed for submission should be approx. 800 words in total.
Full details of this assessment are available in the Assessment guide on CANVAS and further discussed in class.
Assessment Matrix
The assessment matrix that maps all the assessment is available on CANVAS.
Submission Requirements
You should:
- Ensure that you submit assessments on or before the due date. Non submission without supporting evidence such as ELP or special consideration will mean a result of Did Not Submit (DNS)
- Always retain a copy of your assessment tasks. (hard copy and soft copy)
- When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
- Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers.
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: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work
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: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
Resubmissions:
If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
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:
https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment
Marking Guide (Competency):
Feedback on your assignment and your results will be released via the rubric on Canvas. Assessment tasks will receive the following outcomes:
Satisfactory
Not Satisfactory
DNS (Did not Submit)
There are 3 assessments for this course, students must be deemed satisfactory in all 3 assessments to be competent in this course. You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
Course grades will be given as:
CA (Competency Achieved)
NYC (Not Yet Competent)
DNS (Did not submit)
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.
Further information regarding the application of the grading criteria will be provided by your teacher.
Course Overview: Access Course Overview