Course Title: Interpret market trends and developments
Part B: Course Detail
Teaching Period: Term2 2017
Course Code: MKTG7932C
Course Title: Interpret market trends and developments
School: 650T Vocational Business Education
Campus: City Campus
Program: C5366 - Diploma of Marketing and Communication
Course Contact: Julia Makin
Course Contact Phone: +61 3 9925 5175
Course Contact Email: julia.makin@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Claire Gourlay
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
Students will develop the skills required to recognise trends in the market and interpret their impact on current and future marketing strategies.
Details of Learning Activities
This course is co-delivered and co assessed with Identify and evaluate marketing opportunities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities. The collaborative classroom based activities will include face-to-face workshops, practical computer exercises based on teacher handouts and online tasks.
We expect you to participate and contribute in all scheduled learning activities. Students should attend all sessions. Students will also be expected to undertake work on a small Web project and other activities for homework.
Teaching Schedule
|
Week
|
Topics |
Assessment |
1 |
Teacher, student introductions Assessments and Feedback Orientation programme. Assessment Tasks Groups Workshop |
Brief all assessments and assessment overview |
2 |
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 Library presentation
|
Brief Assessment 2 in more details |
3 |
Analyse the data. - What to look for - Statistical analysis - SWOT |
|
4 |
Analyse the data – central tendency and PESTLE. |
|
5 |
Introduction to interpreting data Pitstop 1 |
Assessment 2 pit stop 1 |
6 |
Interpreting data cont’d |
|
7 |
Assessment 1 in class test
|
Assessment 1 |
8 |
Creative thinking, Idea generation, Innovation management Matching opportunities, ideas and needs. Identifying the external factors impacting the idea. Revision for test. |
Assessment 2 pitstop 2 |
Mid semester break | ||
9 |
Pit stop 3 Ansoff and features and benefits of products and Maslow, Target market |
Assessment 2 pit stop 3 |
10 |
Feasability and validation Pitstop 4 |
Assessment 2 pit stop 4 |
11 |
Consumer needs and organizational considerations |
|
12 |
Name, promise and positioning |
Assessment 2 due in Sunday
|
13 |
The Pitch presentation |
Brief Assessment 3 |
14 |
The Pitch presentation Workshop |
|
15 |
Presentations |
Assessment 3 Due in class |
16 |
Student Counselling and feedback. |
|
Learning Resources
Prescribed Texts
References
Other Resources
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
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, the individual 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.
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
- 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
This course is co-delivered and co assessed with MKTG7905C Identify and evaluate marketing opportunities
Students 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, students must be deemed competent in all assessments to be deemed competent in the course
Assessment 1
Assessment Task 1 – Interpreting trends and analysing data
Date handed out : Week 7
Date and time due: Week 7 In class
Group or Individual: Individual
Purpose:
The purpose of this assessment is for students to demonstrate their understanding of interpreting market trends and forecasting
Requirements:
This assessment will cover Forecasting, measures of central tendency and interpreting trends and data analysis
Details of Assessment:
Students will complete an in class Quiz. They will have 1.5 hours to complete multiple choice and short answer questions.
This is a closed book assessment, however we will have completed similar questions in class.
Assessment 2
Assessment Task 2 – Evaluate and decide.
Date handed out: Week One
Date and time due: Week Twelve Sunday October 1 (plus 4 pitstop meetings)
Group or Individual: Groups of three. (You may be required to complete this assessment individually if you miss classes and workshops)
Purpose:
The purpose of this assessment is to apply the skills and knowledge to identify trends and evaluate and validate new opportunities, and to demonstrate the skill needed to clearly identify and describe the target market segment for each.
Requirements:
Students are to demonstrate their analysis skills by identifying possible marketing opportunities for a company.
- Choose an Australian company (identify the industry) and choose 1 category they participate in.
- Students are required to come up with 3 opportunities for the organisation.
- 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 Pitstop meetings.
Pit stops –IMPORTANT information.
- All Students will be required to upload work during class Pit stop meetings.
- Participation in pit stops will form part of the final grade.
- Students who do not attend at least 3 meetings (or do not fully participate) will be asked to attend an interview on this assessment in week 16.
Full details of this assessment are available in the Assessment guide on Blackboard and further discussed in class.
Assessment 3
Assessment Task 3 – Board meeting presentation.
Date handed out: Week 1 (Briefed week 13)
Date and time due: Week 15 (presentation to be uploaded on BB at least 24 hours before presentation)
Group or Individual: Group, Students may be graded individually
Purpose:
The objective is to persuade the board that the team has a viable business opportunity. There will be a question and answer session after each presentation. Students are also marked on their questions to other groups and as well as their answering of questions.
Requirements:
This presentation activity will be a role play of a board meeting. Students present their idea as outlined below and then the class (as the board) ask questions. The presentations will be in class, in week 15, in a sequence to be advised.
Details of Assessment:
The presentation is based on a pitch to the board of your organisation to get them to finance your new idea.
Students are to sell their chosen new product idea to the board and include the following
- What your product is?
- A visual, model or mock-up of the idea.
- Brand, Logo packaging
- What it is and does. (features and benefits) reason to buy
- Positioning statement
- Why you believe there is an opportunity
- Research that led to the idea, gap in the market
- How does it fit within the organisation
The team is to make a presentation, with visuals, 5-7 minutes. All students must present.
Students will be graded on their Board presentation under a number of criteria outlined on the marking guide.
Including:
- Pitch presentation skills - creativity
- Quality of content
- Teamwork
- Questions and answers session to their own and other teams
Submission Requirements:
All Assessment tasks need to be submitted via Blackboard. Email submission will not be accepted. You should:
Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.
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 a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of work for assessment is available on blackboard. Late Submission ProceduresYou are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.More Information: http://www.rmit.edu.au/students/assessment/extensionWhere 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. Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf 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. More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31
Resubmission Guide:
Once a student has submitted an assessment task, a resubmission may be granted if deemed NYC. On resubmission, a student will not receive a grade higher than CAG (Competency achieved)
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 need to demonstrate you are competent in each element of the unit of competency you are studying. You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading. Please refer to the Final Grades table below.
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:
Adjustments to Assessment
If you are found to be Not Yet Competent 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”.
Resubmissions (VET Programs):
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w (unresolved)
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
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.
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. For example, Julie Macpherson, 324567, Task 2, OHS2345C “Develop a workplace policy and practices for sustainability, Page 1 of 10.”
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. The grading is according to the following criteria:
1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK Students are expected to complete all tasks independently as specified in the assessment tasks requirements. Throughout the course students will have to demonstrate a deeper understanding of sustainability practices within an organisational framework and how planning a policy for sustainability can affect the business environment. Developing a sustainability policy requires a step-by-step approach in which students will define the aim and objectives, the scope, strategy and action plan of such policy. Throughout the course students will have to have engaged and shown initiative in applying such skills in different parts in the policy development process.
2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING Students are expected to build upon the knowledge and skills gained throughout the course and apply them in the development process of the policy. It is expected that students will have researched different approaches to sustainability practices and are able to communicate and assess the effectiveness of a variety of policy approaches. Students are expected to demonstrate their ability to adopt and develop new sustainability practices through a process of continuous exploration of new approaches.
3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING As part of the policy development process students are expected to analyse sustainability challenges and develop a strategy and an action plan to address those challenges. Students will formulate solutions using industry best practices and benchmarks to qualify techniques and processes in their approach. Students are expected to qualify their chosen solutions to environmental challenges and demonstrate the process behind such solutions.
4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT As the unit is delivered in a ‘blended mode’, i.e. online and face-to-face students are expected to work on their tasks and self manage their workload accordingly. Students will need to plan their workflow guided by the BlackBoard portal and submit their completed tasks on time. It is expected that students will upload ‘work-in-progress’ files and have a backup plan for potential eventualities, such as file damage, accidental deletion, peer work unavailable, …etc.
5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK As part of the assessment, students are required to present their policy with the aim for management adoption. Students will use their skills to influence the audience while communicating the benefit of their policy, how it was developed as a team approach and the overall value proposition of their policy.
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 on the assessments and regarding the application of the grading criteria will be provided by your teacher.
Assessment Matrix
NA
Other Information
NA
Course Overview: Access Course Overview