Course Title: Interpret market trends and developments

Part B: Course Detail

Teaching Period: Term2 2019

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: Felicity Burns

Course Contact Phone: +61 3 9925 5486

Course Contact Email: felicity.burns@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Claire Gourlay

Claire.gourlay@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


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 MKTG7905C 

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

 

Teaching schedule

 

This course is co-delivered and co assessed with Identify and evaluate marketing opportunities MKTG7905C  

 

 

Course Schedule

 

Week

 

Topics

Assessment

1

Teacher, student introductions

Assessments and Feedback

Orientation programme.

Assessment Tasks

Groups

Workshop

Brief all assessments and assessment overview

2

Research data on organisation, industry and consumers for analysis

Brief Assessment 2 in more details

3

Research data on organisation, industry and consumers for analysis

 

4

Qualitative tools for analysis of data

 

5

Introduction to statistics Pitstop 1

Assessment 2 pit stop 1

6

Statistical marketing analysis and forecasting

 

7

 Assessment 1 in class test

 

Assessment 1

8

Innovative and creative thinking in new opportunity development

Assessment 2 pitstop 2

Mid Semester Break

9

Pit stop 3  Investigating new ideas  - Presentation and discussion on new ideas  

Assessment 2 pit stop 3 including presentations

10

Feasibility and validation Pitstop 4

Assessment 2 pit stop 4

11

Impact on marketing plan of new opportunity

 

12

Impact on marketing plan of new opportunity and marketing mix review

Assessment 2 due in Sunday

 

13

Assessment 2 interviews.  Interviews for any students who missed 1 or more pitstops

 

14

Consumer needs and organizational considerations

Brief assessment 3

15

Consumer needs and organizational considerations review

Assessment 3 Due Sunday midnight

16

Assessment  feedback and resubmits advice

 

17

Resubmit and consultations

 

 

 


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:

  • 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

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

Date and time due:  Week 7 In class

Group or Individual: Individual                        

 

Purpose: 

The purpose of this assessment is for you to demonstrate your 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:

You will complete an in class Quiz. You will have 2 hours to complete a range of questions.

This is a closed book assessment, however we will have completed similar questions in class.

 

Assessment 2

Assessment Task 2 – Evaluation and decision report

Date and time due:  Week 12 Sunday (plus 4 Pitstop meetings)

Group or Individual: Pairs           

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:

You are to demonstrate your analysis skills by identifying possible marketing opportunities for a company.

  • Choose an Australian company or subsidiary (identify the industry) and choose 1 category they participate in.
  • You 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 approx. 2500 words is required, tables and charts should be used as appropriate. 
  • There 4 are pitstops to ensure You keep progressing with the assessment, as well as tracking individual participation in pairs.
  • You who do not participate will need to have individual interview in week 13, to gauge satisfactory in this assessment

Full details of this assessment are available in the Assessment guide on CANVAS and further discussed in class.

 

Assessment 3

Assessment 3 - Organisation modification report

Date and time due:  Week 15 Sunday midnight

Group or Individual: Individual

You are to document how their current business needs to be modified due to the launch of the new product opportunity identified in assessment 2. This assessment requires research and analysis into your organisation and the industry the opportunity is entering. 

This is to be a professional report and therefore include title page and references.

This document should be approx. 800-1000 words.

 

 


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.  
  • 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 i n 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.   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