Course Title: Interpret market trends and developments

Part B: Course Detail

Teaching Period: Term1 2021

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: 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

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 structures 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 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 is a clustered course (co-delivered and co-assessed) of MKTG7905C Identify and evaluate marketing opportunities with MKTG7932C Interpret Market trends and development

Course Schedule

Week

Week Commencing

Topics

Assessment

1

8th February 

Teacher, student introductions

Assessments and Feedback

Orientation programme.

Assessment Tasks

Groups

Workshop

Brief all assessments and assessment overview

2

15th February 

Research data on organisation, industry and consumers for analysis

Brief Assessment 2 in more details

3

22nd February 

Research data on organisation, industry and consumers for analysis

 

4

1st March

Qualitative tools for analysis of data Pitstop 1

Assessment 2 pit stop 1

5

8th March

Introduction to statistics 

 

6

15th March

Statistical marketing analysis and forecasting

Assessment 1A

7

22nd March

Statistical analysis using excel

 

8

29th March

Assessment 1B Quiz

Assessment 1B

 

Mid Semester Break 1st April – 7th April 

 

9

12th  April 

Innovative and creative thinking in new opportunity development

Assessment 2 pitstop 2

10

19th April 

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

Assessment 2 pit stop 3 including presentations

11

26th April 

Feasibility and validation Pitstop 4

Assessment 2 pit stop 4

12

3rd May 

Impact on marketing principles of new opportunity and marketing mix review

 

 

13

10th May 

Assessment 2 Workshop

Assessment 2 due end of class

14

17th May 

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

24th May 

Assessment 3 overview and workshop

Assessment 3 Due end of class

16

31st May 

Assessment  feedback and resubmits advice

 

17

7th  June 

Grade Entry

 

 


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 and activity

Date and time due: Part A Week 6 and Part B Week 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 an 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 i n all 3 assessments to be competent in this course.

Course grades will be given as:

CA (Competency Achieved)

NYC (Not Yet Competent)

DNS (Did not submit)

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