Course Title: Identify and evaluate marketing opportunities
Part B: Course Detail
Teaching Period: Term1 2022
Course Code: MKTG6113C
Course Title: Identify and evaluate marketing opportunities
Important Information:
See Canvas
School: 525T Business & Enterprise
Campus: City Campus
Program: C5407 - Diploma of Leadership and Management
Course Contact: Anahita (Annie) Barry
Course Contact Phone: +61 3 9925 5493
Course Contact Email: anahita.barry@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Student Enquiries: gbl.admin@rmit.eud.au
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.
The unit applies to individuals working in a supervisory or management marketing or advertising role within a marketing or advertising team or media organisation.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBMKG541 Identify and evaluate marketing opportunities |
Element: |
1. Explore marketing opportunities |
Performance Criteria: |
1.1 Analyse information on market and business needs for marketing opportunities 1.2 Identify potential new markets 1.3 Apply innovative approaches relevant to the development of potential marketing opportunities |
Element: |
2. Evaluate marketing opportunities |
Performance Criteria: |
2.1 Identify and analyse opportunities for organisational fit according to organisational goals and capabilities 2.2 Analyse the viability of each opportunity 2.3 Determine probable return on investment and potential competitors 2.4 Select marketing opportunities according to outcomes of viability analysis, return on investment and competition |
Element: |
3. Evaluate required changes to current operations |
Performance Criteria: |
3.1 Seek feedback from relevant stakeholders 3.2 Incorporate feedback received for current operations and take advantage of viable marketing opportunities 3.3 Review current operations and document changes needed 3.4 Identify resource requirements for marketing opportunities 3.5 Document and communicate viability of marketing opportunities to key stakeholders |
Learning Outcomes
This course is structured to provide students with the optimum learning experience in order to demonstrate 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.
Details of Learning Activities
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 group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute to all scheduled learning activities.
Teaching Schedule
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Week |
Topic |
Readings and Activities |
Assessment |
||
Week 9 |
This week we will cover course requirements and support documents / resources. Including:
Analyse market information Identifying opportunities through Innovative approaches and review databases |
Reading: Lecture slides for Week 9 Activity: Exploring course schedule
Resource/Readings: PPT Slides Research – IBIS, and Other databases (Passport – Euromonitor) Ansoff (Risk) Activity: Brainstorming Mind-mapping 6 Hats Identify Opportunities (3) identify 3 concepts (new) to the company |
- Assessment requirements Plagiarism/Appeals - Extensions/ Resubmissions |
||
Week 10 |
Identifying opportunities through Innovative approaches and concept
Legal Environment |
Resource/Readings: PPT Slides Research – IBIS, and Other databases (Passport – Euromonitor Activity: Identify Opportunities (3) identify 3 concepts (new) to the company
Resource/Readings: PPT Slides Legal & Ethical issues – (e.g. Privacy, Anti-spam, IP, ACL) National Standards - (Advertising standards, product safety stands, OHS etc) Codes of practice – 2 elements of code Activity: Short presentation of ideas (draft) |
Pitstop 1 including presentations |
||
Week 11 |
Feasibility and validation Marketing Metrics and ROI Marketing Metrics and Forecasting new ideas - Presentation Finalise brainstorm for new product ideas (workshop) |
Resource/Readings: PPT Slides Activity: Feasibility Analysis ROI Viability Factor score Risk (analysis) (review) Resource/Readings: Forecasting (XLS) Activity: New ideas development workshop Finalise brainstorm for new product ideas Budget (finance) |
|||
Week 12 |
Pit stop 2 Investigating In-class Workshop Presentation of Opportunities Impact on marketing principles of new opportunity and marketing mix review including Target Markets and NPD |
Resource/Readings: PPT Slides Activity: In-class Workshop 3 potential opportunities and present these for discussion
Resource/Readings: PPT Slides Objectives (SMART) Maslow needs (profile) Demo/Psych/Beh/Geo/Usage (VALs2) Activity: Marketing Mix Review Target market (market analysis) – Identify & develop Opportunities (3) identify 3 concepts (new) to the company New product development process Idea – to commercialisation process |
Assessment 1 pitstop 2 |
||
Week 13 |
In-class Workshop Pitstop 3 Continue Marketing Mix and Opportunity concept Draft feasibility questions and upload draft by the end of class Innovation funnel NPD and Gating Process including PEST/SWOT and Competition – Testing Product Finalise PEST/SWOT |
Resource/Readings: PPT Slides Activity: Ansoff matrix Draft feasibility questions and upload draft by the end of class Con’t Maslow needs (profile) Identify & develop Opportunities (3) identify 3 concepts (new) to the company New product development process Idea – to commercialisation process
Resource/Readings: PPT Slides Innovation Funnel (Gating process NPD) Activity: Planning – idea (observation) PEST/SWOT – macro – (external)/micro (internal) Competitor analysis (porters 5 forces) Testing the product Organisational capabilities - |
Assessment 1 pitstop 3 |
||
Week 14 |
Pitstop 4 – Impact on organisation and resources, legal implications, and stakeholder communication Finalise PEST/SWOT Impact on organisation and resources, legal implications, and stakeholder communication. Assessment 2 |
Resource/Readings: PPT Slides (Start) Stakeholder and Legal Resources
Activity: Finalise NPD & PEST/SWOT (class activity) Stakeholder (Register – comms chart) Organisational capabilities –
Resource/Readings: PPT Slides Report writing (additional topic) Stakeholder and Legal Resources
Activity: Con’t - Stakeholder (Register – comms chart) Organisational capabilities |
Assessment 1 Due Sun 11.59pm |
||
Week 15 |
Assessment 2 interviews. Interviews for any students who missed 1 or more pitstops. Brief assessment 2 and Report Writing Semester Topics Review of material Work on Assessment 2 |
Resource/Readings: PPT Slides Assessment documentation Report writing (additional topic) and support
Activity: Interviews (as applicable)
Resource/Readings: PPT Slides Assessment documentation
Activity: Work on Assessments |
|||
Week 16 |
Assessment 2 overview and workshop - final Resubmission and Feedback |
Reading: Lecture slides from Weeks review Activity: Assessment feedback and resubmits advice |
Assessment 2 Due end of Class (upload to canvas) |
Learning Resources
Prescribed Texts
References
Other Resources
You will need a laptop or another appropriate mobile device to participate in this course.
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- identify and evaluate at least three marketing opportunities.
In the course of the above, the candidate must:
- comply with organisational policies and procedures
- communicate and document potential of identified marketing opportunity to relevant stakeholders.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- key provisions of relevant legislation, codes of practice and national standards affecting marketing operations
- how to calculate the financial viability of marketing opportunities
- return on investment
- financial and marketing data
- organisational structure, products and services
- principles of marketing and marketing mix
- statistical methods and techniques to evaluate marketing opportunities, including forecasting techniques.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- legislation, regulations, standards and codes for marketing
- workplace marketing documentation and resources relevant to performance evidence.
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
In order to be deemed competent in this course the two assessment tasks must be successfully completed.
Assessment Task 1 – Market analysis and opportunity report (case study)
Date and time due: Week 12
Purpose:
The purpose of this case study is to develop the required skills and knowledge to collect statistical data and identify opportunities for the market in line with organisational requirements of products and/or services to the selected market (i.e. Identify new opportunities for the market)
This assessment task is one of two required to demonstrate competency in this course. For both assessments you will be looking at the industry-based case study, which will be provided and explained in class.
Assessment Task 2 – Organisational change document
Date and time due: Week 16
Purpose:
This assessment task is one of two required for students to demonstrate competency in this course. This assessment builds upon the knowledge and skills developed in assessment one. For both assessments students will be looking at the fashion industry and in particular the category of active/sportswear.
This individual assessment must evaluate required changes to students’ organisation to take advantage of the opportunity identified in Assessment Task 1.
Assessment Matrix
The assessment matrix that maps all the assessments is available on Canvas.
Other Information
Submission Requirements
You should:
• Ensure that you submit assessments on or before the due date via Canvas.
• 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 a footer with your name, student number, the title of the assessment, unit code and title and page numbers.
Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
Extension of Time. 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
Form to use is found in the section "How to apply."
Special Consideration. Where more 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
Resubmission (VE Programs)
If you are found to be Not Yet Competent in a course assessment task (or you do not submit the assessment tasks/attend the assessment) 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 in Canvas.
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.
More information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment
Marking Guide (Competency):
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.
- CA Competency Achieved
- NYC Not Yet Competent
- DNS Did Not Submit for assessment
Course Overview: Access Course Overview