Course Title: Interpret market trends and developments

Part A: Course Overview

Program: C5400 Diploma of Business (Public Relations)

Course Title: Interpret market trends and developments

Portfolio: Vocational Education

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.

Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

MKTG7932C

City Campus

TAFE

525T Business & Enterprise

Face-to-Face or Internet

 Term1 2022,
Term2 2022,
Term1 2023,
Term2 2023,
Term1 2024

MKTG7932C

City Campus

TAFE

650T Vocational Business Education

Face-to-Face or Internet

 Term2 2021

Course Contact: Nick Reynolds

Course Contact Phone: +61 3 9925 0791

Course Contact Email: nick.reynolds@rmit.edu.au



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. 

This unit applies to marketing including public relations professionals who use statistical techniques to analyse organisational and competitor marketing performance and to interpret new and emerging trends when forecasting future business needs.


Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

BSBMKG507 Interpret market trends and developments

Elements:

1. Interpret trends and market developments

2. Analyse qualitative results

3. Report on market data

Learning Outcomes

On successful completion of this course you will have developed and applied the skills and knowledge required to demonstrate competency in the interpretation of market trends and development for use in public relations decision making.

This course is structured to provide students with the optimum learning experience in order to demonstrate the skills and knowledge required to:

  • Interpret trends and market developments
  • Analyse qualitative results
  • Report on market data.


Overview of Assessment

Assessment Methods

A range of assessment methods will be used to assess practical skills and knowledge. The following assessment methods will be used specifically to assess your interpretation of market trends:

  • Project management
  • Written reports supported by practical assignments or tasks for individual assessment
  • Observation of workplace practice supported by personal interviews
  • Practical display with personal interview, presentations or documentation
  • Case studies

You will be assessed on the criteria below:

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 need
  • 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

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 received and use this information to improve your learning outcomes and final performance in the course are being met.

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.

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.