Course Title: Interpret market trends and developments

Part B: Course Detail

Teaching Period: Term2 2021

Course Code: MKTG7932C

Course Title: Interpret market trends and developments

School: 650T Vocational Business Education

Campus: City Campus

Program: C5400 - Diploma of Business (Public Relations)

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. 

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.

 


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


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.


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

Weekly Schedule 

MKTG7932C    Interpret Market Trends and Developments

Semester 2 2021

Week number 

Week beginning 

Topic 

Assessments 

1

5th July

Introduction

·         Teacher, student introductions

·         Assessments and Feedback

·         Course overview

·         Assessment Tasks

·         Groups

·         Workshop

Brief all assessments and assessment overview 

2

12th July

Introduction to research into market data and trends

·         Review sources of data and types of research

·         Trends and trend analysis


3

19th July 

Research of market data and trends and organisational data

·         Continue with sources of data for Qual and Quant analysis

·         Introduction to some Qual analysis tools including

·         SWOT,

  

4

26th July

Interpret trends using Qualitative tools for analysis of data.

·         Introduction to some Qual analysis tools including

·         PFF and PESTLE

·         Introduction to Quantitive analysis including:

o    Mean and measure of dispersions , conversion rate and response rate

  

5

2nd August

Analysis of data - Performance analysis Statistical marketing analysis. Statistical analysis continued

•       Introduction to Quantitive analysis including:

•       Nature and degree of relationship between variables

•       Correlation

•       Introduction to Quant analysis software

•       Excel


6

9th August

•       In class activity – forecasting and statistical definitions

  Assessment 1A

7

16th August

Analysis of data - Statistical data analysis and introduction to forecasting. Using software for analysis

•       Statistical analysis

•       Return on investment – ROI

•       Forecasting


8

23rd August

 Assessment 1 in class test 

Assessment 1B 

Mid Semester Break 30th August - 5th September

9

6th September

Marketing and PR trends. Analyse market data to understand impact on organisations and opportunities or threats 

 Brief Assessment 2

10

13th September

Legal an ethical consideration in the context of marketing and PR



11

20th September

Assessment overview and workshop

Assessment 2 due Sunday 

12

27th September

Reporting on data – for visual presentation

Brief assessment 3 

13

4th October

Forecasting techniques

·         Options

·         Using software to help

Best practice discussions

Assessment 3 Due in Sunday midnight 

14

11th October

In class collaborative review and amendments to forecasts.  Presentations

Assessment 3 In class 

15

18th October

Any overflow presentations or students who missed out in week 14 (depending on class size)

Assessment 3 In class 

16

25th October

Assessment feedback and resubmits advice

Assessment 3 In class (if required due to class size) 

17

1st November

Resubmits/represents


Learning Resources

Prescribed Texts


References


Other Resources

All resources will be available on Canvas


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.

 


Assessment Tasks

Assessment 1 Task -  Forecast and Statistics Test 

Date and time due         : Week #8 (normal class time)     

Purpose: The purpose of this assessment is for students to firstly demonstrate their understanding of interpreting market trends and forecasting. The assessment also allows students to understand the ability and use of quantitative and qualitative analysis tools. 

Requirements: Students will complete an in class test.  This is a closed book assessment; however, we will have completed similar questions in class. Key Topics covered: 

  • Market research (primary vs secondary and sampling) 
  • SWOT 
  • Measures of central tendencies 
  • Measures of dispersion 
  • ROI  
  • Interpreting data in tables. 
  • Forecasting (internal and external factors that impact) 
  • Porters, PESTLE – what are they used for? 
  • Correlation 
  • Other statistical measures and definitions 


Assessment 2 Task - Market analysis report

Date and time due:        Week #13

Group or Individual:      Assessment 2 this is an individually assessed report (Individual)

Purpose: The purpose of this assessment is to allow students to demonstrate their ability to prepare a market analysis report through researching and evaluating an Australian or an Australian subsidiary company. This assessment provides students the opportunity to enhance their understanding with interpreting trends and the importance of qualitative and quantitative analysis.  

Requirements: For this assessment task students are to:  

  • Choose an Australian or an Australian subsidiary company  
  • You are required to prepare a market analysis report for one of the main categories/industries they participate in. To do this you will research and interpret trends using qualitative and quantitative analysis 
  • For this assessment a document of approx. 1500 words is required, tables and charts should be used as appropriate. 


Assessment 3 Task - Forecast Presentation

Date and time due:        Week #15

Group or Individual:      Assessment 3 this is an group assessed presentation                    

Purpose: The purpose of this assessment is to allow students to apply their knowledge in trend analysis and forecasting techniques to develop a forecast for an organisation.  

Requirements: This assessment consists of two parts:  

Part 1 – Individual Forecast  

Part 2 – Group Presentation  
 

In this assessment students are to use trend analysis and forecasting techniques to develop a forecast for an organisation. Then they are required to report on this data to their group and present a final presentation to the class. 

Students will be provided with a case study including a word document (including information related to competitors) and a spreadsheet.  

Please note for Part 1, it is to be submitted as a word document or a PDF. The forecast charts prepared using excel are to be integrated in the word document. DO NOT submit an excel spreadsheet. 


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 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.
Re-submissions
Successful re-submissions will contribute a CA only (Competency Achieved) result to your overall grade for the course.
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): 
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. 

Final Grades table:


CA Competency Achieved  NYC Not Yet Competent DNS Did Not Submit for assessment
Further information regarding the application of the grading criteria will be provided by your teacher

Course Overview: Access Course Overview