Course Title: Interpret market trends and developments
Part B: Course Detail
Teaching Period: Term2 2022
Course Code: MKTG7932C
Course Title: Interpret market trends and developments
School: 525T Business & Enterprise
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
Anna Osherov
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
Week number |
Week beginning |
Topic |
Assessments |
1 |
July 4 |
Introduction · Teacher, student introductions · Assessments and Feedback · Course overview · Assessment Tasks · Groups · Workshop |
Brief all assessments and assessment overview |
2 |
July 11 |
Introduction to research into market data and trends · Review sources of data and types of research · Trends and trend analysis |
|
3 |
July 18 |
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 |
July 25 |
Interpret trends using Qualitative tools for analysis of data.
|
|
5 |
August 1 |
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 |
August 8 |
• In class activity – forecasting and statistical definitions |
Assessment 1A |
7 |
August 15 |
Analysis of data - Statistical data analysis and introduction to forecasting. Using software for analysis • Statistical analysis • Return on investment – ROI • Forecasting |
|
8 |
August 22 |
Assessment 1 in class test |
Assessment 1B |
| Mid-Semester Break 29 August - 4 September | |||
9 |
September 5 |
Industry and market trends. Analyse market data to understand impact on organisations and opportunities or threats |
Brief Assessment 2 |
10 |
September 12 |
Marketing and PR trends. Analyse market data to understand impact on organisations and opportunities or threats |
|
11 |
September 19 |
Legal an ethical consideration in the context of marketing and PR |
|
12 |
September 26 |
Assessment overview and workshop |
Assessment 2 due Sunday |
13 |
October 3 |
Forecasting techniques
|
Assessment 3 In class activity - Due in Sunday midnight |
14 |
October 10 |
In class collaborative review and amendments to forecasts. Presentations |
Assessment 3 In class Presentations |
15 |
October 17 |
Any overflow presentations or students who missed out in week 14 (depending on class size) |
Assessment 3 In class (if required due to class size) |
16 |
October 24 |
Assessment feedback and resubmits advice |
|
17 |
October 31 |
Resubmits |
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 Activity and Quiz
Date and time due : Week #6 Activity #8 Quiz (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 actvitiy in Week 6 and closed book excel test in Week 8.
Key Topics covered:
- Statistical definitions
- 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)
- Correlation
- Other statistical measures and definitions
Assessment 2 Task - Market analysis report
Date and time due: Week #12 Sunday Midnight
Group or Individual: Assessment 2 this is an individually assessed report (Individual)
Purpose: This is assessment task two (2) of three (3) that you need to compete in this course. You must be satisfactory in all assessments to be deemed competent for this course.
The purpose of this assessment is to allow you to demonstrate your ability to prepare a market analysis report through researching and evaluating an Australian or an Australian subsidiary company. This assessment provides you with the opportunity to enhance your understanding with interpreting trends and the importance of qualitative and quantitative analysis.
Requirements:
For this assessment task you 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.
(ALL facts must be clearly referenced and at least 3 different sources of data used).
Assessment 3 Task - Forecast and Presentation
Date and time due: Week #13 individual forecast Week #14/15 Group collaboration and presentations.
Group or Individual: Individual and group components.
Purpose: The purpose of this assessment is to allow you to apply your 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 (Week 13 in class)
Part 2 – Group collaboration session and Presentation (Week 14/15 in class)
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, 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.
Part 2 will be prepared and presented 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 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:
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