Course Title: Interpret market trends and developments

Part B: Course Detail

Teaching Period: Term2 2023

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

anna.osherov@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

In the course you will develop 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.


Teaching Schedule

Week number 

Week beginning 

Topic 

Assessments 

1

10th July

Introduction

·         Teacher, student introductions

·         Assessments and Feedback

·         Course overview

·         Assessment Tasks

·         Groups

·         Workshop

Brief all assessments and assessment overview 

2 

17th July

Introduction to research into market data and trends

·         Review sources of data and types of research

·         Trends and trend analysis

 

3 

24th 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 

31st 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:
  • Mean and measure of dispersions , conversion rate and response rate

  

5 

7th Aug

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

Introduction to Quantitative analysis including:

  • Nature and degree of relationship between variables
  • Correlation
  • Introduction to Quant analysis software
  • Excel

 

6 

14th Aug

In-class activity – forecasting and statistical definitions

  Assessment 1A

7 

21st Aug

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

  • Statistical analysis
  • Return on investment – ROI
  • Forecasting

 

8 

4th Sep

 Assessment 1 in-class test 

Assessment 1B 

 

 

9

 

 

11th Sep

 

 

Industry and market trends. Analyse market data to understand the impact on organisations and opportunities or threats 

Brief Assessment 2

10

 

18th Sep

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

 

 

11

 

25th Sep

Legal and ethical considerations in the context of marketing and PR

 

12

 

2nd Oct

Forecasting techniques

  • Impact of internal and external factors on forecasts
  • Using software to aid forecasting

In-class assessment activity

Assessment 2 due Sunday 

13

9th Oct
  • In-class collaborative review and amendments to forecasts.  Presentations

 

14

16th Oct

Any overflow presentations or students who missed out in week 13 (depending on class size)

Assessment 3 In class activity -

Due in Sunday midnight

15

23rd Oct

Assessment feedback and resubmits advice

 

16

30th Oct

Resubmits

 

17

6th Nov

Resubmits

 


Learning Resources

Prescribed Texts


References


Other Resources

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 1A

You are required to conduct research and analyse your findings in order to complete the four (4) questions provided.

To complete this assessment task you must have the ability to;

·         Statistical definition knowledge

·         Forecasting techniques, influences and resources.

Assessment 1B

The purpose of this assessment is for you to demonstrate your understanding of interpreting market trends, forecasting and Qualitative and Quantitative analysis.

You are required to use the provided excel spreadsheet and case study to answer the eight questions in this assessment. All responses are to be input into the CANVAS quiz.

Assessment 2
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. 

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.

Assessment 3

This assessment consists of two parts:

Part 1   Create and submit forecast document - Week 14 Sunday, 11:59pm

Part 2 In-class presentation and submission – Week 15

In this assessment you are to use trend analysis and forecasting techniques to develop a forecast for an organisation. Then you are required to report on this data to your group and present a final presentation to the class.
You will be provided with a case study including a word document (including information related to competitors) and a spreadsheet. 


Assessment Matrix

Available on Canvas

Other Information

Extension Application:

If you are prevented from submitting an assessment on time by circumstances outside of your control, you can apply for an extension (minimum of one business day before the assessment due date - i.e. if your assessment is due on Sunday, you must submit your request by Thursday of that week).

To apply, please complete and sign the extension form, ensuring you provide supporting documentation as evidence and send directly to ryan.gunasekera@rmit.edu.au. You will be notified of the outcome within one business day.

 

Special Consideration: 

Where an extension of greater than seven days is needed, you must apply for Special Consideration.

Course Overview: Access Course Overview