Course Title: Identify and evaluate marketing opportunities
Part B: Course Detail
Teaching Period: Term1 2023
Course Code: MKTG6113C
Course Title: Identify and evaluate marketing opportunities
School: 525T Business & Enterprise
Campus: City Campus
Program: C5404 - Diploma of Marketing and Communication
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
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.
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
In the course the student will develop the skills to identify, interpret and take advantage of marketing opportunities by analyzing market data, distinguishing characteristics of possible markets and assessing the viability of changes to operations.
This course is largely face-to-face with workshop activities that need to be completed during class time. In some cases you will see some of the activities prior to the commencement of classes but in most cases you will need to attend to complete the required work for assessment purposes. Please review Canvas on going so that you can see specific current semester delivery details about the course.
Students will learn the skills required to research identify opportunities in chosen markets
Everything the student need to know about this course is located here. For example, your study notes, assessments, resources and weekly teaching schedule. It is in your best interest to regularly check here for any updates or important messages.
There are 2 assessments for this course.
Teaching Schedule
Week number |
Week beginning |
Topics |
Assessment |
Week 1 |
6th Feb |
Introduction to the course and |
|
Week 2 |
13th Feb |
Research data on organisation, industries and consumer for analysis |
|
Week 3 |
20th Feb |
Research data on organisation, industry and consumer for analysis and SWOT |
|
Week 4 |
27th Feb |
Qualitative tools for analysis and interpretation and PIT STOP 1 |
Pitstop 1 |
Week 5 |
6th Mar |
Introduction to statistics |
|
Week 6 |
13th Mar |
Marketing Statistics and forecasting |
Pitstop 2 |
Week 7 |
27th Mar |
Marketing Statistics using excel |
|
|
Week 8
|
3rd Apr |
In class assessment 1B
|
Pitstop 3 |
|
|
Mid-semester break (Friday to Friday, includes Easter) |
|
|
Week 9
|
17th Apr
|
Innovative and creative thinking in new opportunity development
|
Assessment Task 1.1 due |
|
Week 10
|
24th Apr |
Investigate new ideas and presentations
|
|
|
Week 11
|
1st May |
Evaluation of new opportunities and validation |
Pitstop 4 |
|
Week 12
|
8th May |
New product launch plan including forecasting |
|
Week 13 |
15th May |
Assessment overview and workshop |
Assessment Task 1.2 due |
Week 14 |
22nd May |
Impact of new opportunities on the organisation |
|
Week 15 |
29th May |
Assessment 3 workshop
|
|
Week 16 |
5th Jun |
Consultation (Presentations to the class teacher) |
Assessment Task 2 due |
Week 17 |
12th Jun |
Resubmits and consultations of assessments |
|
Week 17 |
18th Jun |
|
|
Learning Resources
Prescribed Texts
References
Other Resources
All resources will be available on Canvas
Overview of Assessment
Assessment Methods
Assessment methods have been designed to measure achievement of the requirements in a flexible manner over a range of assessment tasks, for example:
- direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
- review of final printed documents
- demonstration of techniques
- observation of presentations
- oral or written questioning to assess knowledge of software applications
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 are being met.
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.
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: Market Analysis and Opportunity Report
This assessment is one (1) of two (2) assessments to be completed in this cluster of units.
You are to demonstrate your analysis skills by analyzing trends and identifying possible marketing opportunities for an organisation. (ALL facts must be clearly referenced and at least 3 different sources of data used).
Choose an organisation that is active in Australia (i.e. An Australian organisation or one with an Australian subsidiary). Choose a medium sized company that participates in only a few categories.
You are required to come up with 3 new product/service concepts in new categories for this organisation. Based on interpreting trends and using qualitative and quantitative analysis
- You will then evaluate and validate each new concept and prioritise them.
- Clearly define the target market segments and the needs of each that your concepts will satisfy.
- This assessment will be completed in pairs.
For this assessment a document of approx. 2000 words is required, tables and charts should be used as appropriate.
This assessment is second (2) of two assessments to be completed in this cluster of units.
This assessment is based on the launch of your new product or service presented in Assessment Task 1. You are to document how your organisation needs to be modified due to the launch of this new product or service opportunity. This assessment requires research and analysis into your organisation and the industry the opportunity is entering.
Assessment Instructions
What
This individual assessment must evaluate required changes to your organisation to take advantage of the opportunity identified in Assessment Task 1.
Assessment 2: Organisation Change Report
This assessment is second (2) of two assessments to be completed in this cluster of units.
This assessment is based on the launch of your new product or service presented in Assessment Task 1. You are to document how your organisation needs to be modified due to the launch of this new product or service opportunity. This assessment requires research and analysis into your organisation and the industry the opportunity is entering.
Assessment Instructions
What
This individual assessment must evaluate required changes to your organisation to take advantage of the opportunity identified in Assessment Task 1.
The document completed for submission should be approx. 800 words in total.
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.
- 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)
Course Overview: Access Course Overview