• BSBMKG507A - Interpret Market Trends And Developments

Assessor Resource

BSBMKG507A
Interpret Market Trends And Developments

Assessment tool

Version 1.0
Issue Date: March 2024


This unit applies to marketing professionals who use statistical techniques to analyse organisational and competitor marketing performance, and to interpret new and emerging trends when forecasting future business needs. Information gathered is used to assist in developing an organisation's marketing plan and to determine the current or potential future success of marketing strategies.

This unit describes the performance outcomes, 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 that assist in targeting marketing activities and in drawing up a marketing plan.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.




Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the following is essential:

applying a range of statistical techniques to analyse market trends and developments, current marketing performance and comparative market information

documenting analysis of market data including visual presentation of findings.

Context of and specific resources for assessment

Assessment must ensure:

access to office equipment and resources.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

analysis of responses to case studies and scenarios

assessment of written reports presenting findings of statistical analysis

demonstration of statistical and forecasting techniques in the workplace

direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate

observation of presentations

oral or written questioning

review of authenticated documents from the workplace or training environment

review of testimony from team members, colleagues, supervisors or managers.

Guidance information for assessment

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:

BSBMKG401B Profile the market

BSBMKG402B Analyse consumer behaviour for specific markets

BSBMKG501B Identify and evaluate marketing opportunities.


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

facilitation and presentation skills to present statistical findings

literacy skills to prepare reports containing complex ideas and concepts

numeracy skills to use a range of statistical analysis techniques and elementary probability.

Required knowledge

economic, social, and industry directions and trends

key provisions of relevant legislation from all forms of government, codes of practice and national standards that may affect aspects of business operations such as:

anti-discrimination legislation

consumer laws including appropriate state/territory legislation

ethical principles

marketing codes of practice and conduct such as the Australian Direct Marketing Association (ADMA) Direct Marketing Code of Practice

privacy laws

Trade Practices Act

software applications especially spreadsheets and statistical packages, and use of the internet

statistical methods and techniques, and reporting formats.

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Statistical analysis may include:

conversion rate of leads to sales

measures of central tendency particularly for such things as:

average order value

average response rate

measures of dispersion

nature and degree of relationship between variables

net response rate

normal distribution probability curve

sampling

time series analysis such as:

speed of response curve

recency or frequency grids

lifetime value of customers

net present value of customers

Data may include:

charts

curves

graphs

spreadsheets

Market trends and developments may include:

changes in technology

changes in supplier prices

demographic trends

ecological and environmental trends

economic trends (local, regional, national, international)

government activities e.g. interest rates, deregulation

industrial trends

penetration of new technologies

social and cultural factors

Measures of central tendency or dispersion and correlations may include:

cross-tabulations for grouped or ungrouped data

mean

median

mode

Z, T and chi square tests

Sets of data may include:

geodemographic segmentations available from proprietary suppliers such as:

ACORN

MOSAIC

PRIZM

segmentation by customer lists such as:

average order value by units or dollars

geography

lifetime value by units, dollars and transactions

recency and frequency or response/purchase

segmentation of the prospect list by:

demographic match with customers

geographic match with customers

psychographic match with customers

Comparative market information may include:

best practice information

books and articles, including:

academic

business

general

industry

brochures

direct mail packages

documentaries and interviews on broadcast media

inter-firm comparison data

international benchmarking

internet

public or proprietary research

speeches

Performance of existing and potential competitors may include:

comparisons about:

corporate share price

market share

number of customers

profitability

sales in units or dollars

Opportunities may include:

alliances

cooperative ventures

exports

extending, expanding or otherwise changing an existing business through:

increasing customer numbers

increasing average order value

increasing lifetime value of the customer

reducing costs of marketing

improving current products/services

developing new distribution channels

franchising

joint ventures

new products or services for existing markets

new products or services for new markets

potential for greater penetration of existing markets with existing products or services

strategic alliances

Threats may include:

new competitor entering the market

new products or services being launched by existing competitors

increased number of inactive customers resulting in reduced average lifetime

reduced average order value resulting in reduced average lifetime value

Forecasting techniques may include:

Delphi techniques

model building

projection

scenario planning

surveys of intentions

top-down forecasting bottom-up forecasting

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Use statistical analysis of market data to interpret market trends and developments 
Analyse market trends and developments for their potential impact on the business 
Use measures of central tendency or dispersion and correlations between sets of data for quantitative interpretation of comparative market data 
Perform qualitative analysis of comparative market information as a basis for reviewing business performance 
Analyse the market performance of existing and potential competitors and their products or services, to identify potential opportunities or threats 
Analyse performance data from all areas of the business to determine success of marketing activities 
Identify over-performing and under-performing products and services to be considered for redevelopment or withdrawal 
Forecast existing and emerging market needs based on information available using forecasting techniques 
Prepare, plot and interpret data for visual presentation 
Assess visual presentation for potential problems, and take any necessary corrective action 
Report on analysis of market data to meet organisational requirements in terms of content, format, level of detail and scheduling 

Forms

Assessment Cover Sheet

BSBMKG507A - Interpret Market Trends And Developments
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

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Assessment Record Sheet

BSBMKG507A - Interpret Market Trends And Developments

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: