Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

BSBMKG507 Mapping and Delivery Guide
Interpret market trends and developments

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency BSBMKG507 - Interpret market trends and developments
Description
Employability Skills
Learning Outcomes and Application 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. The information assists in developing an organisation’s marketing plan and to determine the current or potential future success of marketing strategies.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.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Interpret trends and market developments
  • 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
       
Element: Analyse qualitative results
  • Analyse performance data from all areas of the business to determine success of marketing activities
  • Identify overperforming and underperforming products and services to be considered for redevelopment or withdrawal
  • Forecast existing and emerging market needs based on information available using forecasting techniques
       
Element: Report on market data
  • 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
       


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Interpret trends and market developments

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

2. Analyse qualitative results

2.1 Analyse performance data from all areas of the business to determine success of marketing activities

2.2 Identify overperforming and underperforming 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

3. Report on market data

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

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Interpret trends and market developments

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

2. Analyse qualitative results

2.1 Analyse performance data from all areas of the business to determine success of marketing activities

2.2 Identify overperforming and underperforming 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

3. Report on market data

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

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 overperforming and underperforming 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

BSBMKG507 - 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:

Signature:

Date:

Assessment Record Sheet

BSBMKG507 - 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: