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Evidence Guide: BSBMKG507 - Interpret market trends and developments

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBMKG507 - Interpret market trends and developments

What evidence can you provide to prove your understanding of each of the following citeria?

Interpret trends and market developments

  1. Use statistical analysis of market data to interpret market trends and developments
  2. Analyse market trends and developments for their potential impact on the business
  3. Use measures of central tendency or dispersion and correlations between sets of data for quantitative interpretation of comparative market data
  4. Perform qualitative analysis of comparative market information as a basis for reviewing business performance
  5. Analyse the market performance of existing and potential competitors and their products or services to identify potential opportunities or threats
Use statistical analysis of market data to interpret market trends and developments

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse market trends and developments for their potential impact on the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use measures of central tendency or dispersion and correlations between sets of data for quantitative interpretation of comparative market data

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Perform qualitative analysis of comparative market information as a basis for reviewing business performance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse the market performance of existing and potential competitors and their products or services to identify potential opportunities or threats

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse qualitative results

  1. Analyse performance data from all areas of the business to determine success of marketing activities
  2. Identify overperforming and underperforming products and services to be considered for redevelopment or withdrawal
  3. Forecast existing and emerging market needs based on information available using forecasting techniques
Analyse performance data from all areas of the business to determine success of marketing activities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify overperforming and underperforming products and services to be considered for redevelopment or withdrawal

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Forecast existing and emerging market needs based on information available using forecasting techniques

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report on market data

  1. Prepare, plot and interpret data for visual presentation
  2. Assess visual presentation for potential problems, and take any necessary corrective action
  3. Report on analysis of market data to meet organisational requirements in terms of content, format, level of detail and scheduling
Prepare, plot and interpret data for visual presentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess visual presentation for potential problems, and take any necessary corrective action

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report on analysis of market data to meet organisational requirements in terms of content, format, level of detail and scheduling

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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