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Evidence Guide: BSBMKG512A - Forecast international market and business needs

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!

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BSBMKG512A - Forecast international market and business needs

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

Collect market intelligence

  1. Gather and document market intelligence through networking activities and participation in activities such as trade fairs, conferences, and/or professional development activities
  2. Identify and access further sources of market intelligence
  3. Evaluate commercial services providing market intelligence for value-for-money and quality of market intelligence, and access as required
  4. Collate and analyse market for relevance and applicability to the organisation's international business activity and undertake an evaluation of marketing performance
Gather and document market intelligence through networking activities and participation in activities such as trade fairs, conferences, and/or professional development activities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and access further sources of market intelligence

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate commercial services providing market intelligence for value-for-money and quality of market intelligence, and access as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collate and analyse market for relevance and applicability to the organisation's international business activity and undertake an evaluation of marketing performance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review current business performance and capability

  1. Confirm core activities, customer base, business values and current business direction
  2. Identify current international marketing performance and effectiveness of past international marketing or positioning
  3. Review performance data from all areas of the business to identify strengths, weaknesses and critical success factors relevant to international business activity
  4. Identify and assess current capabilities and resources to identify areas for improvement or exploitation within international markets
  5. Identify under-performing products or services within international markets for re-development or withdrawal
  6. Confirm the strength and current competitive position of the business within international markets
Confirm core activities, customer base, business values and current business direction

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify current international marketing performance and effectiveness of past international marketing or positioning

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review performance data from all areas of the business to identify strengths, weaknesses and critical success factors relevant to international business activity

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and assess current capabilities and resources to identify areas for improvement or exploitation within international markets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify under-performing products or services within international markets for re-development or withdrawal

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm the strength and current competitive position of the business within international markets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate the specific market

  1. Identify and analyse trends and developments having an impact on international business activity for their potential impact on the business
  2. Gather and analyse comparative international market information as a basis for reviewing business performance
  3. Analyse the market performance internationally of existing and potential competitors and their products or services to identify potential opportunities or threats within international business markets
  4. Identify and tap sources of intelligence for advance warning of new products, services, technology or new international markets for the business
  5. Identify and analyse the legal, ethical and environmental constraints of the international market for their effect on international business activity
Identify and analyse trends and developments having an impact on international business activity for their potential impact on the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Gather and analyse comparative international market information as a basis for reviewing business performance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse the market performance internationally of existing and potential competitors and their products or services to identify potential opportunities or threats within international business markets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and tap sources of intelligence for advance warning of new products, services, technology or new international markets for the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and analyse the legal, ethical and environmental constraints of the international market for their effect on international business activity

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document how business can meet current and emerging needs of the target market

  1. Identify, analyse and document poor/under-servicing of existing international market needs by the organisation and/or its competitors
  2. Identify changes in international markets that link positively to the organisation's strengths or capabilities
  3. Consider the advantages and disadvantages of forecasting techniques in relation to the required outcome, and select technique/s in accordance with organisational requirements
  4. Forecast and justify emerging international market needs in terms of available information
  5. Identify the needs of the business in terms of changes required to improve performance or to address an international market opportunity
Identify, analyse and document poor/under-servicing of existing international market needs by the organisation and/or its competitors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify changes in international markets that link positively to the organisation's strengths or capabilities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consider the advantages and disadvantages of forecasting techniques in relation to the required outcome, and select technique/s in accordance with organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Forecast and justify emerging international market needs in terms of available information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the needs of the business in terms of changes required to improve performance or to address an international market opportunity

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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:

undertaking of analysis to forecast international market and business needs, including:

collection of market intelligence

review of current business performance and capability

evaluation of specific international markets

written report of how the business can meet current and emerging needs of targeted international markets

knowledge of market analysis tools.

Context of and specific resources for assessment

Assessment must ensure:

access to an actual workplace or simulated environment

access to office equipment and resources

access to relevant information sources

access to workplace documents.

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:

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

review of performance data from all areas of the business

analysis of responses to case studies and scenarios

observation of techniques used to gather market intelligence

oral or written questioning to assess knowledge of sources of external and internal information on international markets

analysis of trends and developments having an impact on international business activity in terms of their potential impact on the business

assessment of forecast of emerging international market needs.

Guidance information for assessment

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

international business units

other marketing units.

Required Skills and Knowledge

Required skills

analytical skills to evaluate current business performance

culturally appropriate communication skills to relate to people from diverse backgrounds and people with diverse abilities

evaluation and assessment skills to gather and analyse international market and business requirements when creating market forecasts

forecasting skills

literacy skills to write reports with complex ideas and concepts

market analysis skills

technology skills to use a range of software to create forecasts.

Required knowledge

cultural, historical, political, economic and general knowledge of international events that may have an impact on international business activity

market analysis tools

identification and overview knowledge of key provisions of relevant legislation from all levels of government that affects business operations, codes of practice and national standards, such as:

occupational health and safety

privacy

Trade Practices Act

World Trade Organisation determinations

software programs and electronic media available to conduct forecasting

sources of external and internal information on international markets

range of products or services marketed by business in international settings.

Range Statement

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.

Sources may include:

business advisory services

commercial sources of market intelligence provided by specialists and consultants

databases

financial institutions

information from Austrade and state/territory government agencies, chambers of commerce

internet

new networking opportunities

official statistics

peers

professional/trade associations and publications

Evaluation may include:

comparative analysis

competitive analysis

life cycle models

product portfolio analysis

strengths-weaknesses-opportunities-threats (SWOT) analysis

value chain analysis

Marketing may include:

business-to-business marketing

direct marketing

e-business

ideas marketing

marketing of goods

public sector marketing

services marketing

telemarketing

Performance data may include:

accidents

complaints

coverage

faults

penetration

production time and cost

profitability

sales

share

warranties

Areas of the business may include:

finance

marketing

overseas representatives or branches of the organisation

personnel

production

Capabilities and resources may include:

situational factors such as:

24-hour operation

age and life of business equipment

capacity of equipment relative to current output

communications

competence of staff relative to business needs

human and financial resources

industrial relations climate

level of technology

location/position

transport distribution channels

intangibles such as:

brand

'feel good' factor

image

perceived quality or value

service

social acceptability

style

Trends and developments may include:

changes in technology

demographic trends

ecological/environmental trends

economic trends (local, regional, national, international)

government activities e.g. interest rates, deregulation

industrial trends

political events (wars, internal conflicts, forthcoming elections)

social and cultural factors

Comparative international market information may include:

benchmarking against Australian performance

best practice information

inter-firm comparison data

international benchmarking

Opportunities may include:

consideration of applications and costings for trademarks, patents and standards accreditation

cooperative ventures

extending, expanding or otherwise changing an existing business

franchising

joint ventures

new products or services for existing markets

new products or services for new international settings or within other regions of existing international settings

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

strategic alliances

Legal, ethical and environmental constraints may include:

Australian, international and local context of legal and ethical obligations

codes of practice

cultural expectations and influences

ethical principles

legislation

policies and guidelines

regulations

social responsibilities such as protection of children, environmental issues

societal expectations

Forecasting techniques may include:

bottom-up forecasting

Delphi techniques

model building

projection

scenario planning

surveys of intentions

top-down forecasting