ABN 94 134 836 454 - RTO Provider 91707 - CRICOS Code 03208D Level 4, 56-58 York Street, Sydney NSW 2000 Australia Tel: +61 2 92794949 Email: [email protected] Web: www.georgebrown.nsw.edu.au Assessment Interpret market trends and development BSBMKG507 Student Name Student ID Term Year Class Trainer Name Result NYC C I declare that all work completed in this assessment is my own. Student Signature Date Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 2 of 18 Contents Assessment Guidelines .................................................................................................................... 3 Assessment Schedule ...................................................................................................................... 4 Task 1: Draft Report – Market Trends and Development ............................................................... 5 Task 2: Draft Report – Analyse Performance Data.......................................................................... 8 Task 3: Final market analysis Report and Presentation ................................................................ 10 Elements and Performance Criteria .............................................................................................. 12 Assessment methods and tasks .................................................................................................... 13 Assessment mapping summary ..................................................................................................... 14 Record of Assessment Outcome ................................................................................................... 16 References / recommended resources ......................................................................................... 17 Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 3 of 18 Assessment Guidelines Assessment You are advised to commence work on your assessment from week 1 and must be submitted by the due date. 1. All assessment tasks must be completed and handed in to your trainer for marking. You also need to submit a soft copy of your assessments through the email: [email protected] for records purposes only 2. Please read all instructions before starting each assessment. 3. Where you are required to submit documentation for an assessment, it must be attached to your assessment booklet. 4. Your trainer will not be able to assist you in answering questions. However, your trainer will address any issues concerning questions requiring further explanation. 5. You may refer to your student learner guide/student resources or any other relevant resource when completing your assessment. Do not quote directly from the notes. You should answer questions in your own words, except where it asks you to quote. 6. You have access to computers which are equipped with Microsoft suite of products and printing facility is available at nominal cost Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 4 of 18 Assessment Schedule Week Tasks to complete Learner Sign off Trainer Sign off / Date Comments Week 1 Task 1 Project Work Week 2 Task 1 Written Report Week 3 Task 2 Project work Week 4 Task 2 Written Report Week 5 Task 3 Project Work Week 6 Task 3 Written Report, Presentation Comments/feedback to participant Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 5 of 18 Task 1: Draft Report – Market Trends and Development Performance objective You must demonstrate the ability, knowledge and skills required to interpret trends and market developments. Assessment description You will write a draft report on an organisation for which you can access sufficient marketing data. You will use the same organisation for Assessment Task 2, so make sure you have access to a marketing plan and market data for this organisation. The organisation may be one you work for, one with which you are familiar, or another as negotiated with the facilitator. The draft report should identify trends and market developments and their potential impacts on the business, review comparative business performance and identify any potential opportunities and threats to the organisation’s market share. The draft report you create for this Assessment Task will be added to in Assessment Task 2. You will then perform more analysis and submit a final report in Assessment Task 3. Procedure 1. Select an organisation for which you can access to a marketing plan and market data. a. The organisation may be one with which you are familiar, your own workplace, or another as negotiated with your assessor. b. You will need to contact your assessor to discuss your selected organisation. If you think you may not have access to the sufficient data, your assessor will be able to provide additional information required to complete the task. 2. Profile the organisation, making sure you include the following information: a. the organisation’s products and/or services b. its current situation in the market Assessment Task 1 Draft report – Market trends and developments Assessment Task 2 Update draft report, including qualitative data analysis Assessment Task 3 Final market analysis report and presentation Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 6 of 18 c. its current marketing strategy d. an outline of internal and external sources of information that is relevant to the organisation’s business activities e. any legislation, regulations and codes of practice that apply to the marketing activities of the organisation. 3. Select or gather appropriate data for the completion of steps 4 to 7. 4. Perform quantitative analysis of: a. market data to identify market trends and developments b. market trends to identify their potential impact on the business c. sets of data to interpret comparative market data As part of your analysis, you must include the use of at least three of the following concepts or procedures – as well as any other methods of statistical analysis you may wish to use – and briefly explain your choices: a. central tendency b. measures of dispersion c. correlations between sets of data d. z-test, t-test, chi-square significance tests e. time series analysis. 5. Perform qualitative analysis of comparative market information. Review and discuss the organisation’s performance based on your analysis. 6. Analyse the market performance of existing and potential competitors and their products or services, to identify potential opportunities or threats to the organisation. 7. Prepare, plot and interpret the data for visual presentation. Select and use tools that are appropriate, for example, Excel or similar. 8. Write a draft report that includes your organisational profile (step 2) and the findings on trends and market developments. The report should meet conventional standards for business report writing in terms of content, format and level of detail. 9. Submit the required documents for assessment as per the specifications below. Be sure to keep a copy for your records. Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 7 of 18 Specifications You must submit: ● a written draft report. Your assessor will be looking for: ● visual presentation of relevant data ● reading skills to research, evaluate, analyse and interpret market information from a range of sources ● writing skills to prepare reports containing complex ideas and concepts ● numeracy skills to: ○ collect, organise and analyse data to draw conclusions ○ use specialised statistical analysis techniques ● technology skills to enter and analyse data and to visually present information ● knowledge of: ○ internal and external sources of information relevant to market trends ○ the legislative and regulatory context of the organisation as it applies to marketing. Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 8 of 18 Task 2: Draft Report – Analyse Performance Data Performance objective You must demonstrate the ability, knowledge and skills required to prepare an analysis of qualitative results to identify the success of marketing activities Assessment description Using the same organisation selected for Assessment Task 1, you will draft a report in which you analyse qualitative data to: ● determine the success of marketing activities ● identify over- and under-performing products and services to be considered for redevelopment or withdrawal ● use forecasting techniques to identify existing and emerging market needs. The draft report you create for this Assessment Task should complement the analysis undertaken in Assessment Task 1. You will then perform more analysis and present a final report in Assessment Task 3. Procedure 1. Review the marketing plan strategies and objectives of your selected organisation. 2. Gather and analyse performance data from all areas of the business to determine the success (or otherwise) of marketing activities. 3. Discuss the performance of products and list over-performing and under-performing products and services. Using the data available, recommend redevelopment or withdrawal of any over-performing and under-performing products where appropriate. 4. Utilise forecasting techniques to analyse the market data to identify existing and emerging market needs. Forecasting techniques may include: a. Delphi techniques b. model building Assessment Task 1 Draft report – Market trends and developments Assessment Task 2 Update draft report, including qualitative data analysis Assessment Task 3 Final market analysis report and presentation Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 9 of 18 c. projection d. scenario planning e. surveys of intentions f. top-down or bottom-up forecasting 5. Document your qualitative analysis from steps 1–4 in your draft report from Assessment Task 1. 6. Submit the required documents for assessment as per the specifications below. Be sure to keep a copy for your records. Specifications You must submit: ● a second draft of your report with additional content added as per the procedure. Your assessor will be looking for: ● visual presentation of relevant data ● reading skills to research, evaluate, analyse and interpret market information from a range of sources ● writing skills to prepare reports containing complex ideas and concepts ● numeracy skills to: ○ collect, organise and analyse data to draw conclusions and forecast trends and probability ○ use specialised statistical analysis techniques ● technology skills to enter and analyse data and to visually present information ● knowledge of internal and external sources of information relevant to market trends. Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 10 of 18 Task 3: Final market analysis Report and Presentation Performance objective In this assessment task, you will need to demonstrate your ability to communicate market and performance data to a range of audiences and with a range of methods. Assessment description You will review and finalise your report (developed throughout Assessment Tasks 1 and 2) on market trends and business performance in response to feedback from your assessor. You will then deliver an informal presentation to a small group. Procedure Part A 1. Contact you assessor by email, phone or in person to request feedback on your draft report from Assessment Task 2. 2. Based on your assessor’s feedback, review your draft report from Assessment Task 2 and make any required changes, paying particular attention to the visual presentation of the report and the data analysis. 3. Add an appendix to you report that identifies software applications that are commonly used in quantitative and qualitative analysis and outline their key features. Part B 1. Prepare to present your main findings in an informal presentation, suitable to a team meeting. Your presentation should not be longer than ten minutes. Include some visual graphics to support your analysis and findings (e.g. charts and graphs presented in a slideshow). Your presentation will need to cover: a. an overview of market trends and developments b. an overview of the organisation’s current performance c. a forecast of emerging market needs. Assessment Task 1 Draft report – Market trends and developments Assessment Task 2 Update draft report, including qualitative data analysis Assessment Task 3 Final market analysis report and presentation Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 11 of 18 2. Arrange a time with your assessor to deliver your presentation. 3. Deliver your presentation, ensuring that you match your tone and style of delivery to the audience and context (team meeting). 4. Submit the required documents for assessment as per the specifications below. Be sure to keep a copy for your records. Specifications You must submit: ● a final report that includes: ○ modifications required by the assessor ○ an additional appendix ● notes, handouts or supporting documents from your presentation. Your assessor will be looking for: ● writing skills to prepare reports containing complex ideas and concepts ● oral communication skills to present information to an audience using appropriate register and vocabulary ● communication skills to draw on a range of communication practices – visual, oral and writing – to present findings ● technology skills to enter and analyse data and to visually present information ● knowledge of: ○ internal and external sources of information relevant to market trends ○ software applications that are commonly used in quantitative and qualitative analysis and their key features. Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 12 of 18 Elements and Performance Criteria 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 over-performing and under-performing 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 Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 13 of 18 Assessment methods and tasks Methods of assessment Through consultation with industry, the following assessment methods have been deemed appropriate for this unit. Project work Written report Presentation Assessment Task 3 Write and present a final report covering the market analysis of an organisation with which learners are familiar, for example, their own workplaces, or another as negotiated with the facilitator. Learners are to analyse the organisation’s market performance and look at its future. The analysis should contextualise the report’s discussions in terms of economic and industry trends, legislation, codes of practice and any national standards that would affect the organisation. ● The report shall be presented to the group. Project work Written report Assessment Task 1 Write a draft report on an organisation for which learners can access sufficient market data. The report should address: trends and market developments, potential impacts on the business, review comparative business performance and identify any potential opportunities and threats. Assessment Task 2 Write a draft report on an organisation for which learners can access a marketing plan and market data. The report should analyse qualitative results incorporating all areas of the business to: ● determine the success of the marketing activities ● identify over-performing and under-performing products and services to be considered for redevelopment or withdrawal ● use forecasting techniques to identify existing and emerging market needs. Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 14 of 18 Assessment mapping summary Assessment Task Description Assessment number Assessment method/s Elements/ PCs* Performance evidence** Knowledge evidence*** Draft report – Market trends and developments Write a draft report on an organisation for which learners can access sufficient market data. The draft report should address: trends and market developments, potential impacts on the business, review comparative business performance and identify any potential opportunities and threats. 1 Project work, written report 1.1, 1.2, 1.3, 1.4, 1.5, 3.1, 3.3 1, 3 1, 2, , 4 Draft report – Analyse performance data Write a report on an organisation for which learners can access a marketing plan and market data. The draft report should analyse qualitative results incorporating all areas of the business to: ● determine the success of the marketing activities ● identify over-performing and under-performing products and services to be considered for redevelopment or withdrawal ● use forecasting techniques to identify existing and emerging market needs. 2 Project work, written report 2.1, 2.2, 2.3, 3.1, 3.3 2, 3 1 Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 15 of 18 Assessment Task Description Assessment number Assessment method/s Elements/ PCs* Performance evidence** Knowledge evidence*** Final market analysis report and presentation Write and present a final report detailing the market analysis of an organisation with which learners are familiar, for example, their own workplaces, or another as negotiated with the facilitator. Learners are to analyse the organisation’s market performance and look at its future. The report shall be presented to the group. 3 Project work, written report, presentation 3.1, 3.2, 3.3 3 1, 3, 4, * Elements and Performance Criteria are numbered using the Unit of Competency numbering system. ** Obtain number from previous table ‘Performance Evidence’ *** Obtain number from previous table ‘Knowledge Evidence’ Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 16 of 18 Record of Assessment Outcome Student Name Student ID Date Student Signature Assessment Number Assessment Type Satisfactory Date Yes No TASK 1 TASK 2 TASK 3 Comments: _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ _______________________________________________________________________________________ I have been provided with feedback on the evidence I have provided. I have been informed of the assessment result and the reasons for the decision. Student Signature: _______________________________________________________ The student has been provided with feedback and informed of the assessment result and the reasons for the decision Assessor Name/Signature: _______________________________Date: ___________ Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 17 of 18 References / recommended resources Interpret Market Trends and Development – BSBMGT507, 2015, 1st Edition, Version 1, Innovation and Business Industry Skills Council Ltd Australia, East Melbourne, VIC, Australia Printed resources ● Dickman, G., 2001. Business statistics, 2nd edn, Nelson Thomson Learning, Melbourne. ● Kotler, P., Adam, S., Denize, S. and Armstrong, G., 2011, Principles of Marketing, 5th edition, Pearson Education Australia, Frenchs Forest. ● Perreault, W., Cannon, J. and McCarthy, E., 2013, Basic Marketing; A Marketing Strategy Planning Approach, 19th edn, McGraw-Hill/Irwin. ● Russell, E., 2010, The Fundamentals of Marketing, AVA Publishing, Lausanne. ● Tong, E. and Taylor, D., 2004, Understanding Marketing Research, Pearson Education Australia, Frenchs Forest. Online resources ● Association for Data-driven Marketing & Advertising, ‘Code of Practice’, ADMA, viewed November 2014, . ● Australian Human Rights Commission, ‘A guide to Australia’s anti-discrimination laws’, viewed November 2014, . ● businessballs.com, ‘pest market analysis tool’, viewed November 2014, . ● Frazier, M., 2010, ‘How P&G Brought the Diaper Revolution to China’, CBS Moneywatch, viewed November 2014,. ● Information Technology Services Marketing Association (ITSMA), viewed November 2014, . ● International Trade Administration, 2012, ‘Market research’, Export.gov, viewed November 2014, . ● Internet Brands, Inc., ‘Market Research’, Small Business Notes, viewed November 2014, . ● MARKeTEST, 2008, ‘Market research report: Bio Store’, Market research reports – Organic/fair trade, viewed November 2014, . ● MarketResearch.com, viewed November 2014, . Interpret market trends and developments – BSBMKG507 Innovation and Business Industry Skills Council Ltd, 1st Edition Version 1, 2015 Page 18 of 18 ● Mason, N., 2006, ‘Forecasting Techniques, Part 1: Quantitative Methods’, Clickz, viewed November 2014, . ● Monash University, ‘Marketing Dictionary’, Monash University Business and Economics, viewed November 2014, . ● Office of the Australian Information Commissioner, ‘About privacy’, OAIC, viewed November 2014, . ● QuickMBA, ‘Dispersion’, Statistics, viewed November 2014, . ● QuickMBA, 2012, ‘Marketing Research’, Marketing, viewed November 2014, . ● StatSoft, Inc., 2013, ‘Compare Distribution Tables’, Electronic Statistics Textbook, viewed November 2014, . ● StatSoft, Inc., 2013, ‘Getting Started with Statistics Concepts’, Electronic Statistics Textbook, viewed November 2014, . ● Strategic Marketing Outsourcing Pty Ltd, 2006, ‘Market trends analysis necessary on ongoing basis’, Ferret, viewed November 2014, . ● University of New England, 2000, ‘Measures of central tendency’, Webstat, viewed November 2014, .