Interpret market trends and developments

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BSBMKG507 – Interpret market trends and developments

Assessment 3

Interpret market trends and developments

This unit forms part of the following qualification(s):

10733NAT Diploma of entrepreneurship and innovation

Contents

Assessment 3 – Interpret market trends and developments                                                     3

Task 1 – Knowledge Questionnaire                                                                                           3

Task 2 – Report                                                                                                                           6

Task 3 – Presentation                                                                                                                10

 

Assessment 3 – Interpret market trends and developments

Please read the Assessment Overview for further instructions on how to complete this assessment.

 

Task 1 – Knowledge Questionnaire

This task is a written questionnaire with a mix of objective and subjective questions.

Refer to the learning material for this unit and undertake additional independent research if needed.

To complete this task satisfactorily, provide satisfactory answers to all questions in your own words, as instructed.

Question 1

Outline 4 internal and external sources of information relevant to forecasting market trends including:

  • business and strategic objectives
  • marketing and other business performance
  • comparative market information
  • changes in technology
  • demographic changes
  • social and cultural factors
  • economic trends
  • government activities and legislative changes
  • industry trends
  • supplier data

(30-50 words/source of information)

Source of informationOutline (30-50 words/source)
  
  
  
  

Question 2

Select and outline 4 legislative and regulatory contexts as they apply to marketing.

(30-50 words/legislative and regulatory context)

Legislative and regulatory contextOutline (30-50 words/context)
  
  
  
  

Question 3

Identify and outline the key features of 4 software applications that are commonly used in quantitative and qualitative analysis.

(30-50 words/software application)

Software applicationOutline (30-50 words/application)
  
  
  
  

Question 4

Outline the following statistical concepts, methods, techniques and reporting formats commonly used in marketing.

(30-50 words/each)

Statistical concepts, methods, techniques and reporting formatsOutline (30-50 words/each)
conversion rate of leads to sales 
measures of central tendency 
measures of dispersion 
nature and degree of relationship between variables 
net response rate 
normal distribution probability curve 
sampling 
speed of response curve 
recency or frequency grids 
lifetime value of customers 
net present value of customers 

Task 2 – Report

Develop a report to address the points illustrated in the Assessment Overview document.

Use the template provided below and follow the instructions.

  1. Organisation profile
  2. Profile the organisation, making sure you include the following information:
  3. the organisation’s products and/or services
  4. its current or proposed situation in the market
  5. its current or proposed marketing strategy
  6. an outline of internal and external sources of information that are relevant to the organisation’s business activities
  7. any legislation, regulations and codes of practice that apply to the marketing activities of the organisation.

(100-150 words)

Organisation name   
Organisation’s products and/or services     
Current or proposed situation in the market     
Current or proposed marketing strategy     
Outline of internal and external sources of information   
Legislation, regulations and codes of practice       
  • Based on your business idea research the following information:
  • A one (1) sentence description of the market or industry being entered
  • The annual revenue made by the industry
  • The percentage of the market your product/service  is looking to take

*If you are not working on your own idea you can skip this activity (b)

One (1) sentence description of the market or industry being entered     
The annual revenue made by the industry     
The percentage of the market your product/service  is looking to take     
  1. Market trends and developments
  1. Research and identify quantitative key market trends and developments (min.5) that are significant for and could impact (positively or negatively) the business. Outline each one of them. (50-100 words)
               
  • Consider the data that you have collected, use one of the following concepts or procedures – as well as any other methods of statistical analysis you may wish to use – to interpret a set of data of choice.

Briefly explain why you chose that method.

They may include:

  • measure of central tendency
  • measures of dispersion
  • nature and correlations between sets of data
  • net response rate
  • the normal distribution probability curve
  • time-series analysis
Set of data of choice: 
Analysis of choice: 
Reason for choice: 
Statistical Analysis:      

3. Perform qualitative analysis of comparative market information.

  1. Identify and review a range of external sources of information (such as books, artless, government websites, benchmarking studies etc..) about the market trends and developments. List at least two (2) sources and summarise the content of the research.

(100-150 words)

     
  • Organise a focus group with 3-4 classmates and ask them 5 questions about the product or service offered by the business.

Review the outcome of the focus group and discuss the organisation’s performance based on the analysis. How does the business performance compare to the market? If the use of X product is increasing in the market but not for the business, the business is not performing well.

Purpose of the focus group Main objectives of the focus group.   
Questions for the focus group Record the 5 questions for the focus group 
The outcome of the focus group’ What was the outcome of the focus group? Summarise. 
Review of organisational performance How is the business currently performing against the outcome of the focus group? 

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

  1. Perform an analysis of the competitive forces.
Competitive ForceAnalysis -SummaryEvaluation (high/medium/low)
Rival Sellers  
(Potential) New Entrants  
Substitute Products/Service  
Supplier Bargaining Power  
Customer Bargaining Power  
  • Perform a competitive analysis based on 3 competitive factors/dimensions for 2 existing or potential competitors against the business.
Competitive factor/dimension<The business> Score 1-5<Competitor 1> Score 1-5<Competitor 2> Score 1-5
    
    
    
  • Evaluate the competitive analysis to identify potential opportunities or threats. (2-3 opportunities and threats).
     

5. Analysis of qualitative results.

If you have been working on your business and choose to use the case study to complete Task 2.5 and 2.6, please mention it in your responses.

  1. Analyse performance data from the business to determine success of marketing activities.
Summary of analysis of performance data (50-100 words) 
Evaluation of success of marketing activities (30-50 words) 
  • Identify over-performing and under-performing products and services to be considered for redevelopment and withdrawal.
Under-performing product and/or services 
Over-performing product and/or services 
Recommended actions for under-performing products and/or services 

6. Forecast existing and emerging market needs based on available information of at least 2 sets of data (example: sales of and need for the product) and using one of the following techniques:

  • Straight-line method
  • Trend analysis method
  • Scenario planning
  • Surveys of intentions
  • Op down and bottom up forecasting
  • Delphi technique
  • Model building

Briefly explain your choice of method.

Set of data of choice: 
Analysis of choice: 
Reason for choice: 
Forecast:      

 

Task 3 – Presentation

Schedule a time with the trainer and assessor (facilitator) to present the report developed in Task 2.

The trainer and assessor will play the role of the founder of the company.

Prepare a PowerPoint presentation to include a visual presentation of the data and analysis recorded in the report.

When preparing the PowerPoint, assess the visual presentation for potential problems and note the necessary corrective actions. Discuss the proposed actions with the founder to obtain approval to implement them.

Submit the PowerPoint with your assessment.

Record the feedback received during the Role-Play:

     

Apply the feedback to your report, please note that the assessor will check that the above feedback has been applied to the report you submit in Task 1.