BSBMKG507 Interpret Market Trends and Developments Assessment Tasks # Assessment Task/Activity 1 Review: Retail Industry Statistics 2 Part A: Project: Myer Ltd: Interpret and Analyse Current Retail...

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BSBMKG507 Interpret Market Trends and Developments Assessment Tasks # Assessment Task/Activity 1 Review: Retail Industry Statistics 2 Part A: Project: Myer Ltd: Interpret and Analyse Current Retail Market Trends Part B: Myer Ltd: Prepare and Present Market Data Assessment Task 1: Assessment Task Review: Retail Industry Statistics Description: Note to Trainer/Assessors: This task analyses the Retail Trade. However, the task can be modified, varied and further statistical exercises may be developed using other ABS data. Variations to assessment task must be reported using the Assessment Feedback Form. Assessment tools will accordingly be updated. The latest ABS Retail Trade figures show that Australian retail turnover fell 0.8% in July 2012, seasonally adjusted, following a rise of 1.2% in June 2012 (ABS, 2012). The largest contributor to the fall was department stores (-10.2%), followed by other retailing (-2.8%) and clothing, footwear and personal accessory retailing (-0.9%). These falls were partially offset by rises in household goods retailing (2.4%), cafes, restaurants and takeaway food services (0.3%) and food retailing (0.1%). The large fall in department stores follows a strong rise in the previous month. However, department stores remain the weakest performing industry over the longer term (down 0.5% in trend terms). The strongest performing industry over the longer term is cafes, restaurants and takeaway food services (up 0.8% in trend terms) (ABS, 2012). Using the Retail Trade Report from Australian Bureau of Statistics (ABS: 85010.0), analyse the current trends in the retail industry and compute some of the statistics as below; · A summary of trends across Australia in July 2012 · A brief analysis of each retain industry included in the report · Calculate arithmetic mean, median and mode of department stores original turnover in 2011 and 2012 · Compute standard deviation of the mean and show in a graphical format · Calculate variance in the turnover trend (%) for department stores in 2012 · Analyse the top industry group performance in each of the states · Analyse which state is the top performer across all the industry sectors You may access other reports and statistics from ABS to complete your analyses. All external sources must be cited using the Harvard Referencing System. Written notes and analyses must be work processed and graphs and charts produced using a spreadsheet application. Assessment Criteria The following assessment criteria will be used for marking this assessment task. Ensure that you have addressed all of the criteria in your work. · Obtained and used appropriate statistics on the topic/industry as required · Referred to the correct data sets within the report for analyses · Summarised the current trends across the country within the sector based on the analyses · Current trends are represented in figure or % turnover as appropriate · Trend summary is developed in own words and understanding · Computed measures of central tendency (mean, median and mode) using the given data set · Calculated and plotted standard deviation for department store turnover in both 2011 and 2012 · Graphs are appropriately labelled and coded to illustrate the data · Calculated variance in turnover trend in 2011 for department stores using the correct formula · Analysed top performing industry groups in each states · Conducted a comparative analysis between states and between industry groups to determine states that are top performing across all or most industry groups in order of performance · Used tables, graphs and/or charts to illustrate the analyses where needed · Data is clear, distinguishable and appropriately labelled for identification · Completed the task within a designated assessment session in presence of an assessor Submission Guidelines Submit: · Completed tasks – Word processed or spreadsheets · Copies of graphs and charts This assessment task must be completed in a designated session in presence of a trainer/assessor. Assessment Task 2: Part A: Project: Myer Ltd: Interpret and Analyse Current Retail Market Trends Assessment Task Project: Myer Ltd: Interpret and Analyse Current Retail Market Trends Description: ABS Retail Trade figures show that Australian retail turnover rose 0.5% in July 2011, seasonally adjusted, following a fall of 0.1% the previous month (ABS, 2012). Turnover rose in Food retailing (0.8%), Other retailing (1.9%), Cafes, restaurants and takeaway food services (1.1%) and Department stores (1.2%). Turnover was relatively unchanged in Household goods retailing (0.0%). Turnover fell in Clothing, footwear and personal accessory retailing (-4.2%). Turnover rose in New South Wales (1.0%), Victoria (0.3%), Western Australia (0.7%), South Australia (0.8%), Tasmania (0.8%), Northern Territory (0.8%) and the Australian Capital Territory (0.1%). Turnover fell in Queensland (-0.2%) (ABS, 2012). Myer is Australia’s largest department store group. Myer employs approximately 14,000 people and operates 67 stores across Australia with a turnover in excess of $3 billion annually, and has plans to grow to 80 stores across Australia (Myer, 2012). Business recovery period post the Global Financial Crisis, 2011 proved to be another challenging year for the company and the company is looking forward to planning ahead for 2012. In this assessment task, you will assume the role of a Market Researcher, part of the marketing team at Myer. In 2012, Myer will be implementing a large part of its store expansion plan and needs to understand the current market trends to appropriately plan the store and the merchandise. You have been given the responsibility of analysing the sector/industry performance Australia wide using the Retail Trade Reports from Australian Bureau of Statistics (ABS: 85010.0: 2011) and analyse the trends to enable the company make business decisions. A useful resource for this task would be a 2011 productivity commission report, Economic Structure and Performance of the Australian Retail Industry, available at: https://www.pc.gov.au/inquiries/completed/retail-industry/report You may use the data/analysis completed in Assessment Task1 as a trend for 2012 where appropriate. A 2011 annual report is also provided for your reference to identify areas of under or over performance. You may also conduct some online research on changing industry dynamics. Using the annual report, ABS reports, and online research, complete the following tasks; 1. Analyse changing demographic trends in major capital cities across all the states 2. Analyse changes in technology 3. Analyse changes in consumer buying habits and preferences 4. Analyse economic trends (2011) 5. Analyse social and culture factors affecting the retail industry 6. Summarise retail industry trend analysis (2011) 7. Calculate measures of central tendency (Mean, median and mode) of consumer spending per household in 2011 8. Calculate standard deviation in household spending 9. Calculate measures of central tendency (Mean, median and mode) of consumer spending on online purchases 2011 10. Calculate standard deviation in online purchasing 11. Among the highest online spenders in or state, calculate a Z-test to calculate how far the sample mean is to the population mean. Your analysis should be contained within a report-style document written in a formal style appropriate for corporate audiences. All external sources must be cited using the Harvard Referencing System. Written notes and analyses must be work processed and graphs and charts produced using a spreadsheet application. Assessment Criteria The following assessment criteria will be used for marking this assessment task. Ensure that you have addressed all of the criteria in your work. · Conducted secondary qualitative analysis on changing industry environment and demographic trends in major capital cities across all the states · Analysed changes in technology, online retail in particular, based on secondary data analysis · Analysed changes in consumer buying preferences and habits based on relevant statistics, media commentary and public domain reports · Researched and articulated the social and cultural factors impacting the retail industry in the current environment · Qualitative analyses are within the scope of the task and draw from a range of sources for articulation of issues · Depth of analyses demonstrate an understanding of industry dynamics and use of primary and secondary data in marketing research and analysis · Obtained and used appropriate statistics on the topic/industry as required · Referred to the correct data sets within the report for analyses · Summarised the current economic trends across the country using ABS data sets · Summarised the current trends across the country within the sector based on the analyses · Trend summary is developed in own words and understanding · Computed measures of central tendency (mean, median and mode) using the relevant data set · Calculated and plotted standard deviations in household spending and online purchasing in 2011 · Used tables, graphs and/or charts to illustrate the analyses where needed · Calculated the Z-score to determine the distance of highest spenders of online shopping to the overall population mean · All external sources are cited using the Harvard Referencing System · Analysis report is written in a formal style and structure appropriate for corporate audiences Submission Guidelines Submit: · Completed analysis – Word processed or spreadsheets · Copies of graphs and charts · Copies of other statistics or reports used in the analysis BSBMKG507 Interpret Market Trends and Developments Assessment Tasks pg. 2 Assessment Task 2: Part B: Myer Ltd: Prepare and Present Market Data Assessment Task Myer Ltd: Prepare and Present Market Data Description: This assessment task is continuation of Assessment Task 2, Part A. You had completed an analysis of industry trends for Myer Ltd in the previous tasks. These analyses play an important role in making business decisions based on under and over performing areas. Continuing in your same role as a Market Researcher, part of the marketing team at Myer, use the data developed in the previous assessment task, Myer’s annual report (2011) and complete the following; 1. Describe the target market segment for marketing activities based on demographic and psychographic matches 2. Conduct a competitor analysis (e.g. David Jones) on a state to state basis using public domain information (media reports, annual reports etc.) 3. Make recommendations on which areas the company should focus on for the future growth 4. Make recommendations on which areas the company should review for redevelopment or withdrawal 5. Recommend an appropriate forecasting tool and methodology that the company can use to forecast future trends Once you have completed your analyses and recommendations, summarise and present your data to the class audience, assuming they are your target corporate audience. Your presentation should focus on presentation of market data and outcomes of your analyses using appropriate text, graphs and charts as needed. The presentation should be short, succinct, clear, and structured for the ease of the audiences. Your analysis and report should be contained within a report-style document written in a formal style appropriate for corporate audiences. All external sources must be cited using the Harvard Referencing System. Written notes and analyses must be work processed and graphs and charts produced using a spreadsheet application. Assessment Criteria The following assessment criteria will be used for marking this assessment task. Ensure that you have addressed all of the criteria in your work. · Used the qualitative and statistical analyses to form the required recommendations · Identified and described company’s market segments based on demographic and psychographic matches, including lifestyle · Analysed company’s annual financial data and report