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BSBMKG507 Interpret market trends and developments
Assessment Task 1
1. Explain how each of the following internal and external sources of information can assist in forecasting market trends.
a. strategic and business objectives
For a Business to survive or grow, it must operate strategically and purposefully. Strategic business goals are specific objectives that can be quantified and measured. This is crucial, as non-measurable objectives have no practical meaning for the business.
b. marketing and other business performance
Over the years, academics and managers have been trying to knw and describe the function of marketing in explanation differences in business performance among the companies. This article uses the experience of strategic marketing and theoretical literature to synthesize the three main ideas of strategic management, in order to establish a comprehensive conceptual framework based on theory, to link marketing and business performance.
c. comparative market information
Comparable market analysis includes properties presently listed, particularly if same properties have not been sold recently. Neverthless, the listed price only indicates that the seller wishes to obtain the price of the property, and does not essentially reflect its actual value.
d. changes in technology
Technological development or Technological change is the overall procedure of invention, technology and process innovation and dissemination. Essentially, technological change also covers the invention of technology (including processes) or its commercialization as well as release in open source through R&D (production of the emerging technologies), constant improvement of the technology (in this case, they usually become cheaper ) And diffusion. The technology of the entire industry or the entire society (sometimes involving destruction and integration).
e. demographic changes
The population pyramid of the European Union shows that the birth rate in the first two decades after World War II was particularly high. Since the 1970s, demographers have observed unenthusiastic trends in the demographic structure of Europe.
f. social and cultural factors
When implementing and creating a company’s marketing strategy, cultural and social aspects must be considered. These are often linked together but rather different aspects have different effects on decisions of customers or purchasers.
g. economic trends
The overall direction of a country’s economic development. Most business managers need to understand the dominant direction of their product markets and economic trends in the countries/regions in which they operate in order to develop more accurate and effective plans for their companies
h. government activities and legislative changes
Government activities might influence the business market. For examples, if government launch laws like banned plastic straws. The market of selling plastic straws may affected and people may start using the paper. Thus, the paper straws market will getting large.
i. industry trends
Industry trend may include the quantity of sellers in same industries. If the sellers are increasing, the competition in same industries are getting stronger. Which means that you have to work another way to win your competitor. Thus, know the industry trend may help you in forecasting your market trend.
j. supplier data
Supplier data management is the foundation of efficient strategic procurement and is very helpful in reducing costs. High-quality supplier data allows associations to control or monitor their provider’s records, as improving or even optimizing relationships of supplier.
2. Define the purpose of the ACL and give example of the implications of the Act for marketers.
The ACL is a national law designed to protect customers and make sure fair transactions in Australia. ACL is the part of Competition and Consumer Act 2010 (the law). Advertising or sales methods have developed instantly. These practices are no longer only carried out throughout television or shops and traditional print media.
3. Explain why marketers should take into account the Privacy Act 1988 when marketing to individuals.
The "Privacy Act 1988" ("Privacy Act") was introduced to protect and promote personal confidentiality, as well as to control how Australian government departments and organizations with an yearly return of around 3 million Australian dollars and other organizations control private information.
4. Describe XLSTAT and two of its features
XLSTAT statistical analysis add-in provides a range of roles to increase the analysis functions of Excel, making it an ideal tool for daily data analysis or statistical needs.
feature:
Statistical Analysis
It’s an integral part of data analysis. In the context of BI, statistical analysis involves reviewing and collecting each information sample in a set of items, from which samples can be drawn.
Data Mining
It’s the procedure of analyzing the unknown patterns of information from different perspectives to classify it as useful data, which is assembled and collected in public areas (for example information warehouses) for effective analysis, information mining algorithms, and business promotion Decisions and other data ultimately cut costs moreover enhance revenue requirements.
5. Describe SPSS Statistics and two of its features.
SPSS is the software that is extremely used as a statistical analysis tool in field of social sciences, for example market research, survey, competitor analysis, etc.
Features of SPSS:
Easy to learn and use
SPSS contains many data management systems or editing tools
6. Outline the concept of the conversion rate of leads to sales.
The sales conversion rate metric measures how efficiently your sales team converts potential customers into innovative customers. This is a significant metric to keep your marketing and sales teams aligned, because both groups will use this metric to verify the quality of sales leads.
7. Explain why it’s significant to measure the conversion rate of leads to sales at several times.
The process of generating potential customers is the responsibility of marketing, and the team will participate in potential customer generation activities. For example, the marketing team will organize and implement conference sponsorship (usually coordinated with sales) to generate potential customers for sale.
8. Describe each of the measures of central tendency.
In statistics, the three general measures of the central trend are the mean, and median. Both these metrics uses a different technique to measure the location of center point.
Mean-The mean is the arithmetic mean, it may be the measure of central trend that you are familiar with.
Median-The median is the median value. It‘s the value that divides the data set in half. To find the median, sort the data to largest from smallest, or then find data points that have an equal number of values below or above it.
9. Explain why the normal distribution curve a helpful statistical concept.
It is the most significant possibility distribution in statistics as it is suitable for a lot of natural phenomena. Such as, height, BP, measurement error or IQ score follow a normal distribution.
10. Explain how to calculate the lifetime value of a customer.
To calculate the consumer lifetime value, you have to measure the average buy value, or then multiply that number by the average frequency ratio of purchase to determine the consumer value.
11. What do measures of dispersion show? Provide an example to illustrate your answer.
Diffusion measures (sometimes called dispersion measures) are used to explain variability in a population or sample. It’s often used in combination with measures of central tendency (for iinstance the median or mean) to provide overall description of a set of information.
12. Outline the Delphi technique.
The Delphi technique is a predictive process framework depends on the outcomes of several rounds of questionnaires sent to the expert group. Many rounds of questionnaires were sent to group of expert, as well as after the each round, unidentified responses were aggregated or shared with team.
13. Explain Chi-square testing.
When using crosstab, the chi-square statistic is most generally used to calculate independent tests. Cross-tabulation displays the distribution of the two category variables at same time, and the intersection of variable types appears in the table cells.
The calculation of the Chi-Square statistic is quite intuitive and straight-forward:
where fo = the observed frequency
and fe = the expected frequency if NO relationship existed between the variables
14. Outline the purpose of sampling.
A sample is a population subset under study, and the sample is selected for actual research. The function of the sampling research is to find a representative sample to ignore bias. Attempting to study the whole population is usually impractical as well as undesirable sometimes.
15. Explain probability and non-probability sampling.
Sampling in statistics takes two types: non-probability and probability sampling:
Probability sampling uses random sampling menthods to create samples.
Non-probability sampling methods use non-random procedures, such as the judgment of researchers and convenience sampling.
16. Define the term the net present value of a customer.
The customer's NPV is the nowadays value of all upcoming income minus today's cost of each future expenditures related to it. The key is that it takes into the account "discount rate" of "the fact that future cash is lesser than nowadays cash". Therefore, the future cash is discounted by approximately ℅ every year.
17. Outline the terms correlation & negative and positive correlation.
In the field of statistics, correlation explains the relationship among the two variables. If one change is followed by another change, the variables are related. Correlation shows whether the relationship is negative or positive, and how much stronger relationship is.
18. Explain the term causation.
Causality is the ability of one variable to influence another variable. The first variable may cause the second variable to exist or may cause the occurrence of the second variable to fluctuate. Causality is often confused with correlation, which indicates the degree to which two variables tend to increase or decrease in parallel.
19. Explain the concept of frequency in statistical analysis or the use of frequency charts.
In statistics, frequency is a number of occurrences of an event. FA is a significant field of statistics. It deals with number of analyzes or occurrences measures of the central tendency, percentiles and dispersion.
Assessment Task 2
Marketing Analysis Report
Introduction
Provide an overview of the business, including its business/strategic goals and its marketing and overall business performance.
King Edward VII College has been in working for 5 years. The college offers a series of courses on management, HR, marketing, and international business. Presently, there are about 500 registered students in all courses.
Information sources
Identify sources of information to use to help you in recognizing market trends or development for the business area in which the business works.
This will include information or data about:
Technological developments
As technology takes root in our daily lives, education has changed. The era of reading encyclopedias has passed. Information is at your fingertips and learning is everywhere. (Of course, despite this argument, technology has an adverse effect on students' learning progress due to digital interference and attention.
Demographic trends
In 2017, a predictable 4.2 million students enroll in VET through training institutions of Australia, accounting for almost a quarter of Australia's 15-64 year-old population. In contrast, in the same year, 1.6 million higher education students were admitted by AHE providers, while 3.8 million current students were admitted by Australia.
Among the VET students who recorded relevant data:
    53.0% were male
    3.9% recognized as Indigenous
    5.2% reported having a disability and
    4.5% were international students.
For family students, 65.7% live in main cities, 31.5% live in regional places, or 2.9% live in remote areas. The 2017 population data of the ABS shows that 72.8% of the population in the region lives in major cities, 26.2% in regional areas and 2.0% in remote areas.
The proportion of the program enrolments at every level Australian Quality Framework, 2017
    Australian Quality Framework level
    Proportion of program 
enrolments
    Level 1—Certificate I
    5.8%
    Level 2—Certificate II
    17.7%
    Level 3—Certificate III
    29.4%
    Level 4—Certificate IV
    13.4%
    Level 5—Diploma
    12.7%
    Level 6—Advanced Diploma/Associate Degree
    2.2%
    Level 7—Bachelor Degree (honours and pass)
    0.1%
    Level 8—Graduate Certificate/Graduate Diploma
    0.2%
    Other recognised and non-award courses
    18.5%.
Among the enrollment of these programs, most (75.0%) have national training package qualifications, while 10.9% have nationally recognized courses, 7.6% have locally recognized courses, 7.5% have national and local recognized skills, and remaining 0.1 % Has a higher stage of qualifications. For example, in Victoria, Melbourne Institute of Technology (also known as North Melbourne Vocational and Technical College) costs $19,200 for the Certificate III of the Aeronautical Skills (Mechanical) Electrical Parts Diploma Course (Qualified Skills is $4,750) for Southern Metropolis TAFE $3,683. Different course fees can reflect series of aspects. The Productivity Committee enumerated the differences between training-associated aspects (for instance class size, contact time, and teaching salary), jurisdiction factors (for instance student characteristics and class size), and policy factors (such as allowable fee levels). Charges) and construction and land costs, nevertheless it is not easy to compare these costs between providers.
Economic trends
The education system in Australia–from childhood learning to post-secondary schooling as well as life term learning–has long been a cornerstone of financial development and social development in this country. Education contributes to innovation, improves productivity, and directly affects the health, well-being, and social mobility of an individual. In equipping learners, the education system of school plays a crucial role to equip learners with the necessary abilities and expertise for their working lives. Future workforce demands are changing, so our education strategy has to adapt appropriately. Education has never been more essential in this evolving setting to ensure that learners have the ability set required to do well. Where curriculum of the college once concentrated on student provision with fundamental facts, legislation or assumptions, with a tiny proportion becoming researchers or technicians, all learners now need to be capable to discover alternatives to complicated social or environmental issues. This will involve learners to create higher thinking skills, SE, and capacity to work with various teams of individuals furthermore lifelong learning engagement.
    Education is now the third...