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Learners’ Guide Diploma of Marketing and Communication (BSB52415) Unit: BSBMKG507 Interpret Market Trends and Developments E-Business Solutions BSB52415| BSBMKG507 Interpret Market Trends and Developments Learner’s Guide | V 3.0 | Jan 2018 Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J Approved by: QAC | Next Review: Dec 2018 Page 2 of 13 BSB52415 Diploma of Marketing and Communication BSBMKG507 Interpret Market Trends and Developments ASSESSMENT TASKS BSB52415| BSBMKG507 Interpret Market Trends and Developments Learner’s Guide | V 3.0 | Jan 2018 Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J Approved by: QAC | Next Review: Dec 2018 Page 3 of 13 Mode | Classroom Delivery BSBMKG507 Interpret Market Trends and Developments Supporting: BSB52415 Diploma of Marketing and Communication; May also support other qualifications based on respective packaging rules © Le-Sharma Pty Ltd, 2016 Copyright: Provided under license from Le-Sharma Pty Ltd. All rights reserved. This document and its contents are protected by Australian and International copyright laws. No part of this document may be reproduced or transmitted in any form or by any means, electronically or mechanically, including photography, scanning, recording or any information storage or retrieval system, without permission in writing from the copyright owner or from Le-Sharma Pty Ltd. Information and/or resources used from the Commonwealth, government agencies, training.gov.au, public domain information, or any other external sources do not constitute copyright and remain the property of the original authors/agencies. All the websites and external resources mentioned in this publication, including any information linked to or referred to public domain information, are copyrighted to their respective owners. Web links are used as examples for reference purpose only and may have changed since publication of this resource. Le-Sharma Pty Ltd or author does not claim endorse the views expressed by them. Le-Sharma Pty Ltd ACN: 613 011 475 BSB52415| BSBMKG507 Interpret Market Trends and Developments Learner’s Guide | V 3.0 | Jan 2018 Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J Approved by: QAC | Next Review: Dec 2018 Page 4 of 13 Unit of Competency : BSBMKG507 Interpret Market Trends and Developments Total Delivery Hours : TBA Schedule : TBA Cluster/Term : TBA 1. Introduction This assessment pack contains all the assessment tasks that need to be completed for this unit of competency. ALL the given tasks must be completed and submitted as per the instructions provided. Supporting information and guidelines are provided separately in the “Assessment Guide”, available from your trainer/assessor and online portal. 2. Unit Overview This unit describes the skills and knowledge required to conduct an analysis of market data in order to determine organisational and competitor business performance and to prepare market and business forecasts. The information assists in developing an organisation’s marketing plan and to determine the current or potential future success of marketing strategies. This unit applies to marketing professionals who use statistical techniques to analyse organisational and competitor marketing performance and to interpret new and emerging trends when forecasting future business needs. Detailed unit description, including performance criteria and competency evidence can be accessed online at; http://training.gov.au/Training/Details/BSBMKG507 View Unit Learning Outcomes On successful completion of this unit, the student/trainee will be able to; ▪ Interpret trends and market developments ▪ Analyse qualitative results ▪ Report on market data As well as demonstrating the performance criteria, to be assessed as competent, the student must demonstrate their ability to apply the required knowledge and skills in a range of situations. These are summarised in the unit description as provided in the link above. The students must familiarise themselves with all the competency requirements for this unit of competency and ensure that they have received all the relevant information and support, including assessment task and submission schedules, and any specific assessment requirements and conditions, from the trainer/assessor prior to undertaking these assessments. Unit Prerequisites There are no prerequisites for undertaking this unit of competency. http://training.gov.au/Training/Details/BSBMKG507 http://training.gov.au/Training/Details/BSBMKG507 http://training.gov.au/Training/Details/BSBMKG507 BSB52415| BSBMKG507 Interpret Market Trends and Developments Learner’s Guide | V 3.0 | Jan 2018 Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J Approved by: QAC | Next Review: Dec 2018 Page 5 of 13 3. Prescribed Text and Resources Suggested Learner Resources Jeffery M., 2010, Data-Driven Marketing: The 15 Metrics Everyone in Marketing Should Know (1st Ed.), Wiley Mazzocchi M., 2008, Statistics for Marketing and Consumer Research, Sage Publications Brase C. H., Brase C.P., 2008, Understanding Basic Statistics (5th Ed.), Brooks Cole Beall A.E., 2010, Strategic Market Research: A Guide to Conducting Research that Drives Businesses, iUniverse Star Other Online Resources UNECE: Making Data Meaningful http://www.unece.org/fileadmin/DAM/stats/documents/writing/MDM_Part2_English.pdf Techniques for Presenting Data: http://sixminutes.dlugan.com/six-simple-techniques-for-presenting-data-hans-rosling-ted-2006/ BSB52415| BSBMKG507 Interpret Market Trends and Developments Learner’s Guide | V 3.0 | Jan 2018 Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J Approved by: QAC | Next Review: Dec 2018 Page 6 of 13 4. Assessment Tasks The following summative assessments are planned for this unit; # Assessment Task/Activity Type Assessment Method 1 Review: Retail Industry Statistics Individual Written 2 Part A: Project: Myer Ltd: Interpret and Analyse Current Retail Market Trends Individual Written Part B: Myer Ltd: Prepare and Present Market Data Individual Written These assessment tasks/activities have been described in detail in the following section. Task schedule to be advised by trainer/assessor based on the lesson and session plans. BSB52415| BSBMKG507 Interpret Market Trends and Developments Learner’s Guide | V 3.0 | Jan 2018 Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J Approved by: QAC | Next Review: Dec 2018 Page 7 of 13 Assessment Task 1 Description: 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