National Code/Title BSBMKG507 Interpret market trends and developments
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Instructions to the Candidates
? This assessment is to be completed according to the instructions given below in this document.
? Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge. You will be entitled to one (1) resubmit in showing your competence with this unit.
? If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
? Please refer to the College re-submission and re-sit policy for more information.
? If you have questions and other concerns that may affect your performance in the Assessment, please inform the assessor immediately.
? Please read the Case Study carefully then complete all Tasks.
? To be deemed competent for this unit you must achieve a satisfactory result with tasks of this Case Study along with a satisfactory result for the other two assessments.
? This is an Open book assessment which you will do in your own time but complete in the time designated by your assessor. Remember, that it must be your own work and if you use other sources then you must reference these appropriately.
? This Report will need to be approximately 1000 words
? This is Individual Assessments. Once you have completed the assessment, please provide the Hard copy of the Assessments to your Trainer/ Assessor.
? Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark of Zero..
ASSESSMENT-1(Research & Report Writing)
Market trends and 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/Instructions
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 or Find the case study that has been given in Appendix-1
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
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.
Assessor will provide further instructions in class room on completing assessment tasks which will clearly outline all requirements in more detail and simplistic way according to your understanding level. You may also request your trainer for additional information and may seek help with summarising of all instructions.
Submission 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.
Appendix-01
WeCare Pharmacy scenario and sales data
Scenario: WeCare Pharmacy
WeCare is a local pharmacy located in a busy shopping centre in a developing community. WeCare has been established for many years, watching the area grow. The company is constantly looking for innovative ideas to provide improved service and to increase sales performance.
WeCare stocks and provides the usual products and services you would expect to find in a pharmacy and they pride themselves on exceptional customer service. They have now opened a weight loss centre within the store as well as offering the services of a beautician.
The organisation has invested in a loyalty program, which provides customers with a loyalty card that can be used when they make a purchase. This is recorded at the register. When the customer has spent $150.00 a $15.00 voucher is automatically issued. They have a database of 15,360 customers.
WeCare distributes a bi-monthly catalogue detailing current specials and offers. These are distributed to households within a radius of 5km of the store.
Loyal customers often receive special offers individually posted to them, with good value promotions for facials and massages at a special rate, which need to be redeemed within a short timeframe.
The famous VIP shopping evening is a well-known annual event, held in early December. Customers are usually lined up to get into the store over the three hours of the event, For this event, WeCare offers 25% off all merchandise. Cosmetics, perfume and gift packs are extremely popular purchases. An in-store gift wrapping service is available and prizes are drawn throughout the evening. Customers need to present their loyalty card at the register when making their purchases.
WeCare are looking to launch a website and utilise the internet to reach existing customers and to increase the performance of the organisation further. The company is also open to innovative ideas to help stay abreast with market trends and developments to ensure the viability and longevity of the business.
WeCare has recently hired you as a Marketing Manager to help develop and implement new and innovative marketing strategies.
Sales data: WeCare Pharmacy
Beginning with a few simple figures, the table below lists WeCare’s monthly sales in 2016. The annual turnover for WeCare in 2016 was $1,267,000.
Monthly Sales $ Monthly Orders Monthly Customer Count
Jan 95,000 2,000 3,020
Feb 85,000 1,950 2,360
Mar 88,000 2,100 2,860
Apr 89,000 1,980 2,350
May 83,000 1,850 2,600
Jun 90,000 2,200 2,950
Jul 95,000 2,100 2,840
Aug 90,000 1,960 2,530
Sep 95,000 1,800 2,340
Oct 122,000 2,100 2,780
Nov 155,000 2,250 2,950
Dec 180,000 2,750 3,500
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