Unit of competency details

BSBMKG403A - Analyse market data (Release 1)

Summary

Releases:
ReleaseStatusRelease date
1 1 (this release)Current 17/Aug/2001

Usage recommendation:
Superseded

Training packages that include this unit

Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 010103 Statistics  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 010103 Statistics  17/Aug/2001 
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Modification History

Not applicable.

Unit Descriptor

This unit covers analysis of market data to assist in targeting marketing activities and drawing up a marketing plan.

This unit is related to BSBMKG301A Research the market. Consider co-assessment with BSBMKG401A Profile the market, BSBMKG402A Analyse consumer behaviour for specific markets, and BSBMKG404A Forecast market and business needs.

This unit covers analysis of market data to assist in targeting marketing activities and drawing up a marketing plan.

This unit is related to BSBMKG301A Research the market. Consider co-assessment with BSBMKG401A Profile the market, BSBMKG402A Analyse consumer behaviour for specific markets, and BSBMKG404A Forecast market and business needs.

Application of the Unit

Not applicable.

Licensing/Regulatory Information

Not applicable.

Pre-Requisites

Not applicable.

Employability Skills Information

Not applicable.

Elements and Performance Criteria Pre-Content

Not applicable.

Elements and Performance Criteria

Elements and Performance Criteria 

Element 

Performance Criteria 

1

Interpret trends and market developments

1.1

Statistical analysis of market data is used to interpret market trends and developments

1.2

Trends and developments are analysed for their potential impact on the business

1.3

Measures of central tendency / dispersion and correlations between sets of data are used for quantitative interpretation of comparative market data

1.4

Qualitative analysis of comparative market information is performed as a basis for reviewing business performance

2

Interpret competitor market performance

2.1

The market performance of existing and potential competitors and their products or services is analysed to identify potential opportunities or threats

2.2

Business performance is compared to that of competitors to identify market position

3

Report on market data

3.1

Data is prepared, plotted and interpreted for visual presentation

3.2

Visual presentation is assessed for potential problems, and corrective action taken if necessary

3.3

Report meets organisational requirements in terms of content, format and level of detail

3.4

Report is submitted within the required timeframe

Required Skills and Knowledge

Not applicable.

Evidence Guide

The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for this unit. This is an integral part of the assessment of competency and should be read in conjunction with the Range Statement.

Critical Aspects of Evidence 

Integrated demonstration of all elements of competency and their performance criteria

Reasons for conclusions drawn from interpretation of data

Knowledge of statistical techniques and elementary probability concepts

Underpinning Knowledge *

* At this level the learner must demonstrate understanding of a broad knowledge base incorporating some theoretical concepts.

Relevant legislation from all levels of government that affects business operation, especially in regard to Occupational Health and Safety and environmental issues, equal opportunity, industrial relations and anti-discrimination

Organisation's business structure, products and services

Sources of market and comparative data

Business competitors

Statistical reporting format/s

Computing especially spreadsheets, statistical packages and Internet

Underpinning Skills 

Literacy skills to identify sources of information, to write reports and to interpret information

Communication including questioning, clarifying, reporting

Numeracy skills for basic statistical techniques and elementary probability

Research skills

Ability to relate to people from a range of social, cultural and ethnic backgrounds and physical and mental abilities

Resource Implications 

The learner and trainer should have access to appropriate documentation and resources normally used in the workplace

Consistency of Performance 

In order to achieve consistency of performance, evidence should be collected over a set period of time which is sufficient to include dealings with an appropriate range and variety of situations

Context /s of Assessment 

Competency is demonstrated by performance of all stated criteria, including paying particular attention to the critical aspects and the knowledge and skills elaborated in the Evidence Guide, and within the scope as defined by the Range Statement

Assessment must take account of the endorsed assessment guidelines in the Business Services Training Package

Assessment of performance requirements in this unit should be undertaken in an actual workplace or simulated environment

Assessment should reinforce the integration of the key competencies and the business services common competencies for the particular AQF level. Refer to the Key Competency Levels at the end of this unit

KEY COMPETENCY LEVELS 

Collecting , analysing and organising information  (Level 2)- to interpret market information

Communicating ideas and information  (Level 2)- on the interpretation of data in report format

Planning and organising activities  (Level 2)- to source comparative data

Working with teams and others  (Level 1)- to collect and analyse information

Using mathematical ideas and techniques  (Level 1)- for statistical and probability calculations

Solving problems  (Level 2)- to analyse and correct visual presentations

Using technology  (Level 1)- to record and analyse data if required

The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for this unit. This is an integral part of the assessment of competency and should be read in conjunction with the Range Statement.

Critical Aspects of Evidence 

Integrated demonstration of all elements of competency and their performance criteria

Reasons for conclusions drawn from interpretation of data

Knowledge of statistical techniques and elementary probability concepts

Underpinning Knowledge *

* At this level the learner must demonstrate understanding of a broad knowledge base incorporating some theoretical concepts.

Relevant legislation from all levels of government that affects business operation, especially in regard to Occupational Health and Safety and environmental issues, equal opportunity, industrial relations and anti-discrimination

Organisation's business structure, products and services

Sources of market and comparative data

Business competitors

Statistical reporting format/s

Computing especially spreadsheets, statistical packages and Internet

Underpinning Skills 

Literacy skills to identify sources of information, to write reports and to interpret information

Communication including questioning, clarifying, reporting

Numeracy skills for basic statistical techniques and elementary probability

Research skills

Ability to relate to people from a range of social, cultural and ethnic backgrounds and physical and mental abilities

Resource Implications 

The learner and trainer should have access to appropriate documentation and resources normally used in the workplace

Consistency of Performance 

In order to achieve consistency of performance, evidence should be collected over a set period of time which is sufficient to include dealings with an appropriate range and variety of situations

Context /s of Assessment 

Competency is demonstrated by performance of all stated criteria, including paying particular attention to the critical aspects and the knowledge and skills elaborated in the Evidence Guide, and within the scope as defined by the Range Statement

Assessment must take account of the endorsed assessment guidelines in the Business Services Training Package

Assessment of performance requirements in this unit should be undertaken in an actual workplace or simulated environment

Assessment should reinforce the integration of the key competencies and the business services common competencies for the particular AQF level. Refer to the Key Competency Levels at the end of this unit

KEY COMPETENCY LEVELS 

Collecting , analysing and organising information  (Level 2)- to interpret market information

Communicating ideas and information  (Level 2)- on the interpretation of data in report format

Planning and organising activities  (Level 2)- to source comparative data

Working with teams and others  (Level 1)- to collect and analyse information

Using mathematical ideas and techniques  (Level 1)- for statistical and probability calculations

Solving problems  (Level 2)- to analyse and correct visual presentations

Using technology  (Level 1)- to record and analyse data if required

Range Statement

The Range Statement provides advice to interpret the scope and context of this unit of competency, allowing for differences between enterprises and workplaces. It relates to the unit as a whole and facilitates holistic assessment. The following variables may be present for this particular unit:

Legislation , codes and national standards relevant to the workplace which may include :

award and enterprise agreements and relevant industrial instruments

relevant legislation from all levels of government that affects business operation, especially in regard to Occupational Health and Safety and environmental issues, equal opportunity, industrial relations and anti-discrimination

relevant industry codes of practice

Trends and developments may include :

economic trends (local, regional, national, international)

ecological/environmental trends

Government activities eg interest rates, deregulation

social and cultural factors

demographic trends

changes in technology

industrial trends

Statistical analysis may include :

sampling

measures of central tendency

measures of dispersion

nature and degree of relationship between variables

time series analysis

normal distribution probability curve

Measures of central tendency and correlations may include :

mean

median

mode

for grouped or ungrouped data

cross-tabulations

Z, T and chi square tests

Comparative market information may include :

best practice information

international benchmarking

inter-firm comparison data

Opportunities may include :

potential for greater penetration of existing markets with existing products or services

new products or services for existing markets

new products or services for new markets

extending, expanding or otherwise changing an existing business

joint ventures

cooperative ventures

strategic alliances

franchising

exports

Legal and ethical constraints may include :

legislation, eg Trade Practices Act

regulations

codes of practice

ethical principles

policies and guidelines

society's expectations

cultural expectations and influences

social responsibilities eg protection of children, environmental issues

The Range Statement provides advice to interpret the scope and context of this unit of competency, allowing for differences between enterprises and workplaces. It relates to the unit as a whole and facilitates holistic assessment. The following variables may be present for this particular unit:

Legislation , codes and national standards relevant to the workplace which may include :

award and enterprise agreements and relevant industrial instruments

relevant legislation from all levels of government that affects business operation, especially in regard to Occupational Health and Safety and environmental issues, equal opportunity, industrial relations and anti-discrimination

relevant industry codes of practice

Trends and developments may include :

economic trends (local, regional, national, international)

ecological/environmental trends

Government activities eg interest rates, deregulation

social and cultural factors

demographic trends

changes in technology

industrial trends

Statistical analysis may include :

sampling

measures of central tendency

measures of dispersion

nature and degree of relationship between variables

time series analysis

normal distribution probability curve

Measures of central tendency and correlations may include :

mean

median

mode

for grouped or ungrouped data

cross-tabulations

Z, T and chi square tests

Comparative market information may include :

best practice information

international benchmarking

inter-firm comparison data

Opportunities may include :

potential for greater penetration of existing markets with existing products or services

new products or services for existing markets

new products or services for new markets

extending, expanding or otherwise changing an existing business

joint ventures

cooperative ventures

strategic alliances

franchising

exports

Legal and ethical constraints may include :

legislation, eg Trade Practices Act

regulations

codes of practice

ethical principles

policies and guidelines

society's expectations

cultural expectations and influences

social responsibilities eg protection of children, environmental issues

Unit Sector(s)

Not applicable.

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