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Unit of competency details

BSBMKG507 - Interpret market trends and developments (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBMKG507A - Interpret Market Trends And DevelopmentsUpdated to meet Standards for Training Packages 24/Mar/2015
Is superseded by and equivalent to BSBMKG543 - Plan and interpret market research 18/Oct/2020

Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015

Companion volumes:
Unit of competency Assessment requirements

Delivery:
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Training packages that include this unit

CodeSort Table listing Training packages that include this unit by the Code columnTitleSort Table listing Training packages that include this unit by the Title columnRelease
FBP - Food, Beverage and PharmaceuticalFood, Beverage and Pharmaceutical 1.0-5.2 
SIS10 - Sport, Fitness and Recreation Training PackageSport, Fitness and Recreation Training Package 3.1 
CPP07 - Property Services Training PackageProperty Services Training Package 14.4-15.0 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 2.0-4.1 
CPP - Property Services Training PackageProperty Services Training Package 8.0-16.1 
MST - Textiles, Clothing and FootwearTextiles, Clothing and Footwear 1.0-4.2 
SIS - Sport, Fitness and Recreation Training PackageSport, Fitness and Recreation Training Package 4.0-5.2 
BSB - Business Services Training PackageBusiness Services Training Package 1.0-6.1 

Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnUsage RecommendationRelease
MST60119 - Advanced Diploma of Applied Fashion Design and MerchandisingAdvanced Diploma of Applied Fashion Design and MerchandisingSuperseded1-4 
MST60116 - Advanced Diploma of Applied Fashion Design and MerchandisingAdvanced Diploma of Applied Fashion Design and MerchandisingSuperseded1-2 
CUA60213 - Advanced Diploma of Live Production and Management ServicesAdvanced Diploma of Live Production and Management ServicesSuperseded2-4 
FBP30617 - Certificate III in Food Processing (Sales)Certificate III in Food Processing (Sales)Superseded1 
CPP40507 - Certificate IV in Property Services (Business Broking)Certificate IV in Property Services (Business Broking)Superseded2 
BSB50115 - Diploma of AdvertisingDiploma of AdvertisingSuperseded1 
MST50116 - Diploma of Applied Fashion Design and MerchandisingDiploma of Applied Fashion Design and MerchandisingSuperseded1-2 
MST50119 - Diploma of Applied Fashion Design and MerchandisingDiploma of Applied Fashion Design and MerchandisingSuperseded1-2 
BSB50215 - Diploma of BusinessDiploma of BusinessSuperseded1-4 
BSB51915 - Diploma of Leadership and ManagementDiploma of Leadership and ManagementSuperseded1-2 
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Skill sets that include this unit

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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080505 Marketing  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080505 Marketing  30/Jul/2015 
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Unit of competency

Modification History

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

Application

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.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Development – Marketing

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Interpret trends and market developments

1.1 Use statistical analysis of market data to interpret market trends and developments

1.2 Analyse market trends and developments for their potential impact on the business

1.3 Use measures of central tendency or dispersion and correlations between sets of data for quantitative interpretation of comparative market data

1.4 Perform qualitative analysis of comparative market information as a basis for reviewing business performance

1.5 Analyse the market performance of existing and potential competitors and their products or services to identify potential opportunities or threats

2. Analyse qualitative results

2.1 Analyse performance data from all areas of the business to determine success of marketing activities

2.2 Identify over-performing and under-performing products and services to be considered for redevelopment or withdrawal

2.3 Forecast existing and emerging market needs based on information available using forecasting techniques

3. Report on market data

3.1 Prepare, plot and interpret data for visual presentation

3.2 Assess visual presentation for potential problems, and take any necessary corrective action

3.3 Report on analysis of market data to meet organisational requirements in terms of content, format, level of detail and scheduling

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance Criteria 

Description 

Reading

1.2, 1.5, 2.1, 2.3
  • Researches, evaluates, analyses and interprets market information from a range of sources, and interprets requirements

Writing

3.1, 3.2, 3.3
  • Prepares reports containing complex ideas and concepts and writes in a range of styles to suit different audiences

Numeracy

1.1-1.5, 2.1, 2.3
  • Collects, organises and analyses data to draw conclusions or make forecasts about trends and probability
  • Uses specialised statistical analysis techniques

Oral Communication

3.1, 3.3
  • Presents information to a range of audiences using appropriate vocabulary and non-verbal features

Interact with others

3.1, 3.3
  • Demonstrates sophisticated control over oral, visual and/or written formats, drawing on a range of communication practices to present findings

Get the work done

1.1, 1.2, 1.4, 1.5, 2.1, 2.2, 2.3, 3.1, 3.2, 3.3
  • Develops plans and uses effective organisational and time management skills to complete tasks with an awareness of how they may contribute to longer term operational and strategic goals
  • Applies systematic and analytical decision making processes in complex and non-routine situations
  • Uses digital technologies and systems to enter and analyse data and to present information

Unit Mapping Information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBMKG507 Interpret market trends and developments

BSBMKG507A Interpret market trends and developments

Updated to meet Standards for Training Packages

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • apply statistical and qualitative analysis techniques to identify:
  • current business performance
  • competitor performance
  • potential threats and opportunities
  • apply qualitative and forecasting techniques to identify:
  • success of marketing activities
  • over and under-performing products and services
  • existing and emerging market needs
  • document the analysis of market data including visual presentation of findings.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • outline internal and external sources of information relevant to forecasting market trends including:
  • business and strategic objectives
  • marketing and other business performance
  • comparative market information
  • changes in technology
  • demographic changes
  • social and cultural factors
  • economic trends
  • government activities and legislative changes
  • industry trends
  • supplier data
  • outline the legislative and regulatory context as it applies to marketing
  • identify software applications that are commonly used in quantitative and qualitative analysis and outline their key features
  • outline statistical concepts, methods, techniques and reporting formats commonly used in marketing including:
  • conversion rate of leads to sales
  • measures of central tendency
  • measures of dispersion
  • nature and degree of relationship between variables
  • net response rate
  • normal distribution probability curve
  • sampling
  • speed of response curve
  • recency or frequency grids
  • lifetime value of customers
  • net present value of customers.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the business development – marketing field of work and include access to:

  • relevant legislation, regulations, standards and codes
  • relevant workplace documentation and resources
  • case studies and, where possible, real situations.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

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