Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, 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 that assist in targeting marketing activities and in drawing up a marketing plan. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement. |
Application of the Unit
Application of the unit |
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. Information gathered is used to assist in developing an organisation's marketing plan and to determine the current or potential future success of marketing strategies. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
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 |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the following is essential:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
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Guidance information for assessment |
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
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Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
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Statistical analysis may include: |
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Data may include: |
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Market trends and developments may include: |
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Measures of central tendency or dispersion and correlations may include: |
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Sets of data may include: |
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Comparative market information may include: |
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Performance of existing and potential competitors may include: |
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Opportunities may include: |
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Threats may include: |
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Forecasting techniques may include: |
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Unit Sector(s)
Unit sector |
Competency field
Competency field |
Business Development - Marketing |
Co-requisite units
Co-requisite units |
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