Unit of competency details

BSBMKG512 - Forecast international market and business needs (Release 1)

Summary

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

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBMKG512A - Forecast international market and business needsUpdated to meet Standards for Training Packages 24/Mar/2015


Training packages that include this unit

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 gather intelligence about an international target market to inform business development.

It applies to individuals who possess a sound theoretical knowledge base in international business management and who have a range of managerial and supervisory skills to ensure business activities are conducted effectively.

In this role, individuals would have responsibility for forecasting international and business needs, collecting market intelligence, reviewing current business performance and capability, evaluating specific markets and documenting how a business can meet current and emerging 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. Collect market intelligence

1.1 Gather and document market intelligence through networking activities and participation in activities such as trade fairs, conferences, and/or professional development activities

1.2 Identify and access further sources of market intelligence

1.3 Evaluate commercial services providing market intelligence for value for money and quality of market intelligence, and access as required

1.4 Collate and analyse market for relevance and applicability to the organisation s international business activity and undertake an evaluation of marketing performance

2. Review current business performance and capability

2.1 Confirm core activities, customer base, business values and current business direction

2.2 Identify current international marketing performance and effectiveness of past international marketing or positioning

2.3 Review performance data from all areas of the business to identify strengths, weaknesses and critical success factors relevant to international business activity

2.4 Identify and assess current capabilities and resources to identify areas for improvement or exploitation within international markets

2.5 Identify under-performing products or services within international markets for re-development or withdrawal

2.6 Confirm the strength and current competitive position of the business within international markets

3. Evaluate the specific market

3.1 Identify and analyse trends and developments having an impact on international business activity for their potential impact on the business

3.2 Gather and analyse comparative international market information as a basis for reviewing business performance

3.3 Analyse the market performance internationally of existing and potential competitors and their products or services to identify potential opportunities or threats within international business markets

3.4 Identify and tap sources of intelligence for advance warning of new products, services, technology or new international markets for the business

3.5 Identify and analyse the legal, ethical and environmental constraints of the international market for their effect on international business activity

4. Document how business can meet current and emerging needs of the target market

4.1 Identify, analyse and document poor/under-servicing of existing international market needs by the organisation and/or its competitors

4.2 Identify changes in international markets that link positively to the organisation s strengths or capabilities

4.3 Consider the advantages and disadvantages of forecasting techniques in relation to the required outcome, and select technique/s in accordance with organisational requirements

4.4 Forecast and justify emerging international market needs in terms of available information

4.5 Identify the needs of the business in terms of changes required to improve performance or to address an international market opportunity

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

1.1, 1.2, 1.3, 1.4, 2.2, 2.3, 2.4, 2.5, 3.1, 3.2, 3.3, 3.4, 3.5, 4.1, 4.2, 4.3, 4.5

  • Identifies, analyses and compares complex textual information to interpret market developments and opportunities

Writing

1.1, 1.4, 2.1, 4.1, 4.4

  • Produces complex reports forecasting market and business needs using clear and well-organised graphical and textual information

Oral Communication

1.1, 1.2, 3.4

  • Uses listening and questioning techniques to gather information and confirm understanding

Numeracy

1.3, 2.3, 3.2, 4.4

  • Analyses and interprets complex business data to track strengths and weaknesses and to forecast trends

Navigate the world of work

3.5, 4.3

  • Appreciates the implications of legal, ethical and regulatory responsibilities related to own work

Interact with others

1.1, 1.2, 3.4

  • Identifies and uses appropriate conventions and protocols when communicating with colleagues and external stakeholders

Get the work done

1.1, 1.2, 1.3, 1.4, 2.1, 2.2, 2.3, 2.4, 2.5, 2.6, 3.1, 3.2, 3.3, 3.4, 4.1, 4.2, 4.3, 4.4, 4.5

  • Develops plans and uses effective organisational skills to complete tasks with an awareness of how they may contribute to longer term operational and strategic goals
  • Uses systematic and analytical decision making processes to gather and evaluate data in complex and non-routine situations
  • Uses a range of digital applications to access and filter data, extract, organise, integrate and share relevant information

Unit Mapping Information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBMKG512 Forecast international market and business needs

BSBMKG512A Forecast international market and business needs

Updated to meet Standards for Training Packages

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.education.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:

  • analyse information from a range of sources and apply forecasting techniques to identify international market and business needs, including:
  • collection of market intelligence
  • review of current business performance and capability
  • review of effectiveness of international marketing or positioning
  • evaluation of specific international markets
  • networking and professional development
  • identify opportunities for improved performance in the international market including consideration of:
  • re-development or withdrawal of under-performing products or services
  • under-serviced markets
  • market changes with a direct link to the organisation s strengths or capabilities
  • gaps in competitor products or services
  • strategic alliances and cooperative business models
  • greater market penetration with existing products or services
  • new businesses and franchising
  • new products or services to target specific markets
  • evaluate commercial services providing market intelligence and access as appropriate
  • produce a written report outlining how the business can meet current and emerging needs of targeted international markets.

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:

  • give examples of cultural, historical, political, economic and general knowledge of international events that may have an impact on international business activity in the industry
  • explain forecasting techniques including:
  • bottom-up forecasting
  • Delphi techniques
  • model building
  • projection
  • scenario planning
  • surveys of intentions
  • top-down forecasting
  • outline internal and external sources of information relevant to forecasting international market and business needs including:
  • core activities, customer base, business values and current business direction
  • marketing and other business performance
  • comparative market information
  • changes in technology
  • demographic changes
  • political events
  • social and cultural factors
  • economic trends
  • government activities and legislative changes
  • industry trends
  • outline the legislative and regulatory context of the organisation in relation to forecasting market and business needs
  • give examples of software applications that are commonly used in market analysis and forecasting and outline their key features.

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.education.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

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