Assessment Requirements for BSBMKG543 Plan and interpret market research

Release: 1

Assessment Requirements for BSBMKG543 Plan and interpret market research

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

plan and interpret market research for one product or service.

In the course of the above, the candidate must:

identify market research objectives, requirements, data collection methods

develop a marketing research plan

research and collate market findings

obtain required approvals

apply analysis techniques to identify:

potential threats and opportunities

existing and emerging market needs

document the analysis of market research and present findings.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

internal and external sources of information relevant to forecasting market trends including:

business and strategic objectives

comparative market information

changes in technology

industry trends

social, cultural and economic trends

political activity and legislative changes

content and development of market research plan

software applications that are commonly used in quantitative and qualitative analysis

codes of practice and conduct relevant to marketing

market research principles and practices including:

project design according to timelines and budget requirements

development and use of hypothesis

role of research in enterprise development

statistical concepts, methods, techniques and reporting formulas commonly used in market research including:

conversion rates of leads to sales

measures of central tendency

measures of statistical dispersion

nature and degree of relationship between variables

net response rate

normal distribution probability curve

sampling

recency or frequency grids

lifetime value of customers

net present value of customers.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

legislation, regulations, standards and codes relevant to market research

workplace documentation and resources for market research.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10