BSBMKG507 Interpret market trends and development

Reference no: EM132931102

BSBMKG507 Interpret market trends and development

Question 1
For each of the following items, identify two (2) internal sources within the organization, and two (2) external sources outside the organization, of information relevant to forecasting market trends:

Business and strategic objectives
Marketing and 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

Question 2
Using the table format below, list two (2) legislations and two (2) regulations related to marketing. For each legislation and regulation identified, briefly explain how this affects business practices. Word count is approximately 20 words per explanation.

Question 3

Using the table format below, list four (4) software applications used for business analysis - two (2) for quantitative analysis and two (2) for qualitative analysis. For each application listed, outline two (2) key features useful for market analysis. Word count is not critical.

Question 4

Using the table format below, briefly describe the following statistical concepts, methods, techniques and reporting formats commonly used in marketing. Word count is not critical.

Statistical Concepts, Methods, Techniques and Reporting Formats

conversion rate of leads to sales
measures of central tendency
measures of dispersion
Correlation and regression analysis
net response rate
normal distribution probability curve
sampling
speed of response curve
frequency grids
lifetime value of customers
net present value of customers

Task 2

Objective To test the required application skills of interpreting market trends and developments.

Task 2 - Performance and Skills Assessment
General instructions
You are required to perform a market analysis of current trends and developments and how they affect an organisation. The Bounce Fitness case study will be used as the basis for your analysis. Refer to Bounce Fitness First Year Report found in Appendix 1 at the end of this document and the learner and complete all questions.

Question 1: Market Trends and Development
a) Describe how statistical analysis can help you to understand market trends and developments? (50 -100 words)

b) Briefly explain (in one or more sentences for each) the following forecasting techniques: (50-100 words)
• Bottom-up forecasting
• Delphi technique
• Surveys of intention
• Top-down forecasting.

c) From the market data provided in the case study and any research you conduct, identify at least 2 current market trends or developments and their potential impact on Bounce Fitness. (note: you will need to conduct your own research to help identify current market trends and developments in the fitness industry)

Question 2: Statistical Analysis
(approx.200 words)
a) What is a measure of central tendency and what are the three types of this?

b) What is a measure of dispersion and how is a standard deviation calculated?

c) What do correlations in data show you?

d) Calculate the mean (average) for the Bounce Fitness first year results for their products and the first year results for their services. (refer to the first year report tables titled "Products" and "Services" in the case study.)

Question 3: Analyse Performance
Analyse the performance data provided in the case study and answer the following question:
a) Comment on the success of the marketing activities. Which was the highest performing activities and the lowest performing activities and what changes would you make for future marketing.

b) Comment on the performance of the products and services. Identify at least one underperforming product and one underperforming service and describe what you will do with these for the next year.

c) Provide an example of how you can use qualitative analysis to help improve future business performance.

Question 4: Comparative Market Analysis
a) Research and analyse the market performance of two (2) existing competitors. Identify their products and services and at least one potential opportunity and one potential threat for each competitor.
b) Research and analyse the market performance of one (1) potential competitor. Identify their products and services and at least one potential opportunity and one potential threat.
Question 5: Report on Market Data
a) Prepare a bar graph or line graph for the Bounce Fitness first year results for their products and the first-year results for their services. (refer to the first-year report tables titled "Products" and "Services" in the case study.) You can include the products and services on the same graph. Copy and paste the chart in the space below.

b) Prepare a PowerPoint presentation for Bounce Fitness management to communicate the statistical findings. Use the Bounce Fitness presentation template found in the resources section on Canvas. Include the following:
• Marketing activities undertaken and results from marketing activities
• Products and services analysis
• Market trends and developments
• Competitor analysis
• Opportunities and threats
• Recommendations
(note: include at least 2 graphical representations in your presentation)
Upload the PowerPoint presentation to Canvas with this completed document. (No Role Play or a Presentation is required)

Attachment:- Task Assignment.rar

Reference no: EM132931102

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