Reference no: EM132358646
Interpret Market Trends and Developments Assignment -
Assessment Task 1: Written Questions
Provide answers to all of the questions below:
1. Explain how each of the following internal and external sources of information can assist in forecasting market trends.
a. business and strategic objectives
b. marketing and other business performance
c. comparative market information
d. changes in technology
e. demographic changes
f. social and cultural factors
g. economic trends
h. government activities and legislative changes
i. industry trends
j. supplier data
2. Explain the purpose of the Australian Consumer Law and give at least one example of the implications of the Act for marketers.
3. Explain why marketers should take into account the Privacy Act 1988 when marketing to individuals.
4. Describe XLSTAT and two of its features
5. Describe SPSS Statistics and two of its features.
6. Outline the concept of the conversion rate of leads to sales.
7. Explain why it is important to measure the conversion rate of leads to sales at different times.
8. Describe each of the measures of central tendency.
9. Explain why the normal distribution curve a useful statistical concept.
10. Explain how to calculate the lifetime value of a customer.
11. What do measures of dispersion show? Provide an example to illustrate your answer.
12. Outline the Delphi technique.
13. Explain Chi-square testing.
14. Outline the purpose of sampling.
15. Explain probability and non-probability sampling.
16. Define the term the net present value of a customer.
17. Outline the terms correlation and positive and negative correlation.
18. Explain the term causation.
19. Explain the concept of frequency in statistical analysis and the use of frequency charts.
Assessment Task 2: Market analysis project
Task summary - You are required to interpret market trends and developments for a case study organisation. You are required to conduct an analysis of market data to determine the performance of the business, as well as that of competitors, and to prepare market and business forecasts. You are required to write a report on your market analysis and then create and give a presentation on its contents.
This assessment is to be completed in the simulated work environment in the RTO.
Carefully read the following:
King Edward VII College has been operating for 5 years. The College offers a range of courses in management, marketing, human resources and international business and currently has around 500 students enrolled across all of its courses. Courses are offered at all levels from Certificate II to Graduate Diploma. The College is very popular due to its competitive pricing structure, innovative teaching methods and state of the art facilities.
The College currently employs 24 staff members that include the CEO, a Marketing Manager and Marketing Assistant, Human Resources Manager, Operations and Finance Manager, Administration Manager, Office Assistant, Receptionist, Academic Manager, Student Services Officer and approximately 14 trainers.
Complete the following activities:
1. Develop a market analysis report
Review the following King Edward VII College documents:
- Business Plan
- Forecasts and Projections Spreadsheet
- Profit and Loss Statements
- Student analysis
Use the internet to identify sources of market data that you can use to assist you in identifying market trends and development for the industry area in which King Edward VII College operates.
This should include information and data about technological developments, demographic trends, economic trends, government regulations/legislation, environmental trends, social and cultural factors and any other relevant trends and developments.
Take notes on the sources that you use and what they show.
Use statistical analysis of market data that you have found to interpret market trends and developments.
Analyse the market trends and developments for their potential impact on the business.
Use measures of central tendency or dispersion and correlations between sets of data for quantitative interpretation of comparative market data.
Perform qualitative analysis of the comparative market information that you have sourced as a basis for reviewing the College's business performance.
Identify at least three competitors to the case study organisation. Document the name of the competitor's business, the products and services they offer and available information about their market share.
Identify and discuss at least two opportunities arising from the presence of competitors and at least two threats.
Analyse the performance data (forecasts and projections and profit and loss) to determine whether the current marketing activities have been successful.
Using the documents provided to you, identify over-performing and under-performing products and services that could be considered for development or removal.
Analyse the existing and emerging market needs based on the information that you have collected using forecasting techniques.
Use the Market Analysis Report Template to guide your work.
2. Create a PowerPoint presentation.
Use the information from your market analysis report to develop a PowerPoint (or other presentation software) presentation.
Your presentation must include a minimum of 10 slides, as well as graphics such as tables, charts and graphs to illustrate the market trends and developments you have analysed.
Your presentation should include notes and be designed for a presentation of approximately 15 minutes.
Save the presentation as Market Analysis Presentation.
3. Review your presentation
When you have completed your slides, fill out the Presentation Evaluation Checklist. You should find at least one problem with your presentation, so you can demonstrate your ability to assess your presentation for potential problems and take any necessary corrective action.
Make changes to your presentation as required and save this version as Reviewed Market Analysis Presentation.
4. Send an email to your assessor.
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachments and ask for the place, date and time of your presentation.
Attach the following to the email:
- Market Analysis Report
- Market Analysis Presentation
- Completed Presentation Evaluation Checklist
- Reviewed Market Analysis Presentation
5. Conduct the presentation.
Give the presentation as directed by your assessor.
Your presentation should last for approximately 15 minutes.
During the presentation, you are required to demonstrate effective communication skills to assist with gaining and maintaining audience interest including:
- Speaking clearly and concisely
- Using non-verbal communication to assist with understanding
- Asking questions to identify required information
- Responding to questions as required
- Using active listening techniques to confirm understanding.
Attachment:- Interpret Market Trends and Developments Assignment File.rar