Bsbmkg 507 Student Assessment Tasks 17-04-18 PDF

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Student Assessment Tasks

BSBMKG507 Interpret market trends and developments

RTO No 41257

Name : dhruv dhruv College : Rosehil

BSBMKG507 Interpret market trends and developments

Student Assessment Tasks

Assessment Task 1 Instructions Provide answers to all of the questions below:

1.

Outline two reasons why a business may choose to use trend analysis.

According to Anwar & Prasad, (2018), Trend analysis can improve business performance by helping to identify areas in the organization that is doing well, as well as areas that are not doing well. In this way, it provides valuable evidence to help inform better decision making around, longer-term strategy as well as ways to futureproof of business. Another reason is, it also helps to create a benchmark for the company because benchmarking should be used to create the ideal gold standard to serve as a reference point. 2.

Briefly describe the term forecasting.

As per (Atherton, 2016) it is a planning tool that helps management in its attempts to cope with the uncertainty of the future. Forecasting starts with certain assumptions based on the management's experience, knowledge, and judgment. These estimates are projected into the coming months or years using one or more techniques such as Box-Jenkins models, Delphi method, exponential smoothing, moving averages, regression analysis, and trend projection 3.

List at least four methods of statistical analysis that can be used to analyse market data to interpret market trends and developments. Standard Deviation In a portfolio of data analysis methods, the standard deviation is useful for quickly determining the dispersion of data points. Regression Regression models the relationships between dependent and explanatory variables, which are usually charted on a scatterplot. Sample Size Determination When measuring a large data set or population, like a workforce, the company does not always need to collect information from every member of that population, a sample could be taken instead which represents the whole population. Hypothesis Testing Also commonly called t testing, hypothesis testing assesses if a certain premise is true for data set or population.

4.

Why is it important to measure the conversion rate of leads to sales at different times?

According to Christiansen (2017), The conversion rate is the number of conversions divided by the total number of visitors. The conversion rate from marketing qualified leads to sales

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BSBMKG507 Interpret market trends and developments

Student Assessment Tasks

accepted lead jumps to nearly 60 percent, and more than 50 percent of those make it to the sales qualified lead stage. 5.

Briefly describe each of the measures of central tendency.

A measure of central tendency is a summary statistic that represents the centre point or typical value of a dataset. In statistics, the three most common measures of central tendency are the mean, median, and mode.  The mean is the arithmetic average, and it is probably the measure of central tendency that is most familiar with. Calculating the mean is very simple.  The median is the middle value. It is the value that splits the dataset in half.  The mode is the value that occurs the most frequently in the data set. On a bar chart, the model is the highest bar 6.

Why is the normal distribution curve a useful statistical concept?

The normal distribution is the most important probability distribution in statistics because it fits many natural phenomena and because many continuous data in nature and psychology displays this bell-shaped curve when compiled and graphed (Eriksén, et al., 2016). 7.

Describe what XLSTAT is and describe two of its features

XLSTAT is a set of statistical add-ins for Microsoft Excel that has been developed since 1993 by Addinsoft to enhance the analytical capabilities of Microsoft Excel. Two main features are statistical analysis and modelling and visualizing which provide solutions to psychologists, businessman and medical people to meet their statistical needs (Heijden, et al., 2016). 8.

Describe what SPSS Statistics are and describe two features.

SPSS is software for editing and analysing all sorts of data. These data may come from basically any source such as scientific research, a customer database, Google Analytics or even the server log files of a website. The main features are spreadsheets from MS Excel or OpenOffice and relational (SQL) databases, which helps to sort out data (Hitchcock & Holton, 2017). 9.

How do you calculate the lifetime value of a customer?

Business owners and marketers are always looking to boost profits by finding the most costeffective ways to acquire new customers and improve existing customer relationships. Knowing how to calculate the lifetime value (LTV) of a customer is crucial to understanding how to maximize the return on investment. As per (Hofflander, 2016), In the simplest form, LTV equals Lifetime Customer Revenue Minus Lifetime Customer Costs. 10.

What do the measures of dispersion show? Provide an example to illustrate your answer.

The measures which express the scattering of observation in terms of distances i.e., range, quartile deviation. The measure expresses the variations in terms of the average of deviations of observations like mean deviation and standard deviation. Common examples of measures of statistical dispersion are the variance, standard deviation, and interquartile range.

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BSBMKG507 Interpret market trends and developments

11.

Student Assessment Tasks

Briefly describe the Delphi technique.

A systematic forecasting method that involves structured interaction among a group of experts on a subject. The Delphi Technique typically includes at least two rounds of experts answering questions and giving justification for their answers, providing the opportunity between rounds for changes and revisions. The multiple rounds, which are stopped after a pre-defined criterion is reached, enable the group of experts to arrive at a consensus forecast on the subject being discussed (Jonathan, 2017). 12.

What is Chi-square testing?

The Chi-Square statistic is commonly used for testing relationships between categorical variables. The null hypothesis of the Chi-Square test is that no relationship exists on the categorical variables in the population; they are independent. The Chi-Square statistic is most commonly used to evaluate Tests of Independence when using a cross-tabulation (also known as a bivariate table) (Lalchandani, 2017). 13.

Discuss the purpose of sampling.

Sampling is important because it is impossible to (observe, interview, survey, etc.) an entire population. When surveying, however, it is vital to ensure the people in the sample reflect the population or else misleading results will be observed. Sampling is the process by which inference is made to the whole by examining a part. 14.

Discuss probability and non-probability sampling.

Probability sampling is a sampling technique, in which the subjects of the population get an equal opportunity to be selected as a representative sample. Nonprobability sampling is a method of sampling wherein, it is not known which individual from the population will be selected as a sample (Martin, et al., 2016). 15.

Define the term the net present value of a customer.

Net Present Value (NPV) is the value of all future cash flows (positive and negative) over the entire life of an investment discounted to the present. NPV analysis is a form of intrinsic valuation and is used extensively across finance and accounting for determining the value of a business. The net present value (NPV) of a customer is just the value today of all future revenue minus the cost today of all future expenses associated with them (Mozer, 2015). 16.

Discuss the term correlation and positive and negative correlation.

Correlation shows if the relationship is positive or negative and how strong the relationship is. Positive correlation describes the relationship between two variables which change together, while an inverse correlation describes the relationship between two variables which change in opposing directions (Nelson & Patton,2018). 17.

Discuss the term causation.

A causal generalization, an example that smoking causes lung cancer, is not about a particular smoker but states a special relationship exists between the property of smoking and © J&S Learningwork 2018

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Student Assessment Tasks

the property of getting lung cancer. As a causal statement, this says more than that there is a correlation between the two properties (Nilsson, et al., 2015). 18.

What is the frequency?

Frequency is the number of occurrences of a repeating event per unit of time. It is also referred to as temporal frequency, which emphasizes the contrast to spatial frequency and angular frequency (Pierleoni & Pernini, 2016). 19.

What is a frequency chart?

In statistics, a frequency distribution is a list, table or graph that displays the frequency of various outcomes in a sample. Each entry in the table contains the frequency or count of the occurrences of values within a particular group or interval (Pyne 20.

Explain the purpose of the Competition and Consumer Act 2010?

The Competition and Consumer Act 2010 (which replaced the Trade Practices Act 1974 on 1 January 2011) aims to give businesses a fair and competitive operating environment. It covers anti-competitive conduct, price-fixing, unconscionable conduct and other issues, such as advertising (Strazdins, 2014).

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BSBMKG507 Interpret market trends and developments

Student Assessment Tasks

Assessment Task 1 Checklist Student’s name: Did the student provide a sufficient and clear answer that addresses the suggested answer for the following?

Completed successfully Yes

Comments

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Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 Question 9 Question 10 Question 11 Question 12 Question 13 Question 14 Question 15 Question 16 Question 17 Question 18 Question 19 Question 20 Question 21 Task Outcome:

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BSBMKG507 Interpret market trends and developments

Student Assessment Tasks

Assessment Task 2 Cover Sheet Student Declaration To be filled out and submitted with assessment responses

 I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).  I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.  I have correctly referenced all resources and reference texts throughout these assessment tasks. Student name Qualification: Student ID number Student signature Date

Assessor declaration  I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures. Assessor name Assessor signature Date Assessment outcome

S

NS

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Resubmission

Y

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Feedback

Student result response  My performance in this assessment task has been discussed and explained to me.  I would like to appeal this assessment decision. Student signature Date A copy of this page must be supplied to the office and kept in the student’s file with the evidence.

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BSBMKG507 Interpret market trends and developments

Student Assessment Tasks

Assessment Task 2: Market analysis project Task summary This assessment task requires you to interpret market trends and developments for a business of your choice. 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.

Required 

Access to textbooks/other learning materials

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Computer with Microsoft Office and internet access

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Market Analysis Report Template



Presentation Evaluation Checklist

Timing Your assessor will advise you of the due date of these submissions.

Submit 

Email with the following attached:

o

Market Analysis Report

o

Market Analysis Presentation o

Completed Presentation Evaluation Checklist

Assessment criteria For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.

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BSBMKG507 Interpret market trends and developments

Student Assessment Tasks

Re-submission opportunities You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task. If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date. You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal. You are encouraged to consult with the assessor before attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.

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BSBMKG507 Interpret market trends and developments

Student Assessment Tasks

Assessment Task 2 Instructions Carefully read the following:

This assessment task requires you to interpret market trends and developments for a business of your choice. You should choose a company and use its Marketing Plan by viewing the site http://www.mplans.com/ or by searching the Internet for a Marketing Plan for a company that you are interested in. The marketing plan must include sufficient information to be able to complete this assessment. This means that the marketing plan must include business goals, target customers, details of the products/services offered, marketing/branding strategy, sales forecasts and marketing budget. Before you start the assessment task, you should discuss your choice of the company with your assessor who will need to approve your choice before you start the assessment project. If you are having difficulty sourcing a suitable Marketing Plan, you should speak to your assessor who can assist you to source one. For this assessment, assume that you are the Marketing Manager of the company that you have chosen and that your assessor is the Managing Director. Assume that the location of the business is in the city or suburb you are living in.

Complete the following activities:

1.

Develop a market analysis report Carefully review the Marketing Plan for the business you have selected, as well as the sales data in the Marketing Plan. Assume that this actual data rather than forecasted data. Identify sources of information that you can use to assist you in identifying market trends and development for the industrial area in which your business operates. This will 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. You will also need to locate information sources to assist you in identifying existing and potential competitors. Some information you need to review will be in the Marketing Plan. However, you will also need to identify external sources of information. You will need to document these sources of information in your report under the section on references and include the web site link/title of publication and date. Then use the Market Analysis Report Template to complete all of the following activities to develop a market analysis report: Provide an overview of the business, including its business/strategic objectives, as well as both marketing and overall business performance.

Nature Care Products Introduction This report caters the marketing plan of nature care products which include the background summary of products of the company, industry, specific market, describe competitors and customers also. For further analysis, pest analysis has been explained to © J&S Learningwork 2018

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BSBMKG507 Interpret market trends and developments

Student Assessment Tasks

outline the external and internal factors. Nature care company started in 1992 and specialized in organic beauty care products, sales are expected to increase per month are 1.5 percent, the customer are professional women and adults who do not have enough time to take care of themselves. There are almost 120 employees in the company (Bezawada, 2016). Marketing objectives Nature care products are identified below as their marketing objectives and to achieve the objectives has been developed;  Increase the number of visitors on an online store by 20 percent  Increase the number of retails stores and outlets to sell nature care products by 120  Increase product awareness among the target market by 20 percent  Increase market share by 15 percent  At least one international expansion is required  Develop new products in the new market  Achieve annual growth by 20 percent, in the next three years Identify and discuss at least two appropriate statistical analysis techniques that can be used to identify market trends and developments. Your report should discuss why you consider these statistical analysis techniques are appropriate to identify market trends and developments. Mean and sample size analytical tools are used to identify the market trends and development of nature care products. Mean analysis Analysis of means is a systematic statistical procedure used in depicting significant differences of choices regarding nature care products among groups of information in a visual form. Mean analysis will compare the average of each group's opinions and choices to the mean of the overall process to discover statistical differences of significance. The mean is useful in deter...