Business

The information contained in this section lists the questions that you will need to develop a written response. These questions are theoretical and provide evidence of your understanding of sources of information for market forecasting, software applications used in data analysis, statistical analysis used in marketing, and the legislative requirements within the marketing industry.

Note you must answer these questions in your own words. Remember, you must get a satisfactory result with each question to be deemed satisfactory for the whole of Assessment Event 1.

Question 1

In the table below, outline internal and external sources of information relevant to forecasting market trends.

Write your response into the table below:

Source of information	Internal/External	Where can be sourced	How it relates to forecasting
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

Outline the legislative and regulatory context that impact marketing operations.

Write your response into the table:

Legislation/Codes/Standards	Summary of Key Provisions
1.
2.
3.
4.
5.

Question 3

Outline industry bodies that regulate the marketing space in Australia.

Write your response into the table:

Regulatory Body	Purpose	Codes/Standards/Guideline
1.
2.
3.
4.
5.

Question 4

Identify and outline software applications that are commonly used in quantitative and qualitative analysis.

Write your response into the table:

Data Processing Method	Strengths	Limitations
1.
2.
3.

Question 5

Using the table below, outline statistical concepts, methods, techniques and reporting formats commonly used in marketing.

Write your response into the table:

Statistical concepts, methods, techniques and reporting formats	Example
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

Feedback Evaluation Sheet

The Feedback Evaluation Sheet below is the assessment questions and tasks for each of the assessment events that the student is required to complete. Assessors, tick ‘S’ if the student achieved a satisfactory outcome for an assessment task and ‘NYS’ if the student does not meet these requirements. Also, you are required to write comments on the quality of this evidence under the ‘Comments’ column. For your judgement on the student’s overall performance, tick ‘Satisfactory’ if the student achieves a satisfactory outcome for all of the tasks or ‘Not-Yet-Satisfactory’.

Feedback Evaluation Sheet
Assessment Event 1 Knowledge Questions	S	NYS	Comments
Question 1
Question 2
Question 3
Question 4
Question 5
Feedback to Students:
Assessment Outcome Satisfactory Not Yet Satisfactory
Assessor’s Signature:		Date:

BSBMKG507 Interpret Market Trends and Development – A1 6