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Interpret market trends and developments BSBMKG507


SKU: BSBMKG507 Category:


This unit describes the skills and knowledge required to conduct an analysis of market data in order to determine organisational and competitor business performance and to prepare market and business forecasts. The information assists in developing an organisation s marketing plan and to determine the current or potential future success of marketing strategies.

This unit applies to marketing professionals who use statistical techniques to analyse organisational and competitor marketing performance and to interpret new and emerging trends when forecasting future business needs.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

1.1 Use statistical analysis of market data to interpret market trends and developments

1.2 Analyse market trends and developments for their potential impact on the business

1.3 Use measures of central tendency or dispersion and correlations between sets of data for quantitative interpretation of comparative market data

1.4 Perform qualitative analysis of comparative market information as a basis for reviewing business performance

1.5 Analyse the market performance of existing and potential competitors and their products or services to identify potential opportunities or threats

2.1 Analyse performance data from all areas of the business to determine success of marketing activities

2.2 Identify over-performing and under-performing products and services to be considered for redevelopment or withdrawal

2.3 Forecast existing and emerging market needs based on information available using forecasting techniques

3.1 Prepare, plot and interpret data for visual presentation

3.2 Assess visual presentation for potential problems, and take any necessary corrective action

3.3 Report on analysis of market data to meet organisational requirements in terms of content, format, level of detail and scheduling