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.
Performance criteria describe the performance needed to demonstrate achievement of the element.
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
About This Course
Evidence of the ability to:
- apply statistical and qualitative analysis techniques to identify:
- current business performance
- competitor performance
- potential threats and opportunities
- apply qualitative and forecasting techniques to identify:
- success of marketing activities
- over and under-performing products and services
- existing and emerging market needs
- document the analysis of market data including visual presentation of findings.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
- outline internal and external sources of information relevant to forecasting market trends including:
- business and strategic objectives
- marketing and other 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
- outline the legislative and regulatory context as it applies to marketing
- identify software applications that are commonly used in quantitative and qualitative analysis and outline their key features
- outline statistical concepts, methods, techniques and reporting formats commonly used in marketing including:
- conversion rate of leads to sales
- measures of central tendency
- measures of dispersion
- nature and degree of relationship between variables
- net response rate
- normal distribution probability curve
- speed of response curve
- recency or frequency grids
- lifetime value of customers
- net present value of customers.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the business development marketing field of work and include access to:
- relevant legislation, regulations, standards and codes
- relevant workplace documentation and resources
- case studies and, where possible, real situations.
Assessors must satisfy NVR/AQTF assessor requirements.