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BSBMKG507Task1V2.1-1.docx

BSB50215 Diploma of Business BSB52415 Diploma of Marketing and Communication NAT10118 Diploma of Social Media Marketing

BSBMKG507

Interpret market trends and development

Task 1

Questioning Assessment

Candidate Instructions

You will complete questions for purposes of formal assessment as per the questions outlined in the questioning record below, and any additional probing or clarification questions required by the assessor.

The Knowledge Activity is designed to confirm your competency for all the required knowledge in the unit of competency.

Task Details

There is no restriction on the length of the question responses, or time restriction in completing the assessment. It is anticipated however that the assessment will take approximately 2 hours to complete, and word limit is unit as a guide only.

The assessment may be re-attempted on two further occasions (maximum three attempts in total). All assessments must be resubmitted 3 days within receiving your unsatisfactory grade. You must clearly indicate “Re-submission” on your resubmitted work.

You must complete all questions unassisted by the assessor or other personnel but may refer to reference material as may be needed.

All questions must be answered satisfactorily for the assessment to be completed satisfactorily.

For any assessment conducted that is incomplete, or without satisfactory performance, the assessment will need to be completed again after further training support. This may be simply to focus on question areas not achieved in the prior assessment.

Evidence to be collected

Answer the activity in as much detail as possible, considering your organisational requirements.

In undertaking this assessment task, you as the candidate are providing consent for your work to be reviewed for the purposes of formal assessment in the unit(s) of competency. If you have concern regarding this permission, please discuss this with your assessor prior to undertaking the task.

Objective

To provide you with an opportunity to show you have the required knowledge for this unit.

Candidate Declaration

Candidate name:

Trainer’s name:

Date:

Assessment declaration:

I declare that no part of this assessment has been copied from another person’s work, except where clearly noted on documents or work submitted.

I declare that no part of this assessment has been written for me by another person. I understand that plagiarism is a serious offence that may lead to disciplinary action.

Candidate signature:

Your trainer and assessor will be grading your work and provide you with constructive feedback on Canvas.

Task 1: Knowledge Questions

Question 1

For each of the following items, identify two (2) internal sources within the organization, and two (2) external sources outside the organization, of information relevant to forecasting market trends:

Internal Sources of Information

External Sources of Information

Business and strategic objectives

1)

2)

1)

2)

Marketing and Business performance

1)

2)

1)

2)

Comparative market information

1)

2)

1)

2)

Changes in technology

1)

2)

1)

2)

Demographic changes

1)

2)

1)

2)

Social and cultural factors

1)

2)

1)

2)

Economic trends

1)

2)

1)

2)

Government activities and legislative changes

1)

2)

1)

2)

Industry trends

1)

2)

1)

2)

Supplier data

1)

2)

1)

2)

Question 2

Using the table format below, list two (2) legislations and two (2) regulations related to marketing. For each legislation and regulation identified, briefly explain how this affects business practices. Word count is approximately 20 words per explanation.

Legislations

How does this affect business marketing practices?

1)

2)

Regulations

How does this affect business marketing practices?

1)

2)

Question 3

Using the table format below, list four (4) software applications used for business analysis – two (2) for quantitative analysis and two (2) for qualitative analysis. For each application listed, outline two (2) key features useful for market analysis. Word count is not critical.

Software application for quantitative analysis

Key features 1

Key features 2

1)

2)

Software application for qualitative analysis

Key features 1

Key features 2

1)

2)

Question 4

Using the table format below, briefly describe the following statistical concepts, methods, techniques and reporting formats commonly used in marketing. Word count is not critical.

Statistical Concepts, Methods, Techniques and Reporting Formats

Description

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

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