Assessment Agreement and cover sheet

BSBMKG507 Interpret market trends and developments

 Student assessment agreement
Make sure you read through the assessments in this booklet before you fill out and sign the
agreement below.
If there is anything that you are unsure of, consult your assessor prior to signing this agreement.

Have you read the assessment requirements for this unit? √ Yes  No
Do you understand the requirements of the assessments for this unit? √ Yes  No
Do you agree to the way in which you are being assessed √ Yes  No
Do you have any specific needs that should be considered  Yes √ No
If so, explain these in the space below.

Do you understand your rights to reassessment? √ Yes  No

Do you understand your right to appeal the decisions made in an √ Yes  No
assessment?

Student name Wai Man Lee

Student ID number 5645
Student signature
Date 25/04/2021
Assessor name Rajish Shrestha
Assessor signature
Date
BSBWRT301 Write simple documents Student Assessment Tasks

Assessment Task 1 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 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 Wai Man Lee

Student ID number 5645
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 Rajish Shrestha

Assessor signature
Date
Assessment outcome S NS DNS Resubmission Y N

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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Student Assessment Tasks

BSBMKG507 Interpret market trends and developments

Name: Wai Man Lee

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BSBWRT301 Write simple documents Student Assessment Tasks

Assessment Task 1 Instructions as provided to students

Provide answers to all of the questions below:

1. Explain how each of the following internal and external sources of information can assist in
forecasting market trends.
a. business and strategic objectives
The business and strategic objectives may give an indication of how the business perceives
the future. Strategic planning can help your company to be more proactive rather than
reactive to the evidence. This type of document allows associations to predict their future
and prepare. Through strategic planning, companies can anticipate certain unfavourable
scenarios before they happen. Thus, they can take precautions to avoid them.
Establishing a sense of direction, a strategic plan helps to define the direction an organization
should take. In addition, it helps to establish realistic objectives and goals, which are in
line with the vision and mission outlined by the company.

b. marketing and other business performance

Sales data may give a good indication of trends into the future. Accuracy is important when it
comes to forecasts comparative market information. Build strategies from the analysis of
the market environment, in order to elaborate the marketing and sales planning for the
next period.
Analyse the current scenario in several global environments, identifying trends and
opportunities that may occur in the development of the market and business, in order to
generate inputs and subsidies for market planning.

c. Comparative market information

It can show success of otherwise of different markets and where the business may perform
best.
When analysing the current market, a dynamic advanced world is observed, everything
happens very quickly, technology, the spread of information, the oscillation of the
economy, politics, competition and the market are constantly changing. And the
corresponding companies, in order to survive, always remain attentive to these constant
changes.
This work aim to analyse the importance of a company to develop marketing actions for the
sales force; verify why prospecting should be a continuous process to be carried out by
the company and analyse how planning can assist in the effectiveness of sales results.
As marketing actions seek to develop greater interactivity between the company and the
customer, and consequently, obtain greater competitive advantages.

d. changes in technology
If a business has a product to meet new demands, the likelihood is that the business will
perform well.

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Digital transformation does not just reduce the workload and improve business planning. This
process becomes essential to give you a competitive advantages and some more
benefits, such as reduced inventory costs, documentation reduction, improvement of
communication, the use of technologies for purchases.

e. demographic changes
Demographic data gives a good indication of potential customers and therefore demand.
The demographic factor is part of an environment in which association cannot influence, but
are directly or influenced by thus factor. It is called the macro-environment, which is
defined by the more general elements of the external environment.
The economy and technology will not be determining factors for business, but demographics.
It is worth mentioning that the problem will cease to be excess population that has been
evident in the last forty years, but the low birth rate, which according to him will increase
the population insufficiency of developed countries, for him the solution is to increase the
productivity of workers in the knowledge.

f. social and cultural factors

Information about social and cultural factors will assist with predicting demand for products
and/or services from diverse customers.
Cultural- the understanding of various cultures contributes to the success in reaching the
audience of certain audiences.

g. economic trends
This will give a good indication of the level of consumer expenditure.
They usually show the best results and growth in the medium and long terms. In addition,
investment is a way to take advantage of the trend’s recent popularity.

h. government activities and legislative changes

This will give insights into how easy or hard it will be to sell products or services based on
changed in legislation or government policy e.g., if there was an increase in tariffs.
As the pace of change in government increase, organizations can no longer rely on old
business practices to maintain prosperity and sometimes even the non-ban on business.
Another important factor is that the laws interfere in your work method and what these
changes would entail for your company.

i. industry trends
this will give a good indication of what might be popular in terms of products or services.
Industry impacts can change relationships, both commercial and personal, in the globalized
world. It promises to revolutionize the way industraial process are developed. Therefore,

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it is necessary to know how to deal with this reality, which is already part of the future of
humanity.

j. supplier data
This will give a good indication of the level of consumer expenditure across all suppliers.
Using the data, the company and supplier can create a competitive advantage, seeking
important internal information that can be integrated with other information coming from
external sources and that from there can bring included benefits.
The data can be defined, respectively, as values generated in a certain period of time, made
on the presence of a brand in the store and quantitative activities carried out by brand
promoters in the store.

2. Explain the purpose of the Australian Consumer Law and give at least one example of the
implications of the Act for marketers.

The object of the Australian Consumer law is to enhance the welfare of Australians through the
promotion of competition and fair trading and provision for consumer protection.

For example, a person who acquires a vehicle for the use in the transport of goods on public roads,
irrespective of price, is also considered to be a consumer for the purposes of the ACL.

- Banning specific unfair practices in trade or commerce : the ACL prohibits certain false or
misleading representations, the supply of unsolicited goods or services, participating in
pyramid schemes, and practices involving the display of process, referral selling,
harassment or coercion.

- Dealing with consumer transactions for goods or services: The ACL provides guaranteed
consumer rights for goods or services, sets national rules governing unsolicited sales
transactions and outlines five basic rules for lay0by agreements.

This legislation protects consumers through providing the legislative basis for a number of
consumer rights, for example, consumer guarantees, consumer product safety, unfair contract
terms.

3. Explain why marketers should take into account the Privacy Act 1988 when marketing to
individuals.

It is very important to understand that Act to not copy or reproduce a file, document, image from
others.

The Privacy Act 1988 was introduced to promote and protect the privacy of individuals and to
regulate how Australian Government agencies and organizations with an annual turnover of more
than $3 million, and some other organizations, handle personal information.

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The Privacy Act incudes 13 Australian Privacy Principles (APPs), which apply to some private
sector organizations, as well as most Australian Government agencies. These are collectively
referred to as ‘APP entities’. The Privacy Act 1988 also regulates the privacy component of the
consumer credit reporting system, tax file numbers, and health and medical research.

4. Describe XLSTAT and two of its features

The XLSTAT is a software of data analysis is a Microsoft Excel statistical add-in that has been
developed since 1993 to enhance the analytical capabilities of Excel, that allow who uses to
analyse, customize and share results. You can use as add on to programs like Excel, Mac and
PC. Some features that this add can do include: Tests on contingency table and descriptive
statistics.

5. Describe SPSS Statistics and two of its features.

SPSS Statistics is a statistical package developed by IBM that can be used for the entire analytical
process, from planning to data collection to analysis, reporting and deployment. It is used for
analysis in social science.

6. Outline the concept of the conversion rate of leads to sales.

In marketing, every time someone takes an important action for the purpose of your brand, it
accomplishes what we call conversion. So, every action in your company needs to direct the
personal to conversion. Dispatching your strategy, this action can be filling out a form, buying
a product, etc.

The conversion rate is metric used to track your audience converts and generates results for the
business. To finish, you must do the calculation of the reference quantity compared to the total
number of visitors to the channel in question, which is usually a landing page, the product
page in e-commerce or how to sigh up.

7. Explain why it is important to measure the conversion rate of leads to sales at different times.

By evaluating a conversion rate at all stages if the buying journey and tracking the progress of
visitors and leads through the funnel, you can find possible bottlenecks and identify
opportunities that are being missed.

8. Describe each of the measures of central tendency.

Mode: mode is the value where the frequency of your data is greater. So, to find a fashion for this
set we could make a frequency table and see which is the most frequency number.

Mean: the mean is the result of the sum of all values divided by the number of entries in our data
set, that is, if we add all of our values and divide by the quantity, we will have the average.

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Median: it is the value that divides our data into two halves.

9. Explain why the normal distribution curve a useful statistical concept.

The normal distribution curve represents the behaviour of several processes in companies and
manage common phenomena, such as the height or weight of a population, the blood
pressure of a group of people, the time that a group of students spend to take an exam. The
normal distribution can be used to approximate discrete probability distributions, such as a
binomial distribution. In addition, the normal distribution also serves as a basis for classical
statistical inference. In it, the average, median and fashion of the data have the same value.

10. Explain how to calculate the lifetime value of a customer.

Lifetime consumer value is simply a total revenue made over the life of a customer. The calculation
is made through the average sales value, times the number of transactions repeated times the
average customer retention time.

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

This type of dispersion shows the variability of data and make you which point the data, is shows
the oscillation of the variation of data.

12. Outline the Delphi technique.

It is a technique based on a particular subject with a panel of 5 to 10 experts with a complex

subject to discuss, in order to obtain relatively accurate and qualitative information and
information about the future. Its functionality is to reduce as much as possible forecasting
possibilities or assumptions.

13. Explain Chi-square testing.

The Chi-square independence test is used to find out if there is an association between the row
variable and column variable in a contingency table constructed from sample data. The null
hypothesis is that the variables are not associated, in other words, they are independent.

14. Outline the purpose of sampling.

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Sampling is making generalizations without having to examine all the elements of a given group.

15. Explain probability and non-probability sampling.

Probability sampling: this type of sampling is subjected to statistical treatment that allows to
compensate for sampling errors. Today, it is difficult to accept non-probabilistic sampling,
except in cases where probabilistic sampling cannot be performed.

Non-probability: as it does not make use of random selection, does not accept various statistical
applications and, for this reason, is neglected.

16. Define the term the net present value of a customer.

The Net Present Value is used to measure the economic viability of a project, being one of the
most known and practical methods for this type of analysis. When compared with other
methods of analysis, this method stands out from the economic point of view.

17. Outline the terms correlation and positive and negative correlation.

Positive correlation: occurs when there is a concentration of points in an increasing trend, that is,
as the independent variable increases, the dependence also increases. This would be the
case with the example of selling umbrellas, described above.

Negative correlation: occurs when there is a concentration of points in a decreasing trend, that is,
as the independent variable increases, dependent.

18. Explain the term causation.

Causation is the relationship between two actions where one action is affected by the other. In
statistics, when the value of one event, or variable, increases or decreases as a result of other
events, it is said there is causation.

19. Explain the concept of frequency in statistical analysis and the use of frequency charts.

Using the frequency in number on a chart you can do a Histogram, that is the representation of a
set quantitative data showing not just frequency as density and all the values.

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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 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 Wai Man Lee

Student ID number 5645
Student signature
Date 25/04/2021

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 Rajish Shrestha

Blank Page
Assessor signature
Date
Assessment outcome S NS DNS Resubmission Y N

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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BSBWRT301 Write simple documents Student Assessment Tasks

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