BSBMKG507 Slideshow Jul 2020 Topic 1

BSBMKG507 Interpret market trends and
developments
BSBMKG507 Interpret market trends and developments © 2020 RTO Works 1

Recommended reading
Pride, Ferrell, Lukas, Schemer, Niininen, Casidy.

Marketing Principles. 3rd Asia-Pacific Ed. Cengage
Learning (2018)
• Chapter 1 Key concepts in Marketing
• Chapter 4 Marketing research and information
systems

Overview: BSBMKG507 Interpret market
trends and developments
The following topics are covered in this unit:
• Topic 1 Interpret trends and market developments

• Topic 2 Analyse qualitative results
• Topic 3 Report on market data

Topic 1: Interpret trends and market
developments

developments
Activity: Brainstorm – Current trends in marketing
Market trends

developments
Activity: Videos
• An interesting YouTube video on social media trends

• A YouTube video is on social media revolution
• A video about socialnomics

developments
Term Forecasting
Forecasting is a process for projecting estimates.

developments
Normal Distribution Curve
Describes the normal distribution in many variables in

whole populations and helps in making inferences about
populations.

developments
XLSTAT
XLSTAT is a Microsoft Excel statistical add-in that has

been developed since 1993 to enhance the analytical
capabilities of Excel.

developments
SPSS Statistics
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.

developments
Lifetime Value of a Customer
Class discussion: How do you calculate the lifetime

value of a customer?

developments
The Delphi Technique
The Delphi technique is a structured

communication technique, originally
developed as a systematic, interactive
forecasting method which relies on a
panel of experts.

developments
Net Present Value of a Customer
This is the future stream of cash that a company expects

to generate from its customer base.

developments
Correlation and Positive and Negative Correlation
Correlation is a statistical measure that indicates the

extent to which two or more variables fluctuate together.
• A positive correlation indicates the extent to which
those variables increase or decrease in parallel.
• A negative correlation indicates the extent to which
one variable increases as the other decreases.

developments
Causation
Causation indicates that one event is the result of the

occurrence of the other event; i.e. there is a causal
relationship between the two events.

developments
Frequency
The frequency of a particular data value is the number of

times the data value occurs.

developments
Competition and Consumer Act 2010
This Act is the legislative vehicle for competition law in

Australia, and seeks to promote competition, fair trading
as well as providing protection for consumers.

developments
Trend Analysis
What are the reasons why a business may choose to use

trend analysis?

developments
Statistical Analysis
Class discussion: What are some methods of statistical

analysis that can be used to analyse market data to
interpret market trends and developments?

developments
Conversion Rate of Leads to Sales
This is the percentage of sales leads that an organisation

is able to convert into sales.

developments
Class activity: Research and discussion
• Can all the central tendency measures be calculated?
• What extra information would be needed?
• Discuss the utility of these measures.

developments
Measures of Central Tendency
This information enables us to measure the performance

of marketing activities or trade in general.

developments
Class discussion:
• What is Chi-square testing?

• Can you provide an example?

developments
• Can all the measures of dispersion can be calculated?
• What extra information would be needed?
• Discuss the utility of these measures.
• Is the calculation of measures of dispersion worth the

effort? Is there a significant return on the effort?

developments
Class activity: Practical – spreadsheet software
Use a spreadsheet package or any software that the

trainer/assessor would like to demonstrate for the types
of statistical analysis used in marketing activities.

developments
PEST AND SWOT Analysis
Discuss both methods. Your trainer/assessor will provide

an example for you to work through.

developments
Perceptual Maps
View the website to discuss perceptual maps.

developments
Analysing Competitive Performance
What are the different methods?

developments
Research on the Internet for a procedure to follow.

developments
Research
• primary data
• secondary data
• qualitative data
• quantitative data

developments
Research some examples of each method on the

Internet:
• Primary data
• Secondary data
• Qualitative data
• Quantitative data

developments
Sampling
Class discussion: What is the main

purpose of sampling?

developments
Probability and Non-Probability Sampling
• Probability sampling draws elements from the

population by random selection. These techniques rely
on chance to produce a representative sample of the
population.
• Non-probability sampling does not use random
selection.

developments
Privacy
• Privacy
• Codes of practice
• the Trade Practices Act

developments
• Privacy
• Codes of practice
• the Trade Practices Act
Research and list down the main objectives of each.

developments
Group activity: Statistical analysis
In this activity, discuss the range of statistical data that is

available from industry groups. Provide a demonstration
for one industry, then each group can select their own
sector.

developments
Group activity: Market trends and developments
For this activity, you will extract statistical information

from vehicle industry data and make judgements on
trends and market developments.

developments
Group activity: Using data to understand the impact of

competition
In this activity, you will discuss the use of data to

understand the potential impact of competition on a
business.

developments
Group activity: Comparative market data – existing and

potential customers
In this activity, you will explore the use of comparative

market data.

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BSBMKG507 Interpret market trends and

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 1

Pride, Ferrell, Lukas, Schemer, Niininen, Casidy.

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 2

The following topics are covered in this unit:

• Topic 1 Interpret trends and market developments

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 3

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 4

Activity: Brainstorm – Current trends in marketing

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 5

• An interesting YouTube video on social media trends

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 6

Forecasting is a process for projecting estimates.

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 7

Normal Distribution Curve

Describes the normal distribution in many variables in

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 8

XLSTAT is a Microsoft Excel statistical add-in that has

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 9

SPSS Statistics is a statistical package developed by

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 10

Lifetime Value of a Customer

Class discussion: How do you calculate the lifetime

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 11

The Delphi Technique

The Delphi technique is a structured

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 12

Net Present Value of a Customer

This is the future stream of cash that a company expects

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 13

Correlation and Positive and Negative Correlation

Correlation is a statistical measure that indicates the

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 14

Causation indicates that one event is the result of the

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 15

The frequency of a particular data value is the number of

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 16

Competition and Consumer Act 2010

This Act is the legislative vehicle for competition law in

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 17

What are the reasons why a business may choose to use

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 18

Class discussion: What are some methods of statistical

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 19

Conversion Rate of Leads to Sales

This is the percentage of sales leads that an organisation

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 20

Class activity: Research and discussion

• Can all the central tendency measures be calculated?

• What extra information would be needed?

• Discuss the utility of these measures.

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 21

Measures of Central Tendency

This information enables us to measure the performance

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 22

• What is Chi-square testing?

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 23

Class activity: Research and discussion

• Can all the measures of dispersion can be calculated?

• What extra information would be needed?

• Discuss the utility of these measures.

• Is the calculation of measures of dispersion worth the

BSBMKG507 Interpret market trends and developments © 2020 RTO Works 24

Class activity: Practical – spreadsheet software