Unit of competency Outline

Date retreived
22/07/2026 7:58 PM AWST

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Interpret market trends and developments

Interpret market trends and developments

Unit of competency
National Code
BSBMKG507
State Code
AUM46
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080505 - Marketing
Original Release Date
15/09/2015
Nominal Hours
50
Description
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.
Notes
Elements and Performance Criteria
1. Interpret trends and market developments
  • 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. Analyse qualitative results
  • 2.1 Analyse performance data from all areas of the business to determine success of marketing activities
  • 2.2 Identify overperforming and underperforming 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. Report on market data
  • 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
No information
No information
Replaces
State Code National Code Title Type
D0869 BSBMKG507A Interpret Market Trends And Developments Unit of competency
Replaced By
State Code National Code Title Type
OCF38 BSBMKG543 Plan and interpret market research Unit of competency