150 hours over a twelve-week semester or equivalent study period
Unit rationale, description and aim
The aim of this unit is to enhance knowledge of external environments in which organisations operate and apply this knowledge to activities relevant to the marketing function.
Organisations need to evaluate, analyse and respond to external forces. Key amongst the environments within which organisations operate are legal, political, economic and consumer environments. This unit considers the required knowledge effective managers need for analysing the challenges of the changing external environment by learning strategies to support effective decision-making in Marketing, Business Law and Economics.
This unit also develops an understanding of the potential risks and opportunities of doing business in competitive consumer and business markets. Key legislative and economic frameworks relevant to business, with a particular emphasis on consumer and business law perspectives, are considered. The knowledge applied is relevant to the outwardly focused management function of marketing.
To successfully complete this unit you will be able to demonstrate you have achieved the learning outcomes (LO) detailed in the below table.
Each outcome is informed by a number of graduate capabilities (GC) to ensure your work in this, and every unit, is part of a larger goal of graduating from ACU with the attributes of insight, empathy, imagination and impact.
Explore the graduate capabilities.
On successful completion of this unit, students should be able to:
LO1 - Evaluate key legal dimensions of organisational marketplace actions (GA5)
LO2 - Critically appraise the main concepts in economics including basic economic analysis and key market structures (GA4, GA5)
LO3 - Synthesise and evaluate core marketing models and concepts for sustainable business and social outcomes (GA5, GA8)
LO4 - Select and use analytical skills for informed marketing decision-making (GA5, GA6)
LO5 - Apply effective verbal and nonverbal communication skills, both individually and collaboratively (GA5, GA9).
GA4 - think critically and reflectively
GA5 - demonstrate values, knowledge, skills and attitudes appropriate to the discipline and/or profession
GA6 - solve problems in a variety of settings taking local and international perspectives into account
GA8 - locate, organise, analyse, synthesise and evaluate information
GA9 - demonstrate effective communication in oral and written English language and visual media
Topics will include:
- fundamentals of legal and regulatory business compliance in Australia
- key economic theories
- types of competition
- individual respect and diversity at the marketplace
- introduction to marketing and the consumer orientation
- business sustainability and social issues in the market environment
- the marketing mix
- segmentation, targeting, and positioning
- marketing research
- professional marketing presentation and communication
Learning and teaching strategy and rationale
This unit takes an active learning approach to guide students in the analysis and synthesis of knowledge associated with the interaction of external environments on organisational business functions. Students are able to explore the knowledge base underpinning markets, economics and business law in a series of workshops. These workshops allow students to actively acquire knowledge both individually and collaboratively. Students will systematically develop their understanding of the impact of changes in the macro and micro (market/industry) environments on the organisation’s marketing (and other) operations. Students will acquire economical, legal, regulatory, marketing knowledge useful in analysing business actions in the marketplace. In doing so, individual and collaborative verbal and non-verbal communication skills are developed.
This unit uses an active learning approach to support students in exploring knowledge essential to the discipline. Students are provided with choice and variety in how they learn. Students are encouraged to contribute to asynchronous weekly discussions. Active learning opportunities allow students to practice and apply their learning in situations similar to their future professions. Activities encourage students to bring their own examples to demonstrate understanding, and application and engage constructively with their peers. Students receive regular and timely feedback on their learning, which includes information on their progress.
Assessment strategy and rationale
A range of assessment procedures will be used to meet the unit learning outcomes and develop graduate attributes consistent with University assessment requirements. Such procedures may include, but are not limited to: essays, reports, student presentations or case studies. In order to pass this unit, students are required to demonstrate mastery of all learning outcomes and achieve an aggregate mark of at least 50%. Marking of each assessment task will be in accordance with a rubric specifically developed to measure student level of achievement of the learning outcomes for each assessment item. A final grade will be awarded, reflecting the overall achievement in the unit.
Overview of assessments
|Brief Description of Kind and Purpose of Assessment Tasks||Weighting||Learning Outcomes||Graduate Attributes|
Assessment Task 1: Portfolio of Engagement
From weeks 2-11 (2-8 in AUCONLINE), students will actively participate in online discussion forums and online activities. Students will be evaluated on a combination of engagement in the unit via discussion board questions, responses to postings and evidence of successful engagement in online asynchronous activities.
Submission Type: Individual
Assessment Method: online engagement and completion of regular learning tasks
Artefact: Portfolio evidencing engagement
LO1, LO2, LO3
GA4, GA5, GA8
Assessment Task 2: Analytical Report
This assessment task consists of a 1300-word written analytical report. This task requires students to critically examine key legal and economic considerations for commencement of a business undertaking or venture. Key issues to be considered and communicated include multi-tiered regulation, compliance, diversity of stakeholders and market structure. Students can implement the assessment in the context of their profession.
Submission Type: Individual
Assessment Method: Analytical Report
Artefact: Written Report
LO1, LO2, LO5
GA4, GA5, GA9
Assessment Task 3: Market Analysis Report
This assessment task consists of 1600-word written report. This task requires students to apply their analytical skills to evaluate the attractiveness and dynamics of a certain market in a specific industry. This analysis report also involves a detailed analysis of significant trends, including sustainability and social issues. Students can implement the assessment in the context of their profession.
Submission Type: Individual
Assessment Method: Market Analysis Report
Artefact: Written report
LO3, LO4, LO5
GA5, GA6, GA8, GA9
Representative texts and references
Armstrong G, Adam S, Denize S, Volkov M, and Kotler P, 2021, Principles of Marketing, 8th edition, Pearson.
Park, S. (2020). Marketing management (Vol. 3). Seohee Academy.
Hollensen, S. (2019). Marketing management: A relationship approach. Pearson Education.
Ciro T, Goldwasser V & Verma R 2019, Law and business, 5th edn, Oxford University Press, Sydney.
Davenport, S., & Parker, D. (2020). Business and law in Australia (3rd ed., Thomas Reuters)
Gans, J King, S Stonecash, RE & Mankiw, N 2018, Principles of economics, 7th edn, Cengage Learning Australia, Melbourne.
Gibson A & Fraser D 2019, Business Law, 2019, 11th edn, Pearson Education Australia, Sydney
Hubbard, G Lewis, L 2018, Essentials of Economics, 4th ed. Pearson, Frenchs Forest
Layton, A, Robinson, T & Tucker, IB 2018, Economics for today: Fifth Asia Pacific edition, 6th edn, Cengage Learning, South Melbourne, VIC.
Terry A & Guigni D 2019, Business and the law, 7th edn, Cengage Learning Australia, Melbourne.