List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Collect information on internal business environment | 1.1 Identify and document core activities, client base and strategic direction of business 1.2 Access and analyse information on current marketing performance and successful or underperforming products or services 1.3 Determine and document current capabilities and resources |
2. Collect information on external business environment | 2.1 Collect and analyse information on expected growth or decline of demand for financial products and services, and associated risk factors 2.2 Identify projected changes in economic activity, labour force, population, legal requirements and other factors that may affect business 2.3 Collect and analyse information on comparable products and services in market 2.4 Identify and assess emerging trends in market |
3. Analyse data collected | 3.1 Establish reliability and validity of data collected, and analyse and document information collected on internal and external environment using appropriate methods 3.2 Present results of analysis in format that may be used to guide marketing decisions |
4. Identify opportunities for financial products | 4.1 Identify opportunities for financial products and services based on data collected and develop range of options 4.2 Justify options on basis of analysis of information collected |
5. Determine viability of options and present results to appropriate personnel | 5.1 Review options identified against existing products and services, and assess against organisation’s capacity to deliver financial products or services 5.2 Assess viability of each option based on data collected 5.3 Present results of investigation and analysis in clear, concise format to appropriate personnel to assist in decision making |
Evidence of the ability to:
access and collect relevant information on the internal and external business environment
analyse information and draw conclusions on marketing of products and services using appropriate methods
identify opportunities for financial products and determine the viability of options.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
outline key emerging trends impacting on the financial services industry
describe the key features of industry regulatory and compliance requirements
describe the industry sector market position relative to the product and/or line of business
discuss the application of marketing principles and practices when assessing market needs
outline the key methods for analysing internal and external information and data
describe the key requirements of organisational or industry sector policy documentation.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the sales and marketing field of work and include access to:
financial services product information
a relevant software system and data
organisational policy and procedures
common office equipment, technology, software and consumables.
Assessors must satisfy NVR/AQTF assessor requirements.