Elements and Performance Criteria
- Identify the products and services the organisation uses
- Products and services used by an organisation or sector are identified and the purpose of each determined
- The characteristics of products and services are identified and their strengths, weaknesses, terms, and conditions understood so they can be clearly communicated to customers where applicable
- The organisation's promotional strategy for products and services are accessed and applied in business activities
- Identify compliance implications of product
- Determine the appropriate users for products and services
- The function of each product and service and the customer needs it satisfies are identified and documented and the customer characteristics that best suit each product determined
- The products and services used by the organisation or sector are compared with the products of competitors as a basis for selecting the most effective approach to matching products to customer needs
- Approaches to selling the products and services in a competitive marketplace are evaluated and effective approaches to meeting customer needs determined
- Maintain product knowledge
- Relevant products and services are reviewed regularly and any changes to terms and conditions identified and applied in daily work
- Systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services are put in place and used
- Emerging trends affecting the financial industry are continuously reviewed and applied to product and service knowledge