FNSSAM602
Identify and evaluate marketing opportunities in the financial services industry


Application

This unit describes the skills and knowledge required to evaluate market data, define new and emerging market trends and assess the viability of new product development to take advantage of marketing opportunities.

It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to provide leadership in strategic organisational activity.

No licensing, legislative or certification requirements apply to this unit at the time of publication.


Elements and Performance Criteria

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify trends and opportunities in financial services industry

1.1 Analyse information on current and emerging needs of market and organisation in consultation with others to identify marketing opportunities

1.2 Review business plan to identify organisational objectives, emerging trends and external influences on financial services industry

1.3 Identify and research opportunities to enter, shape or influence current and potential markets and develop potential new products

1.4 Explore entrepreneurial, innovative approaches and creative ideas for potential business application and contribution to business

2. Investigate marketing and product development opportunities

2.1 Identify and analyse opportunities in terms of their likely fit with organisational goals and capabilities, and evaluate to determine impact on current business and client base

2.2 Assess external factors, costs, benefits, risks and opportunities to determine financial viability of each marketing opportunity

2.3 Determine probable returns on investment and potential competitors

2.4 Describe and rank marketing opportunities in terms of their viability and likely contribution to business

3. Assess legislative compliance of marketing opportunities

3.1 Identify legislative and regulatory guidelines applicable to marketing opportunities and examine opportunities for compliance with relevant legislation

3.2 Reject or modify marketing opportunities not meeting compliance requirements

3.3 Ensure marketing proposals clearly define relevant legislative compliance issues

4. Evaluate required changes to current operations

4.1 Identify and document changes needed to current operations to take advantage of viable marketing opportunities

4.2 Manage organisational changes which involve an increased or different client base to ensure continued quality of service to existing clients

4.3 Identify resource requirements for changed operations, and determine and communicate viability of making changes to current operations to key stakeholders

5. Develop marketing proposals

5.1 Clearly describe and define marketing concepts

5.2 Provide viability assessments for marketing concepts and detail marketing strategy

5.3 Prepare proposals in manner that assists in decision-making process for marketing development, providing additional information to support marketing proposals as required

Evidence of Performance

Evidence of the ability to:

develop marketing proposals that incorporate:

interpretation and application of legislative and regulatory guidelines and compliance applicable to marketing

identification of trends and opportunities within relevant sectors of the financial services industry

investigation of marketing and product development opportunities

assessment of marketing opportunities and evaluation against current business needs and the client base.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.


Evidence of Knowledge

To complete the unit requirements safely and effectively, the individual must:

describe the process for setting business plan objectives

outline the process for assessing market competition

analyse current market forces and trends in the financial services industry

discuss marketing processes and the key considerations involved

outline the key principles of effective communication and negotiation

outline the key features of:

relevant industry codes of practice

relevant sectors of the financial services industry

services available in the financial services industry

compare and contrast financial and other risk management strategies

explain service risk factors and their relationship to return expectations

explain the key requirements and impact of relevant legislation on financial product development

describe the role of service providers to the organisation.


Assessment Conditions

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

relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.


Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill

Performance Criteria

Description

Reading

1.1-1.4, 2.1, 3.1, 4.1, 4.3

Researches and analyses complex textual information from a range of sources to identify key details, make judgements and determine requirements and options

Writing

1.1-1.4, 2.4, 3.2, 3.3, 4.1-4.3, 5.1-5.3

Structures and sequences information logically to present recommendations and options, using document formats appropriate to the audience and purpose

Uses clear and detailed language, incorporating correct spelling, grammar and terminology, to convey complex information

Oral Communication

1.1-1.4, 2.4, 4.2, 4.3, 5.1-5.3

Uses collaborative and inclusive techniques, including active listening and questioning, to convey information, present a case and elicit the views and opinions of others

Participates in verbal exchanges using pace, intonation and gestures to present information and encourage engagement with different audiences

Numeracy

1.1-1.4, 2.1-2.4, 4.3, 5.1-5.3

Calculates, compares and analyses a range of numerical and financial data to determine quantities and trends using appropriate tools

Navigate the world of work

1.2, 3.1, 3.3

Recognises the applicable legislative requirements and organisational goals when undertaking tasks

Interact with others

1.1, 3.3, 4.3, 5.1, 5.2

Uses a range of communication techniques to unambiguously articulate concepts and ideas to a diverse audience

Get the work done

1.1-1.4, 2.1, 2.2, 2.4, 3.2, 4.1-4.3, 5.2, 5.3

Develops plans to address a range of tasks to achieve goals

Recognises opportunities for the development and implementation of innovative approaches to the conduct of own work

Uses digital technologies to access, filter, organise, store and present information while continually monitoring industry trends


Sectors

Sales and marketing