Assessor Resource

FNSSAM502
Assess market needs

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to monitor and assess market needs to identify and exploit business opportunities.

It applies to individuals who apply specialised knowledge and analytical and organisational skills to strategic planning activities within a team and/or large or small organisations.

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

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)



Evidence Required

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.


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

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.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Identify and document core activities, client base and strategic direction of business 
Access and analyse information on current marketing performance and successful or underperforming products or services 
Determine and document current capabilities and resources 
Collect and analyse information on expected growth or decline of demand for financial products and services, and associated risk factors 
Identify projected changes in economic activity, labour force, population, legal requirements and other factors that may affect business 
Collect and analyse information on comparable products and services in market 
Identify and assess emerging trends in market 
Establish reliability and validity of data collected, and analyse and document information collected on internal and external environment using appropriate methods 
Present results of analysis in format that may be used to guide marketing decisions 
Identify opportunities for financial products and services based on data collected and develop range of options 
Justify options on basis of analysis of information collected 
Review options identified against existing products and services, and assess against organisation’s capacity to deliver financial products or services 
Assess viability of each option based on data collected 
Present results of investigation and analysis in clear, concise format to appropriate personnel to assist in decision making 

Forms

Assessment Cover Sheet

FNSSAM502 - Assess market needs
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

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Assessment Record Sheet

FNSSAM502 - Assess market needs

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: