Assessor Resource

FNSSAM502A
Assess market needs

Assessment tool

Version 1.0
Issue Date: May 2024


This unit may be applied in large or small organisations to assist in marketing financial products and services and making best use of opportunities.

This unit describes the performance outcomes, skills and knowledge required to monitor and assess market needs in order to identify and exploit business opportunities.

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

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

Employability Skills

This unit contains employability skills.



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.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

access and collect relevant information on the internal and external business environment

analyse information and drawn conclusions on marketing of products and services using appropriate methods

identify opportunities for financial products and determine the viability of options.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to financial services product information.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

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.

Required skills

highly-developed communication skills to:

determine and confirm market information, using questioning and active listening as required

present marketing analysis outcomes to peers and management

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

IT skills for:

accessing and using appropriate software such as spreadsheets and databases and using internet information

assisting in the management of information and the marketing process

well-developed literacy skills to:

analyse information and products to ensure appropriateness to client needs, currency and accuracy

report on and document marketing options for products and services

interpersonal skills to establish rapport with clients and to lead and liaise with team members

analysis and decision making skills

problem solving skills to address market product or service issues

organisational skills, including the ability to plan and sequence work

Required knowledge

common law, legal systems and procedures impacting on the financial services industry

industry regulatory and compliance requirements

industry sector market position relative to product/line of business

marketing principles and practices

organisation or industry sector policy documentation

organisation policies and procedures

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Information may include:

competitor brochures

demographic and other statistical information

economic reports

government reports

industry publications

internal reports

multimedia (e.g. internet)

newspapers/magazines

policy documentation.

Emerging trends may include

existing clients

legal developments

new markets

new products

other industries

technology developments.

Methods may include:

'what if' analysis

client/distributor feedback

comparisons

focus groups

forecasting

industry seminars

market research (all forms)

survey

trend analysis.

Viability testing may include:

actuarial calculations

focus groups

investment modelling

profit modelling

quantitative modelling.

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
Core activities, customer base and strategic direction of the business are identified and documented 
Information on current marketing performance and successful or underperforming products or services is accessed and analysed 
Current capabilities and resources are determined and documented 
Information on expected growth or decline of demand for financial products and services and associated risk factors is collected and analysed 
Projected changes in economic activity, labour force, population and other factors that may affect business are identified 
Information on comparable products and services in the market is collected and analysed 
Emerging trends in the market are identified and assessed 
The reliability and validity of data collected is established and information collected on the internal and external environment analysed, using appropriate methods, and documented 
Results of the analysis are presented in a format that may be used to guide marketing decisions 
Based on data collected, opportunities for financial products and services are identified and a range of options developed 
Options are justified on the basis of analysis of information collected 
Options identified are reviewed against existing products and services and assessed against the organisation's capacity to deliver the financial products or services 
Viability of each option is assessed based on data collected 
Results of investigation and analysis are presented in a clear concise format to appropriate personnel to assist in decision making 

Forms

Assessment Cover Sheet

FNSSAM502A - 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:

Signature:

Date:

Assessment Record Sheet

FNSSAM502A - 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: