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. Maintain business information networks | 1.1 Review identified business networks on a regular basis to ensure relevance and reliability 1.2 Ensure information obtained through business networks is up to date, relevant and reliable |
2. Identify changes in existing markets | 2.1 Review existing markets within corporate policy and codes of practice constraints 2.2 Identify and report significant changes in existing markets against known market conditions and formulate corrective action plan |
3. Identify additional markets | 3.1 Conduct research to identify additional markets 3.2 Adopt strategies that meet corporate policy, industry and legislative requirements 3.3 Formulate options that specify product opportunities and convey to underwriters and management 3.4 Assess all relevant information to determine feasibility of opportunity |
4. Monitor competitor activity | 4.1 Continually benchmark product performance, image and range against that offered by competitors to determine market position 4.2 Identify available market opportunities and refer to appropriate personnel and management, together with market information |
Evidence of the ability to:
conduct research and collate information relating to market opportunities
monitor the opportunities for business based on maintaining networks, researching the markets, identifying changes in the market and locating new markets
maintain a comprehensive knowledge of the products and services of the organisation.
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:
explain the key research techniques used to identify market opportunities
describe the key requirements of relevant industry codes of practice
explain the key aspects of organisational policy and operating procedures relevant to researching and identifying market opportunities
compare and contrast relevant financial products and services
describe the key features of distribution marketing
discuss the key features and issues relating to relevant financial services industry legislation.
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.