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. 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 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.
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 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.