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Elements and Performance Criteria

Maintain business information networks
- Review identified business networks on a regular basis to ensure relevance and reliability
- Ensure information obtained through business networks is up to date, relevant and reliable
Identify changes in existing markets
- Review existing markets within corporate policy and codes of practice constraints
- Identify and report significant changes in existing markets against known market conditions and formulate corrective action plan
Identify additional markets
Monitor competitor activity
- Continually benchmark product performance, image and range against that offered by competitors to determine market position
- Identify available market opportunities and refer to appropriate personnel and management, together with market information

Performance Evidence

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.

Knowledge Evidence

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.