Elements and Performance Criteria
- Identify trends and opportunities in the financial services industry
- Information on current and emerging needs of the market and the organisation is analysed in consultation with others to identify marketing opportunities
- The business plan is reviewed to identify organisational objectives and emerging trends and external influences on the financial services industry identified
- Opportunities to enter, shape or influence current and potential markets and develop potential new products are identified and researched
- Entrepreneurial, innovative approaches and creative ideas are explored for their potential business application and contribution to the business
- Investigate marketing and product development opportunities
- Opportunities are identified and analysed in terms of their likely fit with the organisation's goals and capabilities and evaluated to determine impact on current business and customer base
- An assessment of external factors, costs, benefits, risks and opportunities is used to determine the financial viability of each marketing opportunity
- Probable returns on investment and potential competitors are determined
- Marketing opportunities are described and ranked in terms of their viability and likely contribution to the business
- Assess legislative compliance of marketing opportunities
- Legislative and regulatory guidelines applicable to marketing opportunities are identified and the opportunities examined for compliance with relevant legislation
- Marketing opportunities not meeting compliance requirements are rejected or modified accordingly
- Marketing proposals clearly define relevant legislative compliance issues
- Evaluate required changes to current operations
- Changes needed to current operations to take advantage of viable marketing opportunities are identified and documented
- Organisational changes which involve an increased or different customer base are managed to ensure continued quality of service to existing customers
- Resource requirements for changed operations are identified and the viability of making changes to current operations determined and communicated to key stakeholders
- Develop marketing proposals
- Marketing concepts are clearly described and defined
- Viability assessments for marketing concepts are provided and the marketing strategy detailed
- Proposals are prepared in a manner that assists in the decision making process for marketing development with additional information provided to support marketing proposals as required