Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSSAM503 Mapping and Delivery Guide
Monitor market opportunities

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSAM503 - Monitor market opportunities
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to monitor and identify market opportunities for products and services in the financial services industry.It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to monitor and manage information relevant to organisational activity.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: 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
       
Element: 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
       
Element: Identify additional markets
  • Conduct research to identify additional markets
  • Adopt strategies that meet corporate policy, industry and legislative requirements
  • Formulate options that specify product opportunities and convey to underwriters and management
  • Assess all relevant information to determine feasibility of opportunity
       
Element: 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
       


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.

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.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

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

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
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 
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 
Conduct research to identify additional markets 
Adopt strategies that meet corporate policy, industry and legislative requirements 
Formulate options that specify product opportunities and convey to underwriters and management 
Assess all relevant information to determine feasibility of opportunity 
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 

Forms

Assessment Cover Sheet

FNSSAM503 - Monitor market opportunities
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:

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Date:

Assessment Record Sheet

FNSSAM503 - Monitor market opportunities

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: