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.
Elements and Performance Criteria
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 Performance
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.
Evidence of Knowledge
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 Conditions
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.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 1.2, 2.1, 3.1, 3.4, 4.2 | Reviews a range of textual information from a variety of sources to identify key details, make judgements and determine requirements |
Writing | 2.2, 3.3, 4.2 | Develops material to a specific audience and purpose using clear and detailed language to convey accurate information, options and recommendations |
Oral Communication | 3.3, 4.2 | Participates in verbal exchanges and clearly explains detailed information using language, tone and pace appropriate to the audience |
Numeracy | 2.2, 3.3, 3.4, 4.2 | Collates, interprets and compares numerical and statistical information to apply relevance to requirements |
Navigate the world of work | 2.1, 3.2 | Undertakes work in accordance with legislative requirements and workplace protocols |
Interact with others | 1.1, 2.2, 3.3, 4.2 | Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information Cultivates relationships with peers and seeks advice as necessary |
Get the work done | 1.1, 1.2, 2.1, 2.2, 3.1, 3.3, 3.4, 4.1, 4.2 | Develops plans to manage relatively complex routine and non-routine tasks with an awareness of how they might contribute to broader strategy and goals Systematically gathers and analyses all relevant information and evaluates options to make informed decisions Evaluates outcomes of decisions to identify opportunities for improvement Uses a range of digital technologies to access, filter, organise, analyse, store and present data and other information |
Sectors
Sales and marketing