NTISthis.com

Evidence Guide: FNSSAM502 - Assess market needs

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSSAM502 - Assess market needs

What evidence can you provide to prove your understanding of each of the following citeria?

Collect information on internal business environment

  1. Identify and document core activities, client base and strategic direction of business
  2. Access and analyse information on current marketing performance and successful or underperforming products or services
  3. Determine and document current capabilities and resources
Identify and document core activities, client base and strategic direction of business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Access and analyse information on current marketing performance and successful or underperforming products or services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine and document current capabilities and resources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collect information on external business environment

  1. Collect and analyse information on expected growth or decline of demand for financial products and services, and associated risk factors
  2. Identify projected changes in economic activity, labour force, population, legal requirements and other factors that may affect business
  3. Collect and analyse information on comparable products and services in market
  4. Identify and assess emerging trends in market
Collect and analyse information on expected growth or decline of demand for financial products and services, and associated risk factors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify projected changes in economic activity, labour force, population, legal requirements and other factors that may affect business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collect and analyse information on comparable products and services in market

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and assess emerging trends in market

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse data collected

  1. Establish reliability and validity of data collected, and analyse and document information collected on internal and external environment using appropriate methods
  2. Present results of analysis in format that may be used to guide marketing decisions
Establish reliability and validity of data collected, and analyse and document information collected on internal and external environment using appropriate methods

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present results of analysis in format that may be used to guide marketing decisions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify opportunities for financial products

  1. Identify opportunities for financial products and services based on data collected and develop range of options
  2. Justify options on basis of analysis of information collected
Identify opportunities for financial products and services based on data collected and develop range of options

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Justify options on basis of analysis of information collected

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine viability of options and present results to appropriate personnel

  1. Review options identified against existing products and services, and assess against organisation’s capacity to deliver financial products or services
  2. Assess viability of each option based on data collected
  3. Present results of investigation and analysis in clear, concise format to appropriate personnel to assist in decision making
Review options identified against existing products and services, and assess against organisation’s capacity to deliver financial products or services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess viability of each option based on data collected

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present results of investigation and analysis in clear, concise format to appropriate personnel to assist in decision making

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Collect information on internal business environment

1.1 Identify and document core activities, client base and strategic direction of business

1.2 Access and analyse information on current marketing performance and successful or underperforming products or services

1.3 Determine and document current capabilities and resources

2. Collect information on external business environment

2.1 Collect and analyse information on expected growth or decline of demand for financial products and services, and associated risk factors

2.2 Identify projected changes in economic activity, labour force, population, legal requirements and other factors that may affect business

2.3 Collect and analyse information on comparable products and services in market

2.4 Identify and assess emerging trends in market

3. Analyse data collected

3.1 Establish reliability and validity of data collected, and analyse and document information collected on internal and external environment using appropriate methods

3.2 Present results of analysis in format that may be used to guide marketing decisions

4. Identify opportunities for financial products

4.1 Identify opportunities for financial products and services based on data collected and develop range of options

4.2 Justify options on basis of analysis of information collected

5. Determine viability of options and present results to appropriate personnel

5.1 Review options identified against existing products and services, and assess against organisation’s capacity to deliver financial products or services

5.2 Assess viability of each option based on data collected

5.3 Present results of investigation and analysis in clear, concise format to appropriate personnel to assist in decision making

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Collect information on internal business environment

1.1 Identify and document core activities, client base and strategic direction of business

1.2 Access and analyse information on current marketing performance and successful or underperforming products or services

1.3 Determine and document current capabilities and resources

2. Collect information on external business environment

2.1 Collect and analyse information on expected growth or decline of demand for financial products and services, and associated risk factors

2.2 Identify projected changes in economic activity, labour force, population, legal requirements and other factors that may affect business

2.3 Collect and analyse information on comparable products and services in market

2.4 Identify and assess emerging trends in market

3. Analyse data collected

3.1 Establish reliability and validity of data collected, and analyse and document information collected on internal and external environment using appropriate methods

3.2 Present results of analysis in format that may be used to guide marketing decisions

4. Identify opportunities for financial products

4.1 Identify opportunities for financial products and services based on data collected and develop range of options

4.2 Justify options on basis of analysis of information collected

5. Determine viability of options and present results to appropriate personnel

5.1 Review options identified against existing products and services, and assess against organisation’s capacity to deliver financial products or services

5.2 Assess viability of each option based on data collected

5.3 Present results of investigation and analysis in clear, concise format to appropriate personnel to assist in decision making

Evidence of the ability to:

access and collect relevant information on the internal and external business environment

analyse information and draw conclusions on marketing of products and services using appropriate methods

identify opportunities for financial products and determine the viability of options.

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:

outline key emerging trends impacting on the financial services industry

describe the key features of industry regulatory and compliance requirements

describe the industry sector market position relative to the product and/or line of business

discuss the application of marketing principles and practices when assessing market needs

outline the key methods for analysing internal and external information and data

describe the key requirements of organisational or industry sector policy documentation.