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Evidence Guide: FNSSAM502A - 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

 

FNSSAM502A - Assess market needs

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

Collect information on the internal business environment

  1. Core activities, customer base and strategic direction of the business are identified and documented
  2. Information on current marketing performance and successful or underperforming products or services is accessed and analysed
  3. Current capabilities and resources are determined and documented
Core activities, customer base and strategic direction of the business are identified and documented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Information on current marketing performance and successful or underperforming products or services is accessed and analysed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Current capabilities and resources are determined and documented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collect information on the external business environment

  1. Information on expected growth or decline of demand for financial products and services and associated risk factors is collected and analysed
  2. Projected changes in economic activity, labour force, population and other factors that may affect business are identified
  3. Information on comparable products and services in the market is collected and analysed
  4. Emerging trends in the market are identified and assessed
Information on expected growth or decline of demand for financial products and services and associated risk factors is collected and analysed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Projected changes in economic activity, labour force, population and other factors that may affect business are identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Information on comparable products and services in the market is collected and analysed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Emerging trends in the market are identified and assessed

Completed
Date:

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Analyse data collected

  1. The reliability and validity of data collected is established and information collected on the internal and external environment analysed, using appropriate methods, and documented
  2. Results of the analysis are presented in a format that may be used to guide marketing decisions
The reliability and validity of data collected is established and information collected on the internal and external environment analysed, using appropriate methods, and documented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Results of the analysis are presented in a format that may be used to guide marketing decisions

Completed
Date:

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Identify opportunities for financial products

  1. Based on data collected, opportunities for financial products and services are identified and a range of options developed
  2. Options are justified on the basis of analysis of information collected
Based on data collected, opportunities for financial products and services are identified and a range of options developed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Options are justified on the basis of analysis of information collected

Completed
Date:

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Determine viability of options and present results to appropriate personnel

  1. Options identified are reviewed against existing products and services and assessed against the organisation's capacity to deliver the financial products or services
  2. Viability of each option is assessed based on data collected
  3. Results of investigation and analysis are presented in a clear concise format to appropriate personnel to assist in decision making
Options identified are reviewed against existing products and services and assessed against the organisation's capacity to deliver the financial products or services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Viability of each option is assessed based on data collected

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Results of investigation and analysis are presented in a 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

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

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

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

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

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to financial services product information.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

highly-developed communication skills to:

determine and confirm market information, using questioning and active listening as required

present marketing analysis outcomes to peers and management

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

IT skills for:

accessing and using appropriate software such as spreadsheets and databases and using internet information

assisting in the management of information and the marketing process

well-developed literacy skills to:

analyse information and products to ensure appropriateness to client needs, currency and accuracy

report on and document marketing options for products and services

interpersonal skills to establish rapport with clients and to lead and liaise with team members

analysis and decision making skills

problem solving skills to address market product or service issues

organisational skills, including the ability to plan and sequence work

Required knowledge

common law, legal systems and procedures impacting on the financial services industry

industry regulatory and compliance requirements

industry sector market position relative to product/line of business

marketing principles and practices

organisation or industry sector policy documentation

organisation policies and procedures

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Information may include:

competitor brochures

demographic and other statistical information

economic reports

government reports

industry publications

internal reports

multimedia (e.g. internet)

newspapers/magazines

policy documentation.

Emerging trends may include

existing clients

legal developments

new markets

new products

other industries

technology developments.

Methods may include:

'what if' analysis

client/distributor feedback

comparisons

focus groups

forecasting

industry seminars

market research (all forms)

survey

trend analysis.

Viability testing may include:

actuarial calculations

focus groups

investment modelling

profit modelling

quantitative modelling.