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Evidence Guide: FNSSAM503 - Monitor market opportunities

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

 

FNSSAM503 - Monitor market opportunities

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

Maintain business information networks

  1. Review identified business networks on a regular basis to ensure relevance and reliability
  2. Ensure information obtained through business networks is up to date, relevant and reliable
Review identified business networks on a regular basis to ensure relevance and reliability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure information obtained through business networks is up to date, relevant and reliable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify changes in existing markets

  1. Review existing markets within corporate policy and codes of practice constraints
  2. Identify and report significant changes in existing markets against known market conditions and formulate corrective action plan
Review existing markets within corporate policy and codes of practice constraints

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and report significant changes in existing markets against known market conditions and formulate corrective action plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify additional markets

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adopt strategies that meet corporate policy, industry and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Formulate options that specify product opportunities and convey to underwriters and management

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess all relevant information to determine feasibility of opportunity

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor competitor activity

  1. Continually benchmark product performance, image and range against that offered by competitors to determine market position
  2. Identify available market opportunities and refer to appropriate personnel and management, together with market information
Continually benchmark product performance, image and range against that offered by competitors to determine market position

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify available market opportunities and refer to appropriate personnel and management, together with market information

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. 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

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. 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.