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Evidence Guide: FNSSAM503A - 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

 

FNSSAM503A - Monitor market opportunities

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

Maintain business information networks

  1. Identified business networks are reviewed on a regular basis to ensure relevance and reliability
  2. Information obtained through business networks is up-to-date, relevant and reliable
Identified business networks are reviewed on a regular basis to ensure relevance and reliability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Information obtained through business networks is up-to-date, relevant and reliable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify changes in existing markets

  1. Existing markets are reviewed within corporate policy and codes of practice constraints
  2. Significant changes in existing markets are identified against known market conditions and reported upon to permit a corrective action plan to be formulated
Existing markets are reviewed within corporate policy and codes of practice constraints

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Significant changes in existing markets are identified against known market conditions and reported upon to permit a corrective action plan to be formulated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify additional markets

  1. Additional markets are identified following research
  2. Strategies within corporate policy, industry and legislative requirements are adopted
  3. Options that specify product opportunities are formulated and conveyed to underwriters and management
  4. All relevant information is assessed to determine feasibility of the opportunity
Additional markets are identified following research

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Strategies within corporate policy, industry and legislative requirements are adopted

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Options that specify product opportunities are formulated and conveyed to underwriters and management

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

All relevant information is assessed to determine feasibility of the opportunity

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor competitor activity

  1. Product performance, image and range are continually benchmarked against that offered by competitors to determine market position
  2. Available market opportunities are identified and referred to appropriate personnel and management together with market information
Product performance, image and range are continually benchmarked against that offered by competitors to determine market position

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Available market opportunities are identified and referred to appropriate personnel and management together with market information

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:

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.

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

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations or scenarios

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 from business networks, using questioning and active listening as required

present marketing analysis outcomes to underwriters 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

undertaking trend analysis

managing information in the marketing process

well-developed literacy skills to:

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

report on and document market options for products and services

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

industry codes of practice

organisation policy and operating procedures

relevant financial products and services

distribution marketing

relevant financial services industry legislation

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.

Research may include:

customer feedback

legal developments

literature search:

newspapers

professional journals

product analysis

trend analysis.

Opportunities may arise through:

competitor's products

customer feedback

internal analysis

legislative changes

lobby groups

monitoring that involves continuous review and assessment of market conditions

product lifecycle.

Relevant information may include:

focus groups

literature:

newspapers

professional journals

market surveys.

Appropriate personnel may include:

consultants

customers

intermediaries

marketing support

sales function.

Legislation, regulations and codes of practice related to this unit may include:

anti-discrimination legislation

Australian Prudential Regulation Authority (APRA)

business names legislation

Consumer Credit Code

Corporations Act (including Accounting Standards)

Electronic Funds Transfer Code of Conduct

Finance Code

Financial Services Reform Act (FSRA)

Financial Transaction Reports Act

industry codes of practice

Privacy Act

taxation law.