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Evidence Guide: FNSSAM602A - Identify and evaluate marketing opportunities in the financial services industry

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

 

FNSSAM602A - Identify and evaluate marketing opportunities in the financial services industry

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

Identify trends and opportunities in the financial services industry

  1. Information on current and emerging needs of the market and the organisation is analysed in consultation with others to identify marketing opportunities
  2. The business plan is reviewed to identify organisational objectives and emerging trends and external influences on the financial services industry identified
  3. Opportunities to enter, shape or influence current and potential markets and develop potential new products are identified and researched
  4. Entrepreneurial, innovative approaches and creative ideas are explored for their potential business application and contribution to the business
Information on current and emerging needs of the market and the organisation is analysed in consultation with others to identify marketing opportunities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The business plan is reviewed to identify organisational objectives and emerging trends and external influences on the financial services industry identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Opportunities to enter, shape or influence current and potential markets and develop potential new products are identified and researched

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Entrepreneurial, innovative approaches and creative ideas are explored for their potential business application and contribution to the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate marketing and product development opportunities

  1. Opportunities are identified and analysed in terms of their likely fit with the organisation's goals and capabilities and evaluated to determine impact on current business and customer base
  2. An assessment of external factors, costs, benefits, risks and opportunities is used to determine the financial viability of each marketing opportunity
  3. Probable returns on investment and potential competitors are determined
  4. Marketing opportunities are described and ranked in terms of their viability and likely contribution to the business
Opportunities are identified and analysed in terms of their likely fit with the organisation's goals and capabilities and evaluated to determine impact on current business and customer base

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

An assessment of external factors, costs, benefits, risks and opportunities is used to determine the financial viability of each marketing opportunity

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Probable returns on investment and potential competitors are determined

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Marketing opportunities are described and ranked in terms of their viability and likely contribution to the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess legislative compliance of marketing opportunities

  1. Legislative and regulatory guidelines applicable to marketing opportunities are identified and the opportunities examined for compliance with relevant legislation
  2. Marketing opportunities not meeting compliance requirements are rejected or modified accordingly
  3. Marketing proposals clearly define relevant legislative compliance issues
Legislative and regulatory guidelines applicable to marketing opportunities are identified and the opportunities examined for compliance with relevant legislation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Marketing opportunities not meeting compliance requirements are rejected or modified accordingly

Completed
Date:

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Marketing proposals clearly define relevant legislative compliance issues

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate required changes to current operations

  1. Changes needed to current operations to take advantage of viable marketing opportunities are identified and documented
  2. Organisational changes which involve an increased or different customer base are managed to ensure continued quality of service to existing customers
  3. Resource requirements for changed operations are identified and the viability of making changes to current operations determined and communicated to key stakeholders
Changes needed to current operations to take advantage of viable marketing opportunities are identified and documented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Organisational changes which involve an increased or different customer base are managed to ensure continued quality of service to existing customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Resource requirements for changed operations are identified and the viability of making changes to current operations determined and communicated to key stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop marketing proposals

  1. Marketing concepts are clearly described and defined
  2. Viability assessments for marketing concepts are provided and the marketing strategy detailed
  3. Proposals are prepared in a manner that assists in the decision making process for marketing development with additional information provided to support marketing proposals as required
Marketing concepts are clearly described and defined

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Viability assessments for marketing concepts are provided and the marketing strategy detailed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Proposals are prepared in a manner that assists in the decision making process for marketing development with additional information provided to support marketing proposals as required

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:

interpret and apply legislative and regulatory guidelines applicable to marketing

identify trends and opportunities within relevant sectors of the financial services industry

investigate marketing and product development opportunities

assess legislative compliance marketing opportunities and evaluate them against current business needs and the customer base.

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:

provide comprehensive marketing information to others, using questioning and active listening as required

present marketing opportunity information, concepts and proposals to groups 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

managingmarketing information

well-developed literacy skills to:

analyse information on marketing trends and opportunities

report on and document marketing strategies

well-developed leadership skills

well-developed research, analysis, viability assessment 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

setting business plan objectives

assessing market competition

market forces and trends in the financial services industry

marketing processes and considerations

principles of effective negotiation

relevant industry codes of practice

relevant sectors of the financial services industry including the terms of the Acts and regulations affecting the industry

financial and other risk management strategies

service risk factors and relationship to return expectations

services available in the financial services industry

the impact of relevant legislation on financial product development

the role of service providers to the organisation

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.

Evaluation decisions may include:

knock out factors

present value analysis

return on investment

scored criteria

weighted criteria.

External factors may include:

codes of practice

government policies

legislation

policies and guidelines

regulations.

Marketing may include:

business-to-business marketing

direct marketing

ideas marketing

marketing of goods

public sector marketing

services marketing

telemarketing.

Contribution to the business may include:

effect on sales volume

growth

market share

profitability.

Legislative and regulatory guidelines may include:

anti-discrimination legislation

compliance and industry standards

Consumer Affairs Act

Corporations Act

Financial Services Reform Act (FSRA)

Income Tax Assessment Act

industrial legislation

Insurance Act

national Guarantee Funds Rules

Privacy Act

stamp duty legislation

Superannuation Industry Act (SIS)

Superannuation Industry Regulations

Trade Practices legislation

Trustee Acts or Trust Acts in each State and Territory.