Unit of competency details
FNSSAM422 - Implement promotional strategies for financial products and services (Release 1)
Summary
Usage recommendation:
Current
Releases:
| 1 1 (this release) |
15/Jun/2022 |
Companion volumes:
Unit of competency
Assessment requirements
Training packages that include this unit
Qualifications that include this unit
Classifications
Classification history
| ASCED Module/Unit of Competency Field of Education Identifier | 080501 | Sales | 15/Jun/2022 | |
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Unit of competency
Modification History
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Release
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Comments
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Release 1
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This version first released with the FNS Financial Services Training Package Version 8.0.
Supersedes and is equivalent to FNSSAM402 Implement a sales plan.
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Application
This unit describes the skills and knowledge required to prepare, implement and review a promotional strategy for a product or service offered by a financial services organisation.
The unit applies to individuals who work under a level of supervision but have responsibility for collating, coordinating and reviewing strategic activities.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Unit Sector
Sales and marketing
Elements and Performance Criteria
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ELEMENT
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PERFORMANCE CRITERIA
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Elements describe the essential outcomes.
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Performance criteria describe the performance needed to demonstrate achievement of the element.
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1. Prepare to implement promotional strategy
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1.1 Analyse promotional strategy and clarify budget and timeframe targets
1.2 Use existing promotional package materials that meet requirements of promotional strategy, to enhance business corporate image and satisfy required legislation, regulations and codes of practice
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2. Initiate promotional strategy
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2.1 Identify distribution channels and reach agreements for providing products and/or services
2.2 Train personnel in product and service knowledge and client service skills
2.3 Distribute promotional materials to personnel through established distribution channels within required timeframes
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3. Review promotional strategy
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3.1 Establish criteria to measure effectiveness of strategy and performance criteria for personnel and distribution channels, and monitor attainment of targets
3.2 Adjust strategy or product and service distribution as required
3.3 Contribute feedback on implementation of promotional strategy and planning process
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Foundation Skills
This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.
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SKILL
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DESCRIPTION
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Oral communication
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- Participates in verbal exchanges and clearly explains detailed information using language, tone and pace appropriate to audience
- Uses active listening and questioning techniques to clarify and convey information and to obtain feedback
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Reading
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- Analyses a range of textual information from a variety of sources and collates and distributes according to specific requirements
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Writing
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- Prepares a range of materials suited to specific purposes and audiences using appropriate format, clear language and accurate spelling and grammar
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Planning and organising
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- Uses existing structures and systems when developing plans for complex activities, monitors achievement against goals, budgets and timeframes, and makes adjustments if required
- Plans, organises and implements activities for staff and others to ensure organisational training goals are met
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Technology
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- Uses the main features and functions of digital systems and tools to access information, identify trends and manipulate data to assist in the development of strategies
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Unit Mapping Information
Supersedes and is equivalent to FNSSAM402 Implement a sales plan.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
Assessment requirements
Modification History
|
Release
|
Comments
|
|
Release 1
|
This version first released with the FNS Financial Services Training Package Version 8.0.
Supersedes and is equivalent to FNSSAM402 Implement a sales plan.
|
Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- implement at least one promotional strategy for a product or service.
In the course of above, the candidate must:
- analyse existing and planned organisational promotional strategies and incorporate suitable promotional and budgetary programs.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- range of products and services provided by the organisation
- legislation, regulation and codes of practice relating to providing financial products and services, including the requirement to act in the best interests of the customer
- techniques for building customer relations in promoting financial products and services
- types of promotional packages and distribution channels used to promote financial products and services
- key features of promotional strategies used for promoting financial products and services
- performance criteria used to measure the success of promotional strategy implementation.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- financial services product information
- organisational policies and procedures
- office equipment, technology, relevant software system and data and consumables.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
