Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to evaluate market data, define new and emerging market trends and assess the viability of new product development to take advantage of marketing opportunities.
It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to provide leadership in strategic organisational activity.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Sales and marketing
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify trends and opportunities in financial services industry |
1.1 Analyse information on current and emerging needs of market and organisation in consultation with others to identify marketing opportunities 1.2 Review business plan to identify organisational objectives, emerging trends and external influences on financial services industry 1.3 Identify and research opportunities to enter, shape or influence current and potential markets and develop potential new products 1.4 Explore entrepreneurial, innovative approaches and creative ideas for potential business application and contribution to business |
2. Investigate marketing and product development opportunities |
2.1 Identify and analyse opportunities in terms of their likely fit with organisational goals and capabilities, and evaluate to determine impact on current business and client base 2.2 Assess external factors, costs, benefits, risks and opportunities to determine financial viability of each marketing opportunity 2.3 Determine probable returns on investment and potential competitors 2.4 Describe and rank marketing opportunities in terms of their viability and likely contribution to business |
3. Assess legislative compliance of marketing opportunities |
3.1 Identify legislative and regulatory guidelines applicable to marketing opportunities and examine opportunities for compliance with relevant legislation 3.2 Reject or modify marketing opportunities not meeting compliance requirements 3.3 Ensure marketing proposals clearly define relevant legislative compliance issues |
4. Evaluate required changes to current operations |
4.1 Identify and document changes needed to current operations to take advantage of viable marketing opportunities 4.2 Manage organisational changes which involve an increased or different client base to ensure continued quality of service to existing clients 4.3 Identify resource requirements for changed operations, and determine and communicate viability of making changes to current operations to key stakeholders |
5. Develop marketing proposals |
5.1 Clearly describe and define marketing concepts 5.2 Provide viability assessments for marketing concepts and detail marketing strategy 5.3 Prepare proposals in manner that assists in decision-making process for marketing development, providing additional information to support marketing proposals as required |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1-1.4, 2.1, 3.1, 4.1, 4.3 |
|
Writing |
1.1-1.4, 2.4, 3.2, 3.3, 4.1-4.3, 5.1-5.3 |
|
Oral Communication |
1.1-1.4, 2.4, 4.2, 4.3, 5.1-5.3 |
|
Numeracy |
1.1-1.4, 2.1-2.4, 4.3, 5.1-5.3 |
|
Navigate the world of work |
1.2, 3.1, 3.3 |
|
Interact with others |
1.1, 3.3, 4.3, 5.1, 5.2 |
|
Get the work done |
1.1-1.4, 2.1, 2.2, 2.4, 3.2, 4.1-4.3, 5.2, 5.3 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSSAM602 Identify and evaluate marketing opportunities in the financial services industry |
FNSSAM602A Identify and evaluate marketing opportunities in the financial services industry |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe