Unit of competency Outline

Date retreived
22/07/2026 1:15 PM AWST

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Assess market needs

Assess market needs

Unit of competency
National Code
FNSSAM502A
State Code
D4320
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
24/11/2010
View on TGA
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080505 - Marketing
Original Release Date
31/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to monitor and assess market needs in order to identify and exploit business opportunities.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Collect information on the internal business environment
  • 1.1. Core activities, customer base and strategic direction of the business are identified and documented
  • 1.2. Information on current marketing performance and successful or underperforming products or services is accessed and analysed
  • 1.3. Current capabilities and resources are determined and documented
2. Collect information on the external business environment
  • 2.1. Information on expected growth or decline of demand for financial products and services and associated risk factors is collected and analysed
  • 2.2. Projected changes in economic activity, labour force, population and other factors that may affect business are identified
  • 2.3. Information on comparable products and services in the market is collected and analysed
  • 2.4. Emerging trends in the market are identified and assessed
3. Analyse data collected
  • 3.1. The reliability and validity of data collected is established and information collected on the internal and external environment analysed, using appropriate methods, and documented
  • 3.2. Results of the analysis are presented in a format that may be used to guide marketing decisions
4. Identify opportunities for financial products
  • 4.1. Based on data collected, opportunities for financial products and services are identified and a range of options developed
  • 4.2. Options are justified on the basis of analysis of information collected
5. Determine viability of options and present results to appropriate personnel
  • 5.1. Options identified are reviewed against existing products and services and assessed against the organisation's capacity to deliver the financial products or services
  • 5.2. Viability of each option is assessed based on data collected
  • 5.3. Results of investigation and analysis are presented in a clear concise format to appropriate personnel to assist in decision making
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.
Information may include:
competitor brochures
demographic and other statistical information
economic reports
government reports
industry publications
internal reports
multimedia (e.g. internet)
newspapers/magazines
policy documentation.
Emerging trends may include
existing clients
legal developments
new markets
new products
other industries
technology developments.
Methods may include:
'what if' analysis
client/distributor feedback
comparisons
focus groups
forecasting
industry seminars
market research (all forms)
survey
trend analysis.
Viability testing may include:
actuarial calculations
focus groups
investment modelling
profit modelling
quantitative modelling.
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:
access and collect relevant information on the internal and external business environment
analyse information and drawn conclusions on marketing of products and services using appropriate methods
identify opportunities for financial products and determine the viability of options.

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
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports.

Guidance information for assessment
Replaced By
State Code National Code Title Type
AUS97 FNSSAM502 Assess market needs Unit of competency