Unit of competency Outline
Date retreived
22/07/2026 3:08 PM AWST
22/07/2026 3:08 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Identify and evaluate marketing opportunities in the financial services industry
Identify and evaluate marketing opportunities in the financial services industry
Unit of competency
National Code
FNSSAM602A
FNSSAM602A
State Code
D4323
D4323
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080505 - Marketing
Original Release Date
31/07/2014
Nominal Hours
80
Description
This unit describes the performance outcomes, 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.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Identify trends and opportunities in the financial services industry
- 1.1. Information on current and emerging needs of the market and the organisation is analysed in consultation with others to identify marketing opportunities
- 1.2. The business plan is reviewed to identify organisational objectives and emerging trends and external influences on the financial services industry identified
- 1.3. Opportunities to enter, shape or influence current and potential markets and develop potential new products are identified and researched
- 1.4. Entrepreneurial, innovative approaches and creative ideas are explored for their potential business application and contribution to the business
2. Investigate marketing and product development opportunities
- 2.1. 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
- 2.2. An assessment of external factors, costs, benefits, risks and opportunities is used to determine the financial viability of each marketing opportunity
- 2.3. Probable returns on investment and potential competitors are determined
- 2.4. Marketing opportunities are described and ranked in terms of their viability and likely contribution to the business
3. Assess legislative compliance of marketing opportunities
- 3.1. Legislative and regulatory guidelines applicable to marketing opportunities are identified and the opportunities examined for compliance with relevant legislation
- 3.2. Marketing opportunities not meeting compliance requirements are rejected or modified accordingly
- 3.3. Marketing proposals clearly define relevant legislative compliance issues
4. Evaluate required changes to current operations
- 4.1. Changes needed to current operations to take advantage of viable marketing opportunities are identified and documented
- 4.2. Organisational changes which involve an increased or different customer base are managed to ensure continued quality of service to existing customers
- 4.3. Resource requirements for changed operations are identified and the viability of making changes to current operations determined and communicated to key stakeholders
5. Develop marketing proposals
- 5.1. Marketing concepts are clearly described and defined
- 5.2. Viability assessments for marketing concepts are provided and the marketing strategy detailed
- 5.3. 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
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.
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.
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
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
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUT04 | FNSSAM602 | Identify and evaluate marketing opportunities in the financial services industry | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S739 | FNS60610 | Advanced Diploma of Banking Services Management | Qualification |
| S734 | FNS60110 | Advanced Diploma of Insurance Broking | Qualification |
| J604 | FNS60513 | Advanced Diploma of Superannuation | Qualification |