Unit of competency Outline

Date retreived
23/07/2026 4:20 PM AWST

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Assess market needs

Assess market needs

Unit of competency
National Code
FNSSAM502
State Code
AUS97
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080505 - Marketing
Original Release Date
16/09/2015
Nominal Hours
60
Description
This unit describes the skills and knowledge required to monitor and assess market needs to identify and exploit business opportunities.It applies to individuals who apply specialised knowledge and analytical and organisational skills to strategic planning activities within a team and/or large or small organisations.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Collect information on internal business environment
  • 1.1 Identify and document core activities, client base and strategic direction of business
  • 1.2 Access and analyse information on current marketing performance and successful or underperforming products or services
  • 1.3 Determine and document current capabilities and resources
2. Collect information on external business environment
  • 2.1 Collect and analyse information on expected growth or decline of demand for financial products and services, and associated risk factors
  • 2.2 Identify projected changes in economic activity, labour force, population, legal requirements and other factors that may affect business
  • 2.3 Collect and analyse information on comparable products and services in market
  • 2.4 Identify and assess emerging trends in market
3. Analyse data collected
  • 3.1 Establish reliability and validity of data collected, and analyse and document information collected on internal and external environment using appropriate methods
  • 3.2 Present results of analysis in format that may be used to guide marketing decisions
4. Identify opportunities for financial products
  • 4.1 Identify opportunities for financial products and services based on data collected and develop range of options
  • 4.2 Justify options on basis of analysis of information collected
5. Determine viability of options and present results to appropriate personnel
  • 5.1 Review options identified against existing products and services, and assess against organisation’s capacity to deliver financial products or services
  • 5.2 Assess viability of each option based on data collected
  • 5.3 Present results of investigation and analysis in clear, concise format to appropriate personnel to assist in decision making
No information
No information
Replaces
State Code National Code Title Type
D4320 FNSSAM502A Assess market needs Unit of competency
Replaced By
State Code National Code Title Type
OEB79 FNSSAM512 Assess market needs and identify opportunities for new financial products and services Unit of competency