Unit of competency Outline
Date retreived
23/07/2026 1:03 AM AWST
23/07/2026 1:03 AM 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.
Assess market needs and identify opportunities for new financial products and services
Assess market needs and identify opportunities for new financial products and services
Unit of competency
National Code
FNSSAM512
FNSSAM512
State Code
OEB79
OEB79
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
080505 - Marketing
Original Release Date
07/12/2022
Nominal Hours
60
Description
This unit describes the skills and knowledge required to monitor and assess market needs to identify and drive business opportunities.The unit applies to individuals who apply specialised knowledge and analytical and organisational skills to strategic planning activities in 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 and analyse 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 and underperforming products or services
- 1.3 Determine and document current capabilities and resources
2. Collect and analyse 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, regulatory 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. Validate and present data collected
- 3.1 Establish reliability and validity of data collected
- 3.2 Analyse and document information collected on internal and external environment using appropriate methods
- 3.3 Present results of analysis in format that can be used to guide marketing decisions
4. Identify opportunities for financial products
- 4.1 Identify suitable 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
- 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, according to organisational and regulatory requirements
- 5.3 Present results of investigation and analysis to required personnel
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS97 | FNSSAM502 | Assess market needs | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| BHX4 | FNS50922 | Diploma of Banking Services Management | Qualification |
| BHU8 | FNS51822 | Diploma of Financial Services | Qualification |