You are required to answer questions regarding marketing and providing advice on six (6) financial products or services.
The series of questions for each product or service has been set up as a separate assessment so you don’t have to complete all six at once. Further, we have divided each assessment into seven sections, so you can complete it a few questions at a time. Indicative marks have been provided for each question to give you guidance on how much detail to include in your response.
Questions:
Describe the product or service – what are its characteristics and purpose, strengths, and weaknesses? (2 marks)
Identify key terms and conditions of the product or service and discuss how they affect which consumers can access it or limit how it can be used (2 marks)
Describe the clients most suited to the product or service and discuss how/why the product or service meets their needs (2 marks)
Write three (3) sentences demonstrating example ways you would communicate characteristics of the product or service to a customer (3 marks)
What methods of distribution (how customers can purchase) are appropriate for the product or service and why? (2 marks)
What promotional strategies are used to make customers aware of and inform them about the product or service? Identify at least two (2). Why do you think those strategies have been considered the most appropriate ones for the product or service? (2 marks)
In the context of your work, what is your role in the marketing or distribution of the product or service? What aspects of the product or service is it most important for you to be knowledgeable about and why? (2 marks
What are relationship marketing, industrial marketing, and social marketing? Which approach/es would be most appropriate for the product or service and why? (4 marks)
Outline four (4) techniques or strategies you and your organisation could use when advising on the financial product or service (2 marks)
Identify four (4) methods you and your organisation could use to generate ideas for how to marketing or advise on the product or service. What are the benefits and limitation of each (4 marks)
What process might you and your organisation follow to evaluate and revise its approach to marketing and advising on the product or service. What internal and external stakeholders would you involve and what differing insights would you expect each to contribute? (3 marks)
For each of the following aides, outline its purpose or value to the marketing/advice process, and provide an example of a key message you would include in the resource to help you and others in your organisation market and advise on the product or service:
· Introductory statements or questions
· FAQs questions and responses
· Statements to counter customer objections
· Testimonials (4 marks)
Identify any products or services you could cross-promote. How do they complement the primary product or service? (2 marks)
Assume that the product or service is new, and simulate a trial distribution of it. What two (2) avenues could you use to trial and monitor a marketing and advising approach for the product or service? (1 mark)
Outline at least two (2) insights you might gain from the trial and discuss how they would cause you to confirm the appropriateness of or update your marketing and advising approach (2 marks)
What and how would you communicate any updates to the marketing and advice approach to relevant stakeholders? (2 marks)
Reflect on how your organisation assesses the quality of the advice it gives on the product or service. Discuss three (3) criteria your organisation includes in its process for evaluating its approach to marketing and advising on the product or service (3 marks)
Explain the purpose, benefits and limitations/weaknesses of two (2) quantitative and two (2) qualitative sources of data you would collect as part of you your evaluation strategy (4 marks)
How would you or your organisation document and distribute its findings? What two (2) effects would they have on future marketing and advice strategies? (2 marks)
What compliance requirements govern the design, distribution, selling and/or use of the product and service? How are these communicated to clients? (2 marks)
What legislative requirements, regulatory obligations, and organisational policies and procedures apply to the providing of information and documentation about the product or service to a customer? (2 marks)
What compliance reporting requirements apply to distribution and sale of the financial product or service? What record-keeping documentation needs to be completed and maintained? (2 marks)
What audiences need to access up-to-date information about the product or service and in what workplace systems can it be found? (1 mark)
Outline three (3) ways you and your organisation could maintain your currency of knowledge about the product or service (2 marks)
Describe a process you would recommend should be followed to ensure that information regarding product or service terms and conditions remains up to date (1 mark)
What process does your organisation have in place to review and apply updates to compliance requirements relevant to the product and service? In what circumstances might this be required? (2 marks)
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