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FNS40815_ FNSINC402 Assessment 1 – Knowledge Answers
| FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector | |
| Unit Description | This unit describes the skills and knowledge required to develop and maintain an in-depth knowledge of the financial products and services provided by an organisation, or those an organisation uses, and how they may be applied to client needs. |
| Learning Outcomes | By the end of this unit, students will be able to:
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Activity 1
Using comparison websites is a good way to obtain up-to-date information about financial products and services. Explain some of the limitations of these comparison systems.
(Explain systems that can be accessed to obtain up-to-date information on products, services, and competition).
Activity 1 Answer
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Activity 2
In your own words, describe the difference between a debit card and a credit card. (Describe the products and services used by the organisation or sector and their purpose).
Activity 2 Answer
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Activity 3
Assume one of the big four banks in Australia introduced a new home loan product which was highly competitive for the other 3 banks. Describe the most likely outcome.
(Describe products and services used by competitors that are similar to those of the organisation).
Activity 3 Answer
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Activity 4
Explain how a financial products broker might segment customers and potential customers. Which segments would be the most attractive to them, and why?
(Explain different marketing methods and approaches to promoting or selling financial products and services).
Activity 4 Answer
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Activity 5
Describe the general standards of financial product promotional and marketing practice that would be reflected in organisational policy and procedures.
(Identify organisational policy in terms of promotional and marketing strategies).
Activity 5 Answer
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Activity 6
Outline some of the changes organisations may need to make to their sales promotion procedures to consider the trend to ‘consultative selling’ (which places the emphasis on the salesperson becoming a “trusted advisor” to the customer).
(Describe ethical and regulatory conditions that must be adhered to in promoting products and services to clients).
Activity 6 Answer
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Activity 7
Outline why financial institutions have adopted ‘cross-selling’ techniques to grow their businesses. (Outline general client characteristics and needs for the organisation or sector).
Activity 7 Answer
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Reference ID: #getanswers2001035