List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENTS | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1.Undertake post trade analysis. | 1.1.Complete a post trade analysis to review past performance against planned performance, identifying missed opportunities. 1.2.Analyse customer buying patterns, and predict future trends. 1.3. Review competitor activity within the local and global marketplace. 1.4.Consult relevant stakeholders for input on post trade analysis and future range strategy. |
2. Determine strategy. | 2.1 Determine range strategy for relevant future trading period based on post trade analysis. 2.2 Determine price strategy, marketing strategy and product mix for the next trading period. 2.3Communicate strategy to relevant personnel and seek input and approval as required. |
3.Develop merchandise plan. | 3.1.Review marketing calendar and new store openings and closures as required. 3.2.Establish base line sales and gross margin requirements. 3.3.Plan buying margin, markdowns, shrinkage and other reductions. 3.4.Determine open to buy, weeks cover or other stock measures. 3.5.Determine width and depth of range. 3.6.Quantify products to be ordered. |
4.Respond to trade. | 4.1.Evaluate sales against plans and performance benchmarks and interpret impact to the forward plan. 4.2.Manage merchandise plan in response to sales and account for variances in sales trends. 4.3.Adjust purchases within the merchandise plan, and manage slow moving surplus stock or aged stock to minimise impact on overall margin. 4.4.Consolidate stock as required. |
Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:
conduct a post trade analysis for one merchandise range or department
determine and document the following details of the merchandise strategy based on the above post trade analysis, for the next trading period:
price strategy
marketing strategy
product mix
develop a merchandise plan, for a specified trading period, based on the above post trade analysis and strategy that includes the following:
base line sales and gross margin requirements
buying margin, markdowns, shrinkage and other reductions
open to buy, weeks cover or other stock measures
width and depth of range
take the appropriate action to respond to sales across the specified trading period.
Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:
organisational:
post trade results:
sales
Gross Profit
Gross Margin Return on Investment
sell through (or relevant measure)
rate of sale
average sale price
unit sales
purchase margin
markdown percentage
sales plan
previous trading period data
sales and gross margin requirements
marketing calendar
for the particular industry sector:
consumer buying patterns
competitor activity
customer needs
sales trends
trading periods
merchandise strategy:
gross margin
production opportunities:
speed to market
purchase margin
markdown reduction
management of stock in response to sales
forward cover
markdowns
purchases
aged stock.
Skills must be demonstrated in a retail environment. This can be:
an industry workplace
a simulated industry environment.
Assessment must ensure access to:
past performance data
organisational marketing calendar
store opening and closing information
sales data
stakeholders and suppliers with whom the individual can interact; these can be:
stakeholders and suppliers in an industry workplace, or
people who participate in role plays or simulated activities, set up for the purpose of assessment, in a simulated industry environment.
Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.