Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
SIRRMRM001 Mapping and Delivery Guide
Plan merchandise buying strategy
Version 1.0
Issue Date: April 2024
Qualification | - |
Unit of Competency | SIRRMRM001 - Plan merchandise buying strategy |
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Description | |||
Employability Skills | |||
Learning Outcomes and Application | This unit describes the performance outcomes, skills and knowledge required to plan stock levels and purchase retail merchandise. This unit applies to senior personnel working in a diverse range of retail sectors and business contexts. They operate independently and are responsible for making a range of operational business decisions and for the buying and planning of retail merchandise. No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication. | ||
Duration and Setting | X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting. 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. |
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Prerequisites/co-requisites | |||
Competency Field | Merchandise Management |
Development and validation strategy and guide for assessors and learners | Student Learning Resources | Handouts Activities |
Slides PPT |
Assessment 1 | Assessment 2 | Assessment 3 | Assessment 4 | |
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Elements of Competency | Performance Criteria | |||||||
Element: Undertake post trade analysis. | ||||||||
Element: Complete a post trade analysis to review past performance against planned performance, identifying missed opportunities. | ||||||||
Element: Analyse customer buying patterns, and predict future trends. |
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Element: Consult relevant stakeholders for input on post trade analysis and future range strategy. | ||||||||
Element: Determine strategy. |
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Element: Communicate strategy to relevant personnel and seek input and approval as required. | ||||||||
Element: Develop merchandise plan. | ||||||||
Element: Review marketing calendar and new store openings and closures as required. | ||||||||
Element: Establish base line sales and gross margin requirements. | ||||||||
Element: Plan buying margin, markdowns, shrinkage and other reductions. | ||||||||
Element: Determine open to buy, weeks cover or other stock measures. | ||||||||
Element: Determine width and depth of range. | ||||||||
Element: Quantify products to be ordered. | ||||||||
Element: Respond to trade. | ||||||||
Element: Evaluate sales against plans and performance benchmarks and interpret impact to the forward plan. | ||||||||
Element: Manage merchandise plan in response to sales and account for variances in sales trends. | ||||||||
Element: Adjust purchases within the merchandise plan, and manage slow moving surplus stock or aged stock to minimise impact on overall margin. | ||||||||
Element: Consolidate stock as required. |