Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

SIRXINV404 Mapping and Delivery Guide
Manage retail merchandise

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency SIRXINV404 - Manage retail merchandise
Description This unit describes the performance outcomes, skills and knowledge required to conduct market analyses, plan merchandise ranges, procure and rationalise stock, and implement staff merchandise training to maximise profit in a changing retail environment.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to store and department managers with responsibility for managing the range and quality of merchandise offered, and creating opportunities to improve sales while maximising profits.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Nil
Competency Field
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
Elements of Competency Performance Criteria              
Element: Analyse market.
  • Identify and analyse store merchandise and marketing policy and procedures to confirm current market position.
  • Monitor customer requirements formally and informally in order to evaluate market trends and customer needs.
  • Research new products to clarify demand and fit with current market position.
  • Identify and evaluate opportunities to adjust merchandise range to improve sales.
  • Monitor merchandise range to identify the demand for individual items and seasonal variations.
  • Monitor market competition to identify and evaluate changes to merchandise range.
  • Measure, analyse and report on existing and potential stock loss and dissipation and their impact on business operations.
  • Analyse store or department sales figures to determine contribution rates of different product lines.
  • Determine store or department space requirements and brand product mix according to store policy.
  • Determine future directions for merchandise ranges according to store policy.
       
Element: Analyse factors affecting stock levels and range requirements.
  • Measure, analyse and report on existing and potential stock loss and dissipation and their impact on business operations.
  • Analyse store or department sales figures to determine contribution rates of different product lines.
  • Determine store or department space requirements and brand product mix according to store policy.
  • Determine future directions for merchandise ranges according to store policy.
       
Element: Plan merchandise ranges.
  • Develop and implement buying plan, according to outcomes of analysis and store policy.
  • Liaise with relevant personnel to coordinate promotional and marketing activities.
  • Determine investment levels with reference to previous years’ sales figures, predicted demand and projected gross profit.
  • Identify and implement strategies to improve contribution of different product lines to overall sales.
  • Determine required stock levels according to peak seasons, special events and supplier lead time.
  • Analyse, evaluate and amend merchandise range and sources of supply according to feedback from management, staff and customers.
       
Element: Introduce product ranges.
  • Inform relevant personnel of new product ranges and advise on preferred location of merchandise.
  • Implement staff training in product knowledge to introduce product range.
  • Demonstrate or display new ranges to staff, according to store merchandising plan.
       
Element: Maximise profit.
  • Calculate or estimate individual product range contributions against budget and targets.
  • Develop and implement product range assessment checks against budget and targets.
  • Calculate or estimate overall selling space contributions according to store merchandising plan.
  • Determine store pricing policies according to stated net profit margin in store merchandising plan and consumer law.
       
Element: Rationalise stock.
  • Review and update stock range at regular intervals.
  • Identify stock lines to be deleted and take action to minimise adverse effect on profit.
  • Consolidate stock as required to maximise sales potential.
       


Evidence Required

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.

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the following is essential:

applies store policy and procedures, industry codes of practice, statutory requirements and regulations in regard to buying, merchandising and marketing practices

demonstrates planning, procurement and rationalisation of stock and merchandise ranges

interprets market trends and applies them to the store situation to create opportunities to improve sales, while maximising profits

trains and communicates information to and from staff or team members in regard to stock, merchandise and service range.

Context of and specific resources for assessment

Assessment must ensure access to:

a retail work environment, including existing merchandise ranges

relevant store systems, information and documentation, including:

stock management system

store or department sales figures

merchandise budget information

merchandising and marketing policies

merchandising plan, including space allocation data

merchandise and supplier data

sales staff.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

observation of performance in the workplace

customer feedback

written or verbal questioning to assess knowledge and understanding

review of portfolios of evidence and third-party workplace reports of on-the-job performance.

Guidance information for assessment

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

analytical skills to evaluate and analyse:

market trends and projections

sales figures and investment levels

space requirement

communication and interpersonal skills to:

ask questions to identify and confirm requirements

establish supplier relationships and negotiate supply of goods

give instructions

liaise with relevant personnel

provide feedback and coaching through clear and direct communication

provide information and training on product range

use and interpret non-verbal communication

use language and concepts appropriate to cultural differences

literacy and numeracy skills to:

analyse stock figures

calculate and estimate product range contributions

develop pricing policies

technology skills to use and apply technology, including electronic data interchange (EDI)

Required knowledge

store policy and procedures in regard to:

buying

current and future stock inventory levels

marketing

profit margins

quality control

stock location and allocated areas

industry and store information, including:

channels of distribution

existing and possible new suppliers

market competition

market needs

pricing procedures, including GST requirements

range of merchandise available

product knowledge

relevant legislation, statutory requirements and codes of practice relating to the retail industry

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the individual, accessibility of the item, and local industry and regional contexts) may also be included.

Store merchandise and marketing policies may include:

current market position

store culture

target market.

Customer requirements may be monitored by:

observation

questionnaires

surveys.

Merchandise range may include:

existing stock

new stock.

Impact on business operations may include:

budgeting

buying

ordering patterns

planning.

Relevant personnel may include:

frontline staff

relevant managers

specialist staff

supervisors

team leaders.

Feedback may be sought and given:

in groups or individually

verbally or in writing.

Staff training may include:

off-the-job

one-on-one coaching

on-the-job

any combination of the above.

Staff may include:

fulltime, part-time, casual or contract staff

people from a range of social, cultural and ethnic backgrounds

people with varying degrees of language and literacy levels.

Stock lines may be deleted due to:

changes in store policy and culture

customer requirements

fashion trends

problems with supply

product availability

sales performance.

Consolidation of stock may include:

movement of stock between departments or stores.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Identify and analyse store merchandise and marketing policy and procedures to confirm current market position. 
Monitor customer requirements formally and informally in order to evaluate market trends and customer needs. 
Research new products to clarify demand and fit with current market position. 
Identify and evaluate opportunities to adjust merchandise range to improve sales. 
Monitor merchandise range to identify the demand for individual items and seasonal variations. 
Monitor market competition to identify and evaluate changes to merchandise range. 
Measure, analyse and report on existing and potential stock loss and dissipation and their impact on business operations. 
Analyse store or department sales figures to determine contribution rates of different product lines. 
Determine store or department space requirements and brand product mix according to store policy. 
Determine future directions for merchandise ranges according to store policy. 
Measure, analyse and report on existing and potential stock loss and dissipation and their impact on business operations. 
Analyse store or department sales figures to determine contribution rates of different product lines. 
Determine store or department space requirements and brand product mix according to store policy. 
Determine future directions for merchandise ranges according to store policy. 
Develop and implement buying plan, according to outcomes of analysis and store policy. 
Liaise with relevant personnel to coordinate promotional and marketing activities. 
Determine investment levels with reference to previous years’ sales figures, predicted demand and projected gross profit. 
Identify and implement strategies to improve contribution of different product lines to overall sales. 
Determine required stock levels according to peak seasons, special events and supplier lead time. 
Analyse, evaluate and amend merchandise range and sources of supply according to feedback from management, staff and customers. 
Inform relevant personnel of new product ranges and advise on preferred location of merchandise. 
Implement staff training in product knowledge to introduce product range. 
Demonstrate or display new ranges to staff, according to store merchandising plan. 
Calculate or estimate individual product range contributions against budget and targets. 
Develop and implement product range assessment checks against budget and targets. 
Calculate or estimate overall selling space contributions according to store merchandising plan. 
Determine store pricing policies according to stated net profit margin in store merchandising plan and consumer law. 
Review and update stock range at regular intervals. 
Identify stock lines to be deleted and take action to minimise adverse effect on profit. 
Consolidate stock as required to maximise sales potential. 

Forms

Assessment Cover Sheet

SIRXINV404 - Manage retail merchandise
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

SIRXINV404 - Manage retail merchandise

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: