Application
This unit describes the performance outcomes, skills and knowledge required to analyse the operating environment and use results to develop, implement and review a retail strategy.
This unit applies to senior personnel working in a diverse range of sectors and business contexts. They operate independently and are responsible for making a range of operational business decisions and strategic planning.
No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Elements and Performance Criteria
ELEMENTS | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Analyse the operating environment. | 1.1.Review organisational vision, mission, values and current strategy as available. 1.2.Consult with key stakeholders on current and future direction of the organisation. 1.3.Research and identify trends in consumer behaviour to inform strategy development. 1.4.Conduct competitor analysis to inform strategy development. 1.5.Conduct environmental analysis of the retail market place. 1.6.Use information gained to determine strengths, weaknesses, opportunities and threats of the organisation. |
2. Develop the strategic plan. | 2.1.Establish objectives that meet the desired future strategic position of the organisation. 2.2.Develop action plans outlining steps required to achieve strategic objectives. 2.3.Develop quantitative and qualitative evaluation criteria to be used in reviewing the strategic plan. 2.4.Ensure strategic plan aligns with organisational vision, mission, and values. 2.5.Circulate strategic plan to relevant stakeholders for comment, support and endorsement. |
3. Implement, monitor and evaluate the strategic plan. | 3.1.Communicate strategic plan to all relevant stakeholders. 3.2.Implement plan, ensuring shared understanding of and commitment to strategic objectives addressing any barriers as they arise. 3.3.Monitor and refine the strategic plan as required. 3.4.Evaluate and review performance against strategic objectives and evaluation criteria. |
Evidence of Performance
Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:
develop, implement and monitor a strategic plan aligned to organisational vision, mission and values, addressing one of the following strategy directions:
market development
profitability
customer engagement
diversification
document the above strategic plan including the following details:
review of internal and external operating environments
SWOT analysis
objectives
deliverables, scheduling and milestones
allocation of roles and responsibilities
liaise with and seek input from a wide range of stakeholders while developing the strategic plan.
Evidence of Knowledge
Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:
SWOT analysis and its use in strategic planning
strategic planning:
key components of a strategic plan:
objectives
deliverables, scheduling and milestones
allocation of roles and responsibilities
strategies for communicating strategic plan and gaining stakeholder support
documentation
role of technology
monitoring and control systems
evaluation criteria, both quantitative and qualitative
methods for measuring the success of project objectives
for the particular industry sector and organisation:
role of various stakeholders in the strategic planning process
ethical principles
environmental challenges:
economy
social
technological
competition.
Assessment Conditions
Skills must be demonstrated in a retail environment. This can be:
an industry workplace
a simulated industry environment.
Assessment must ensure access to:
organisational mission, vision and values statement
sources of information on internal and external operating environments
stakeholders with whom the individual can interact; these can be:
individuals in an industry workplace, or
individuals who participate in role plays or simulated activities, set up for the purpose of assessment, in a simulated industry.
Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.
Foundation Skills
Foundation skills essential to performance in this unit, but not explicit in the performance criteria are listed here, along with a brief context statement. | |
SKILLS | DESCRIPTION |
Oral communications skills to: | influence and gain the support of others in implementing the strategic plan. |
Planning and organising skills to: | plan for and implement realistic and achievable timeframes and milestones within the strategic plan. |
Technology skills to: | conduct research on the internal and external operating environment to inform strategy development. |
Sectors
Retail
Competency Field
Strategy