This unit focuses on internal and external research to confirm market opportunities, accessing product or service opportunities and monitoring performance of those products or services. | |
Nil | |
ELEMENT | PERFORMANCE CRITERIA | ||
1 | Conduct internal research on current retail or wholesale business position. | 1.1 | Compare strategic goals and performance indicators with actual performance. |
1.2 | Compare forecasts for a range of future products and services. | ||
1.3 | Compare forecasts for future products and services with performance of current range. | ||
2 | Conduct external research on current business position. | 2.1 | Ascertain business performance in the marketplace using best available and reliable indicators. |
2.2 | Collect and analyse information on current business performance from business partners. | ||
3 | Assess opportunities for new products and services. | 3.1 | Assess information about emerging products and services. |
3.2 | Check information about emerging products and services with internal staff and supplier personnel. | ||
3.3 | Assess and compare shifts in demand for current products and services. | ||
3.4 | Factor information about emerging products and services into plans. | ||
3.5 | Adjust marketing plans and sales strategies to reflect emerging customer demands and changing market demographics. | ||
4 | Monitor product and service performance. | 4.1 | Analyse performance of products and services. |
4.2 | Initiate changes to range based on current performance of products and services. | ||
4.3 | Discuss and review analysis of business performance with relevant internal and external personnel. | ||
4.4 | Review of retail or wholesale products and services to accurately monitor business success. | ||
This section describes the essential skills and knowledge and their level, required for this unit. |
The following skills must be assessed as part of this unit: interpersonal communication skills to: check information with business and supplier personnel discuss and review analysis of business performance with relevant internal and external personnel through clear and direct communication ask questions to identify and confirm requirements use language and concepts appropriate to cultural differences use and interpret non-verbal communication literacy and numeracy skills in regard to: reading and interpreting a range of business documentation accessing and interpreting client and sales information calculating figures generating reports researching and analysing internal and external factors that affect current business position estimating and projecting sales figures to set sales objectives time management strategising, planning and prioritising. researching, analysing and reporting collecting and organising information. |
The following knowledge must be assessed as part of this unit: current business position opportunities for new products business performance over time rationale for current products and services product and service performance analysis techniques OHS aspects of job relevant commercial law and legislation. |
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package. | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the following is essential: researches and assesses opportunities for new products or services against performance of current products or services monitors, evaluates and reports on product or service performance over a period of time liaises with suppliers and other business partners to prepare up-to-date and accurate data on product or service performance for consideration within planning processes produces concise reports to convey information regarding product or service performance to relevant personnel according to business policy. |
Context of and specific resources for assessment | Assessment must ensure access to: a sales-oriented work environment information on: markets competitors products and services suppliers relevant documentation, such as: policy and procedures manuals sales reports a range of customers with different requirements. |
Methods 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 third-party reports from a supervisor 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. Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended. |
Assessing employability skills | Employability skills are integral to effective performance in the workplace and are broadly consistent across industry sectors. How these skills are applied varies between occupations and qualifications due to the different work functions and contexts. Employability skills embedded in this unit should be assessed holistically in the context of the job role and with other relevant units that make up the skill set or qualification. |
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 in the performance criteria is detailed below. | |
The development of strategic goals and performance indicators may include: | consultation with key stakeholders budget considerations procurement processes approval processes contractual arrangements. |
Forecasts may vary with: | product or service merchandising and sales strategy promotional strategies and their duration, cycle, territory coverage and product or service focus. |
Indicators may be accessed via: | Australian Bureau of Statistics competitor information annual reports trade publications field reports stock market analyses. |
Sources of information may include: | verbal communication, including face to face, telephone, internet and radio written communication such as data exchange, letters, e-mails feedback. |
Internal staff and supplier personnel may include: | people with varying degrees of language and literacy people from a range of cultural, social and ethnic backgrounds people with a range of responsibilities and job descriptions. |
Plans may include: | strategic business plans marketing promotional sales strategies purchasing and procurement disposal human resources public relations contingency risk management environmental. |
Mechanisms to analyse performance of products and services may include: | contact history purchase requests and orders tender submissions and proposals invoices and payment requests statements and petty cash vouchers offer and contract documents evaluation process documentation records of supplier performance financial statements. |
Internal and external personnel may include: | specialist contacts employees supervisors store manager area manager. |
Sector | Cross-Sector |
Product Management | |
The required outcomes described in this unit contain applicable facets of employability skills. The Employability Skills Summary of the qualification in which this unit is packaged will assist in identifying employability skills requirements. | |
Not applicable.