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Evidence Guide: SIRRMRM002 - Develop a merchandise strategy

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Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

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SIRRMRM002 - Develop a merchandise strategy

What evidence can you provide to prove your understanding of each of the following citeria?

Analyse the operating environment.

  1. Access and review organisational strategic objectives and determine organisational priorities for merchandise performance in consultation with relevant personnel.
  2. Access and review existing and previous merchandise strategies and available performance data to inform strategy development.
  3. Research trends in merchandise management and use findings to inform strategy development.
  4. Analyse internal and external operating environments to identify opportunities and risks related to merchandise performance.
Access and review organisational strategic objectives and determine organisational priorities for merchandise performance in consultation with relevant personnel.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Access and review existing and previous merchandise strategies and available performance data to inform strategy development.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Research trends in merchandise management and use findings to inform strategy development.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Analyse internal and external operating environments to identify opportunities and risks related to merchandise performance.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Develop merchandise strategy.

  1. Identify key priorities and objectives of the merchandising strategy based on analysis of the operating environment.
  2. Confirm merchandise strategy is consistent with the direction and objectives of the organisation.
  3. Confirm strategy execution can be supported by organisational structures and resourcing.
  4. Establish performance criteria to evaluate merchandise strategy performance.
  5. Ensure strategy can be adapted in response to environmental opportunities and threats.
  6. Develop a strategy action plan detailing key activities, responsibilities and timeframes.
  7. Obtain input from relevant personnel and make adjustments to strategy based on feedback received.
  8. Finalise merchandise strategy and gain required approval.
  9. Communicate merchandise strategy and action plan to relevant personnel.
Identify key priorities and objectives of the merchandising strategy based on analysis of the operating environment.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Confirm merchandise strategy is consistent with the direction and objectives of the organisation.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Confirm strategy execution can be supported by organisational structures and resourcing.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Establish performance criteria to evaluate merchandise strategy performance.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Ensure strategy can be adapted in response to environmental opportunities and threats.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Develop a strategy action plan detailing key activities, responsibilities and timeframes.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Obtain input from relevant personnel and make adjustments to strategy based on feedback received.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Finalise merchandise strategy and gain required approval.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Communicate merchandise strategy and action plan to relevant personnel.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Review merchandise strategy.

  1. Obtain feedback from relevant stakeholders regarding merchandise performance.
  2. Evaluate merchandise strategy against performance criteria.
  3. Use findings to make informed conclusions about merchandise performance and make recommendations for future improvements.
Obtain feedback from relevant stakeholders regarding merchandise performance.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Evaluate merchandise strategy against performance criteria.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Use findings to make informed conclusions about merchandise performance and make recommendations for future improvements.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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. Access and review organisational strategic objectives and determine organisational priorities for merchandise performance in consultation with relevant personnel.

1.2. Access and review existing and previous merchandise strategies and available performance data to inform strategy development.

1.3. Research trends in merchandise management and use findings to inform strategy development.

1.4. Analyse internal and external operating environments to identify opportunities and risks related to merchandise performance.

2. Develop merchandise strategy.

2.1. Identify key priorities and objectives of the merchandising strategy based on analysis of the operating environment.

2.2. Confirm merchandise strategy is consistent with the direction and objectives of the organisation.

2.3. Confirm strategy execution can be supported by organisational structures and resourcing.

2.4. Establish performance criteria to evaluate merchandise strategy performance.

2.5. Ensure strategy can be adapted in response to environmental opportunities and threats.

2.6. Develop a strategy action plan detailing key activities, responsibilities and timeframes.

2.7. Obtain input from relevant personnel and make adjustments to strategy based on feedback received.

2.8. Finalise merchandise strategy and gain required approval.

2.9. Communicate merchandise strategy and action plan to relevant personnel.

3. Review merchandise strategy.

3.1. Obtain feedback from relevant stakeholders regarding merchandise performance.

3.2. Evaluate merchandise strategy against performance criteria.

3.3. Use findings to make informed conclusions about merchandise performance and make recommendations for future improvements.

Required Skills and Knowledge

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. Access and review organisational strategic objectives and determine organisational priorities for merchandise performance in consultation with relevant personnel.

1.2. Access and review existing and previous merchandise strategies and available performance data to inform strategy development.

1.3. Research trends in merchandise management and use findings to inform strategy development.

1.4. Analyse internal and external operating environments to identify opportunities and risks related to merchandise performance.

2. Develop merchandise strategy.

2.1. Identify key priorities and objectives of the merchandising strategy based on analysis of the operating environment.

2.2. Confirm merchandise strategy is consistent with the direction and objectives of the organisation.

2.3. Confirm strategy execution can be supported by organisational structures and resourcing.

2.4. Establish performance criteria to evaluate merchandise strategy performance.

2.5. Ensure strategy can be adapted in response to environmental opportunities and threats.

2.6. Develop a strategy action plan detailing key activities, responsibilities and timeframes.

2.7. Obtain input from relevant personnel and make adjustments to strategy based on feedback received.

2.8. Finalise merchandise strategy and gain required approval.

2.9. Communicate merchandise strategy and action plan to relevant personnel.

3. Review merchandise strategy.

3.1. Obtain feedback from relevant stakeholders regarding merchandise performance.

3.2. Evaluate merchandise strategy against performance criteria.

3.3. Use findings to make informed conclusions about merchandise performance and make recommendations for future improvements.

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

review the strategic objectives and direction of one retail organisation and develop a merchandise strategy for a six-month trading period by:

analysing the internal and external operating environment

analysing merchandise performance data

documenting a SWOT analysis identifying:

strengths

weaknesses

opportunities

threats

document the above merchandise strategy and detail:

brand strategy

competitor strategy

pricing strategy

product strategy

promotional strategy

supplier strategy

target market strategy

store and multi-channel strategy

develop and document an action plan for the above merchandise strategy that details:

resourcing requirements

key responsibilities

performance indicators

timeframes

evaluate the merchandise strategy against performance indicators and make recommendations for ongoing improvements.

Demonstrated knowledge required to complete the tasks outlined in the elements and performance criteria of this unit:

retail merchandise strategies:

purpose

common objectives and priorities

key stakeholders:

organisational decision-makers

strategy influencers and drivers

influence on merchandise budget and planning

trends

role of critical path in merchandise strategy development and execution

external operating environmental factors and their impact on a merchandise strategy:

competitor

consumer behaviour

economic

environmental:

sustainability

seasonality

ethical

political

social

technological

target markets:

current

potential

trends

internal operating environmental factors and their impact on a merchandise strategy:

organisational:

objectives and direction

resourcing

gross margin

percentage contribution mix

supply arrangements

logistics

current merchandise strategy

stock positions

product and sales trends

space management

store changes:

openings

refurbishments

closures

role and interrelationship of key retail functions in merchandise management:

buyers

logistics

marketing

planners

production

retail operations

senior management

visual merchandisers

key aspects of a merchandise strategy:

brand strategy

competitor strategy

pricing strategy

product strategy:

growing

maintaining

exiting

promotional strategy

supplier strategy

target market strategy

store and multi-channel strategy

key inclusions in an action plan for merchandise strategy execution:

resourcing requirements

key responsibilities

performance indicators:

qualitative

quantitative

timeframes.