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Evidence Guide: SIRXINV404 - Manage retail merchandise

Student: __________________________________________________

Signature: _________________________________________________

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!

From the Wiki University

 

SIRXINV404 - Manage retail merchandise

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

Analyse market.

  1. Identify and analyse store merchandise and marketing policy and procedures to confirm current market position.
  2. Monitor customer requirements formally and informally in order to evaluate market trends and customer needs.
  3. Research new products to clarify demand and fit with current market position.
  4. Identify and evaluate opportunities to adjust merchandise range to improve sales.
  5. Monitor merchandise range to identify the demand for individual items and seasonal variations.
  6. Monitor market competition to identify and evaluate changes to merchandise range.
  7. Measure, analyse and report on existing and potential stock loss and dissipation and their impact on business operations.
  8. Analyse store or department sales figures to determine contribution rates of different product lines.
  9. Determine store or department space requirements and brand product mix according to store policy.
  10. Determine future directions for merchandise ranges according to store policy.
Identify and analyse store merchandise and marketing policy and procedures to confirm current market position.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor customer requirements formally and informally in order to evaluate market trends and customer needs.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research new products to clarify demand and fit with current market position.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and evaluate opportunities to adjust merchandise range to improve sales.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor merchandise range to identify the demand for individual items and seasonal variations.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor market competition to identify and evaluate changes to merchandise range.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Measure, analyse and report on existing and potential stock loss and dissipation and their impact on business operations.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse store or department sales figures to determine contribution rates of different product lines.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine store or department space requirements and brand product mix according to store policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine future directions for merchandise ranges according to store policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse factors affecting stock levels and range requirements.

  1. Measure, analyse and report on existing and potential stock loss and dissipation and their impact on business operations.
  2. Analyse store or department sales figures to determine contribution rates of different product lines.
  3. Determine store or department space requirements and brand product mix according to store policy.
  4. 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.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse store or department sales figures to determine contribution rates of different product lines.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine store or department space requirements and brand product mix according to store policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine future directions for merchandise ranges according to store policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Plan merchandise ranges.

  1. Develop and implement buying plan, according to outcomes of analysis and store policy.
  2. Liaise with relevant personnel to coordinate promotional and marketing activities.
  3. Determine investment levels with reference to previous years’ sales figures, predicted demand and projected gross profit.
  4. Identify and implement strategies to improve contribution of different product lines to overall sales.
  5. Determine required stock levels according to peak seasons, special events and supplier lead time.
  6. Analyse, evaluate and amend merchandise range and sources of supply according to feedback from management, staff and customers.
Develop and implement buying plan, according to outcomes of analysis and store policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Liaise with relevant personnel to coordinate promotional and marketing activities.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine investment levels with reference to previous years’ sales figures, predicted demand and projected gross profit.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and implement strategies to improve contribution of different product lines to overall sales.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine required stock levels according to peak seasons, special events and supplier lead time.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse, evaluate and amend merchandise range and sources of supply according to feedback from management, staff and customers.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Introduce product ranges.

  1. Inform relevant personnel of new product ranges and advise on preferred location of merchandise.
  2. Implement staff training in product knowledge to introduce product range.
  3. Demonstrate or display new ranges to staff, according to store merchandising plan.
Inform relevant personnel of new product ranges and advise on preferred location of merchandise.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement staff training in product knowledge to introduce product range.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Demonstrate or display new ranges to staff, according to store merchandising plan.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maximise profit.

  1. Calculate or estimate individual product range contributions against budget and targets.
  2. Develop and implement product range assessment checks against budget and targets.
  3. Calculate or estimate overall selling space contributions according to store merchandising plan.
  4. Determine store pricing policies according to stated net profit margin in store merchandising plan and consumer law.
Calculate or estimate individual product range contributions against budget and targets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop and implement product range assessment checks against budget and targets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate or estimate overall selling space contributions according to store merchandising plan.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine store pricing policies according to stated net profit margin in store merchandising plan and consumer law.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Rationalise stock.

  1. Review and update stock range at regular intervals.
  2. Identify stock lines to be deleted and take action to minimise adverse effect on profit.
  3. Consolidate stock as required to maximise sales potential.
Review and update stock range at regular intervals.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify stock lines to be deleted and take action to minimise adverse effect on profit.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consolidate stock as required to maximise sales potential.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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.

Required Skills and Knowledge

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

Range Statement

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.