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Unit of competency details

SIRRSTR001 - Undertake strategic planning in retail (Release 1)

Summary

Usage recommendation:
Current
Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 31/Mar/2016

Companion volumes:
Unit of competency Assessment requirements

Delivery:
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Training packages that include this unit

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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  09/Aug/2016 
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Unit of competency

Modification History

Not applicable.

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.

Pre-requisite Unit

Nil

Competency Field

Strategy

Unit Sector

Retail

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.

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.

Unit Mapping Information

No equivalent unit.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=ca051b1b-5101-4ec2-ac1c-49699303188d

 

Assessment requirements

Modification History

Not applicable.

Performance Evidence

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.

Knowledge Evidence

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.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=ca051b1b-5101-4ec2-ac1c-49699303188d

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