Modification History
The version details of this endorsed unit are in the table below. The latest information is at the top.
Release |
Comments |
Second Release |
Editorial updates |
Unit Descriptor
This unit describes the performance outcomes, skills and knowledge required to review the performance of retail or wholesale products or services as part of continuous improvement.
Application of the Unit
This unit applies to personnel who are responsible for internal and external research in order to confirm market opportunities. It includes accessing product or service opportunities and monitoring performance of those products or services.
Licensing/Regulatory Information
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Pre-Requisites
Nil
Employability Skills Information
This unit contains employability skills.
Elements and Performance Criteria Pre-Content
Elements and Performance Criteria
Element |
Performance Criteria |
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
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. |
Required Skills and Knowledge
This section describes the essential skills and knowledge and their level, required for this unit. |
Required skill |
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Required knowledge |
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Evidence Guide
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. |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the following is essential:
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Context of and specific resources for assessment |
Assessment must ensure access to:
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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:
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Guidance information for assessment |
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended. |
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 in the performance criteria is detailed below. |
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The development of strategic goals and performance indicators may include: |
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Forecasts may vary with: |
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Indicators may be accessed via: |
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Sources of information may include: |
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Internal staff and supplier personnel may include: |
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Plans may include: |
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Mechanisms to analyse performance of products and services may include: |
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Internal and external personnel may include: |
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Unit Sector(s)
Cross-Sector
Competency field
Product Management