Assessment Requirements for SIRRMRM001 Plan merchandise buying strategy

Release: 1

Assessment Requirements for SIRRMRM001 Plan merchandise buying strategy

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:

conduct a post trade analysis for one merchandise range or department

determine and document the following details of the merchandise strategy based on the above post trade analysis, for the next trading period:

price strategy

marketing strategy

product mix

develop a merchandise plan, for a specified trading period, based on the above post trade analysis and strategy that includes the following:

base line sales and gross margin requirements

buying margin, markdowns, shrinkage and other reductions

open to buy, weeks cover or other stock measures

width and depth of range

take the appropriate action to respond to sales across the specified trading period.

Knowledge Evidence

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

organisational:

post trade results:

sales

Gross Profit

Gross Margin Return on Investment

sell through (or relevant measure)

rate of sale

average sale price

unit sales

purchase margin

markdown percentage

sales plan

previous trading period data

sales and gross margin requirements

marketing calendar

for the particular industry sector:

consumer buying patterns

competitor activity

customer needs

sales trends

trading periods

merchandise strategy:

gross margin

production opportunities:

speed to market

purchase margin

markdown reduction

management of stock in response to sales

forward cover

markdowns

purchases

aged stock.

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:

past performance data

organisational marketing calendar

store opening and closing information

sales data

stakeholders and suppliers with whom the individual can interact; these can be:

stakeholders and suppliers in an industry workplace, or

people who participate in role plays or simulated activities, set up for the purpose of assessment, in a simulated industry environment.

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