Review organisational financial information
Retailers often define success based on the return on investment.
Whether an organisation is privately owned or publicly listed, the principles of profit generation remain the same as does the priority on maximising returns. There are however, many ways to generate revenue in a retail context and each organisation defines their way via their profit strategy.
Profit strategies are influenced by various factors including the assortment of merchandise, service levels, and investment in store or digital environments. Regardless of the approach taken all retailers strive to maximise the return they achieve through the assets employed.
Profit in a retail business is largely generated through the turnover of their merchandise, and all functions and departments must align to this awareness if the business is to reach its financial projections.
The management of retail businesses is complex and the financial challenges can be significant. Our intention in this unit is to provide you with the knowledge that underpins how financial decisions are made in your business and the implications of the merchandise function on the overall profitability and performance.
This workshop will go through:
- Review organisational financial information
- Developing a merchandise financial plan
- Review and re-plan merchandise financial plan
Retail Buyers, Merchandise Planners, Business Owners, Product Managers
Entry – Intermediate
One day workshop - 9:30am to 4:30pm.
You have achieved formal study at the Certificate IV or higher level and currently employed within the retail sector in a function where they have applied knowledge of retail financials, inventory management and retail operations.
have at least two years full time work experience in a retail merchandise management related function where they have applied knowledge of retail financials, inventory management and retail operations.
have at least two years full time work experience in a role where they have applied knowledge of business financials and operations.
This unit is an accredited unit. On successful completion, you can receive national recognition for the unit (statement of attainment).
A successful completion means that all assessments have been marked competent by the assessor and that you have attended the workshop in its entirety.
Your competencies for each unit will be assessed through the following assessment methods:
Knowledge Assessment Tool (KAT)
- The assessment focuses on assessing the knowledge evidence of the unit of competencies in the form of written questions.
Skills Application Tool (SAT)
- The assessment focuses on assessing the performance evidence of the units of competencies in the form of practical demonstration.
Retail Innovation Tool (RIT)
- This assessment is started with case study / facts / specific retail standard to explore and provide you with some insights by answering the questions and implement them in the different context.
Diploma of Retail Merchandise Management (SIR50317)
- Develop a Merchandise Strategy (SIRRMRM002)
- Conduct a Post Trade Analysis (SIRRMRM003)
- Develop a Merchandise Financial Plan (SIRRMRM004)
- Develop a Category Financial Plan (SIRRMRM005)
- Plan a Merchandise Product Range (SIRRMRM006)
- Negotiate and Establish Supply Arrangements (SIRRMRM007)
- Develop a Mechandise Promotional Plan (SIRRMRM008)
- Plan Merchandise Buying Trips (SIRRMRM009)
- Plan Product Development (SIRRMRM010)
- Manage Merchandise Quality & Compliance (SIRRMRM011)
- Develop Ecommerce Strategy (SIRXSTR001)
This workshop is subject to change or cancellation if minimum number of participants is not reached. We will endeavour to notify you as early as possible. Your ticket can be transferred to the next available workshop of the same topic or you can request a refund.
If you have purchased a ticket but cannot attend, please contact the Program Manager ( firstname.lastname@example.org) to have your ticket transferred to a later date. If you cancel within 24 hours of a workshop date, please note that your ticket cannot be refunded or a change fee may occur.