Product Pricing and Labelling

Overview

Framework:
RQF
Level:
Level 1
Unit No:
F/618/3476
Credits:
3
Guided learning hours:
30 hours

Assessment Guidance

Portfolio of Evidence

For the full unit details, please download the latest version of the qualification specification. This is available for download on the relevant qualifications page.

Unit Learning Outcomes

To view the assessment criteria and any additional content, please expand the relevant learning outcome below.

1 — Know the purpose of effective pricing.

Assessment Criteria

  • 1.1

    Outline how pricing affects business profits.

  • 1.2

    Identify some of the factors that influence pricing decisions including

    a) competitors’ actions

    b) customer behaviour

    c) wholesale cost of products

2 — Know why different retailers can sell the same goods at different prices.

Assessment Criteria

  • 2.1

    Give reasons why different retailers price the same goods differently.

  • 2.2

    Give reasons why customers are prepared to pay varying amounts for the same item from different retailers.

3 — Know why retailers mark prices up and down.

Assessment Criteria

  • 3.1

    Give reasons why a retailer might reduce the price of a product.

  • 3.2

    Identify some situations where a retailer might raise the price of a product.

4 — Be able to label products and shelving correctly.

Assessment Criteria

  • 4.1

    Follow organisational guidelines to label given products or shelving.

5 — Be able to categorise products correctly online.

Assessment Criteria

  • 5.1

    Follow organisational guidelines to categorise products being sold online.