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

Unit Learning Outcomes

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.