Understanding Retail Markets

Overview

Framework:
RQF
Level:
Level 2
Unit No:
Y/505/2365
Credits:
3
Guided learning hours:
24 hours

Assessment Guidance

Portfolio of evidence

Unit Learning Outcomes

1

Understand the importance to retailers of understanding their market.

Assessment Criteria

  • 1.1
    Explain why a retailer needs to understand the market for their products or services.
2

Understand the development of a specific area of retailing.

Assessment Criteria

  • 2.1
    Describe the main historical factors that have influenced development of a particular area of retailing (e.g. fashion or DIY).
3

Understand different store formats within a specific area of retailing.

Assessment Criteria

  • 3.1
    Describe the different store formats within a particular area of retailing, including e-stores where appropriate.
  • 3.2
    Explain why different formats are used and how these relate to different customer profiles.
4

Understand how current social and economic factors influence a specific area of retailing.

Assessment Criteria

  • 4.1
    Outline current social and economic factors which may affect retailers in a specific area of retailing.
  • 4.2
    Describe how retailers in a specific area of retailing respond to market challenges.
  • 4.3
    Describe future opportunities for development for a specific area of retailing.