Course Title: TCF Retail Buying
Part B: Course Detail
Teaching Period: Term1 2007
Course Code: BUSM5587L
Course ID: 030052
Course Title: TCF Retail Buying
School: 350T Fashion & Textiles
Program Code: C5165 - Diploma of Textiles Clothing and Footwear
Course Contact : Hector Gauci
Course Contact Phone: +61 3 9925 9139
Course Contact Email: hector.gauci@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Ms Kelly Pascoe
+(61 3) 9925 9177
kelly.pascoe@rmit.edu.au
Location
Building: 511
Level: 1
Room: 8
Nominal Hours: 36
Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Pre-requisites and Co-requisites
None
Course Description
To provide learners with the skills and knowledge to:
• Demonstrate the nature and significance of strategic planning for the retail organization, emphasizing the importance of developing a marketing plan which reflects the influence and environmental factors, which are specific to retailing
• Explain the planning that retailers must do when managing their merchandise selection and sales budgeting process
• The ability to understand the role of advertising, sales promotion, merchandising and publicity in the operation of a retail business
• Identify current and possible future trends affecting retailing.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
LMTSMGN01A Devlp & Implement a Sales or Mktg Plan 03/7 |
Element: |
LMTSMGN01A/01 Analyse business goals and market trends |
Performance Criteria: |
· Business goals and objectives are defined and analysed to assist the formulation of a marketing plan |
Element: |
LMTSMGN01A/01 Analyse business goals and market trends |
Element: |
LMTSMGN01A/01 Analyse business goals and market trends |
Element: |
LMTSMGN01A/02 Establish strategic directions |
Performance Criteria: |
· Directions for marketing are assessed in line with the aims of the business plan, customer requirements, market position, objectives, opportunities and resources of the business |
Element: |
LMTSMGN01A/02 Establish strategic directions |
Element: |
LMTSMGN01A/02 Establish strategic directions |
Element: |
LMTSMGN01A/03 Develop a sales or marketing plan |
Performance Criteria: |
· Business resources and appropriate personnel are identified and utilised to optimise effectiveness of the marketing plan |
Element: |
LMTSMGN01A/03 Develop a sales or marketing plan |
Element: |
LMTSMGN01A/03 Develop a sales or marketing plan |
Element: |
LMTSMGN01A/04 Implement and monitor sales or marketing plan |
Performance Criteria: |
· Monitoring procedures are established |
Element: |
LMTSMGN01A/04 Implement and monitor sales or marketing plan |
Element: |
LMTSMGN01A/04 Implement and monitor sales or marketing plan |
Element: |
LMTSMGN01A/05 Conduct plan review |
Performance Criteria: |
· Review of the sales or marketing plan is conducted and the results assessed |
Element: |
LMTSMGN01A/05 Conduct plan review |
Element: |
LMTSMGN01A/05 Conduct plan review |
Element: |
LMTSMGN01A/06 Maintain records |
Element: |
LMTSMGN01A/06 Maintain records |
Performance Criteria: |
· Records of sales and marketing planning activities are maintained and reports prepared, where necessary, in accordance with enterprise procedures |
Element: |
LMTSMGN01A/06 Maintain records |
Element: |
RUAAG5203BMA/06 Identify the improvements and developments to be made during the planning period |
Performance Criteria: |
· Services relevant to the development of plans for the conservation of natural resource are identified and used. |
Element: |
RUAAG5203BMA/06 Identify the improvements and developments to be made during the planning period |
Element: |
RUAAG5203BMA/10 Identify the rights and obligations of the parties to contracts relevant to business operation |
Performance Criteria: |
· Information is obtained from appropriate sources on the general legal principles underlying contracts and on specific legal aspects of particular contracts as required |
Element: |
RUAAG5203BMA/10 Identify the rights and obligations of the parties to contracts relevant to business operation |
Element: |
This unit covers the skills and knowledge required to develop and implement a sales and marketing strategy in a TCF enterprise. |
National Element Code & Title: |
RUAAG5203BMA Develop a Business Plan 03/6 |
Element: |
RUAAG5203BMA/01 Specify business objectives and targets |
Element: |
RUAAG5203BMA/01 Specify business objectives and targets |
Performance Criteria: |
· Explicit short and medium-term objectives and targets which reflect the owners preferences for feasible enterprise performance and development. |
Element: |
RUAAG5203BMA/01 Specify business objectives and targets |
Element: |
RUAAG5203BMA/02 Prepare and assess a cash flow budget for the planning period |
Element: |
RUAAG5203BMA/02 Prepare and assess a cash flow budget for the planning period |
Performance Criteria: |
· Information on past receipts and payments are obtained from previous records, compared with current price and cost trends and compiled in a form that enables projections of future receipts and expenditure to be made. |
Element: |
RUAAG5203BMA/02 Prepare and assess a cash flow budget for the planning period |
Element: |
RUAAG5203BMA/03 Test variations in enterprise mix and operation to assess their effect on Business performance |
Element: |
RUAAG5203BMA/03 Test variations in enterprise mix and operation to assess their effect on business performance |
Performance Criteria: |
· Partial budgets are prepared for various feasible alternatives to test their impacts on business performance. |
Element: |
RUAAG5203BMA/03 Test variations in enterprise mix and operation to assess their effect on business performance |
Element: |
RUAAG5203BMA/04 Prepare trial profit and loss statements and balance sheets |
Element: |
RUAAG5203BMA/04 Prepare trial profit and loss statements and balance sheets |
Performance Criteria: |
· Trial profit and loss and balance sheets are prepared for the budget period following accepted accounting conventions, to test profitability and growth potential. |
Element: |
RUAAG5203BMA/04 Prepare trial profit and loss statements and balance sheets |
Element: |
RUAAG5203BMA/05 Identify and plan appropriate risk management strategies |
Performance Criteria: |
· Sources and types of risks are identified and the probability of their occurrence and consequences assessed. |
Element: |
RUAAG5203BMA/05 Identify and plan appropriate risk management strategies |
Element: |
RUAAG5203BMA/05 Identify and plan appropriate risk management strategies |
Element: |
RUAAG5203BMA/06 Identify the improvements and developments to be made during the planning period |
Element: |
RUAAG5203BMA/10 Identify the rights and obligations of the parties to contracts relevant to |
Learning Outcomes
Refer to other sections of guide
Overview of Learning Activities
Details of Learning Activities
PLANNED LEARNING EXPERIENCES-
Underpinning skills and knowledge delivered in lecture, tutorials and seminars:
• Group Activities - Brainstorming
• Research - Field Work
• Demonstrations
• Case Studies
• Practical Work - Workshops
• Audio Visual Material with Discussion
• Simulated Work Tasks
Teaching Schedule
Week: ‘O’ 05/02/07 Project Week
Week: 1 12/02/07 No Formal Classes – Field work
Week: 2 19/02/07 Course Orientation
• Introduction to TCF Retail Buying and the Retail Buying Function
• Assessment Overview
• General Aptitude test: Margins, Mark up and Mark Down
Issue: TCF Retail Buying- Major Assignment /Assignment No.1 : (35 Marks)
1.1 1.1.1 & 1.1.2 (15 Marks) Due week 11
1.2 (Merchandise Plan Dev. & Spread Sheet on Disc)
1.3
1.2.1 & 1.2.2 (10 Marks) Due week 17
(Selection /Ranging & Distribution)
1.3.1 & 1.3.2 (10 Marks) Due week 17
(Family Tree development & Assortment Plan)
Week: 3 26/02/07 Concepts: – Financial Pt.1:
• Planning the Range- Financial
• Buying the merchandise –The Open To Buy
Merchandise Plan Development Pt.1;
1. Calculate This Year’s Planned Sales and % increase /decrease on last year
2. Calculate planned Markdowns, Shrinkage and % as a reflection of T/Y’s Planned Sales
3. BOM / EOM
4. OTB
Issue: Assignment No.2 Retail Environment Analysis: Due Week.8
Week: 4 05/03/07 Melbourne Fashion Festival
Week: 5 12/03/07 ( Labour Day/ Public Holiday – Monday 12th March)
Major Assignment/Ass. No.1: Preparation week
(Individual) Merchandise Plan Development Pt.1:
• Items 1-4 (as per week4)
Week: 6 19/03/07 Concepts: – Financial Pt.1: (Review WIP )
• Planning the Range- Financial
• Buying the merchandise –The Open To Buy
Merchandise Plan Development Pt.1;
1. Calculate This Year’s Planned Sales and % increase /decrease on last year
2. Calculate planned Markdowns, Shrinkage and % as a reflection of T/Y’s Planned Sales
3. BOM/EOM
4. OTB
Concepts – Financial Pt.2:
• Assortment Planning
Merchandise Plan Development Pt.2 :
5. GP Margin
6. Maintain Mark Up
Week: 7 26/03/07 Concepts – Financial Pt.2: (Review WIP)
• Assortment Planning
Merchandise Plan Development Pt.2 (Review)
5. GP Margin
6. Maintain Mark Up
02//04/07 –13/04/07 Easter Break/Term Break
Week: 8 16/04/07 DUE: Assignment No 2. Retail Environment and Competitive Analysis (35 Marks)
• Class Presentation
• Submit Report
Week: 9 23/04/07 Concepts:
Negotiation and General Business Principles
Week: 10 30/04/07 Concepts : Promoting the Merchandise
Week: 11 07/05/07 Concepts :
• Allocation and of store space
• Retail KPI’S
• Revision Exam No.2
Assignment No.1: 1.1.1& 1.2.1 Due / Submit in
(Merchandise Plan Dev. & Spread Sheet on Disc)
Week: 12 14/05/07 Exam No.2 : Preparation week
Week: 13 21/05/07 Exam No.2 Individual Student Exam Concepts
Week: 14 28/05/07 Major Assignment: Preparation wk.2. (Distribution /Allocation to store ). By consultation
Week: 15 04/06/07 Major Assignment - Preparation wk.3. (Distribution /Allocation to store ) By consultation
Week: 16 11/06/07 (Queens Birthday: Public Holiday- Monday 11th June)
Major Assignment - Preparation wk.4
(Distribution /Allocation to store )
By consultation
Week: 17 18/06/07 Submit and Present Major TCF Retail Buying Assignment:
• 1.2 Selection & Ranging/Distribution (10%)
• 1.3 Assortment Plan (10%)
Week: 18 25/06/07 Finilsing Assessments /Student Feedback
(By consultation)
Overview of Learning Resources
Learning Resources
Prescribed Texts
References
Other Resources
Essential Learning Resources:
• B.Merrilees & D.Miller, Retailing Management - A Best Practice Approach
• Lynda, Gamas, Poloian, Retailing Principles – A Global Outlook 2003
• J. Diamond & G.Pintel, Retail Buying (5th ed.).
• Lusch,Dunne & Gebhart Retail Marketing (2nd ed.).
• Retail Tenancies, Dr Clyde, Leo Cussen Institute.
Overview of Assessment
Students will produce a report that incorporates:
• The retailer’s philosophy and strategic plan in terms of product category, class and sub class development as well as store allocation.
• Pricing strategies in keeping with the retailer’s strategic plan that explains the retailer’s approach to the development of the optimal merchandise mix by implementation of differentiated strategies including depth, variety and breadth.
• The development of a six month Open To Buy (OTB) / merchandise plan.
• Methods used to develop and implement an assortment plan reflecting the retailers merchandise strategic direction.
• A SWOT Analysis on an assigned Point of Sale Retail Operation.
Assessment timeline: Progressive assessments
Assessment Tasks
ASSESSMENT
Learners need to demonstrate by means of a range of assessment tasks that they can:
Produce a report that incorporates:
• The retailers philosophy and strategic plan in terms of
Product category, class and sub class development as well as store allocation.
• Pricing strategies in keeping with the retailer’s strategic plan.
• That explains the retailer’s approach to the development of the optimal merchandise mix by implementation of differentiated strategies including depth, variety and breadth.
• The development of a six month Open To Buy (OTB) / Merchandise plan.
• Methods used to develop and implement an assortment plan reflecting the retailers merchandise strategic direction.
• Conduct a SWOT Analysis on an assigned Point of Sale Retail Operation.
Assessment timeline: Progressive assessments
Individual: Assignment No.1: Retail Buying / Merchandise Report (Holistic Assignment) (Mark 35%)
• 1.1 Merchandise Plan & Presentation 15%
• 1.2 Selection and Ranging/Distribution & Presentation 10%
• 1.3 Assortment Plan 10%
Student Group: Assignment No.2: Retail Merchandise Strategy - SWOT Analysis (Mark 35%)
• 2.1 Retail Merchandise Assortment Mix – 25%
SWOT Analysis/Written Report
• 2.2 Oral Presentation of findings and conclusions 10%
Individual: Exams (Mark 30%)
• Exam 1. Merchandise Plan Calculation 15%
• Exam 2. Retail Buying Principles 15%
TOTAL 100%
• Learners can make a claim for Approved Prior Learning on entry to the course
• Criteria for your results: HD (high distinction – indicative score 80-100%) or DI (distinction – indicative score 70-79%) or CR (credit – indicative score 60-69%) or PA (pass – indicative score 50-59%) or NN (fail – indicative score 0-49%).
• Negotiation to vary assessment methods may be made in special circumstances. This is subject to the discretion of the trainer after consideration of the learner’s request and is done on a needs basis.
Course Overview: Access Course Overview