Business Principles in Retail - Overview

This resource is designed for the BTEC National award in Retail. BTEC Qualifications have been developed to provide the knowledge, understanding and skills of specialist work related areas. This qualification focuses on providing education and training for students who either work or are considering a career in the retail trade.

This is the second in a series of six assignments written specifically for the BTEC Retail qualification by a practising teacher of the course. There are 3 core units and 7 specialist units that make up the structure of the course.

The unit is assessed by means of an assignment that is graded Pass, Merit or Distinction. Details of the criteria can be found on the Edexcel Web site. (http://www.edexcel.org.uk/VirtualContent/102509/BN018420_NA_in_Retail_L3_Issue_2.pdf)

The Assignment

Overview:

In this unit you will gain an understanding into how a retail business can use the information it gathers as part of its normal day-to-day business activities to monitor and control its business. It shows how financial information is used to control a retail business and enables proactive rather than reactive management.

Knowing the basic principles that underpin the retail sector is an important part of your whole understanding of the area. It is more than just providing shopping facilities! Copyright: Pipp, from stock.xchng.

You will examine sales indicators and look at external influences on sales that make predicting sales difficult. You will also examine factors affecting profitability and the importance of balancing profit against ethical business practices.

On completion of this unit you should:

1. Know the strategic aims and objectives of retail business
2. Understand how a retail business can measure its performance
3. Understand the factors needed to be considered when forecasting sales
4. Know the external constraints on the performance of a retail business

(Source: Edexcel)

When you are working through each task on the next page, make sure you constantly refer back to the grading grid below; this gives more detail on what you have to demonstrate to achieve the different grades for this unit.

Source: Edexcel. [PDF file]

Go to the Activity.