Educators' Guide for Pedagogy and Assessment
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Unit: 2. Key aspects of retail Operations
Retail
Learning Outcome: 1. I can follow correct procedures to handle cash
1 Decribe the importance of suitable cash handling procedures in retail.
Importance of cash handling procedures: prevention of the mishandling of money; accountability; dealing with customer complaints relating to incorrect change; easier process to deal with overages and underages.
1 Explain how to balance a cash drawer and equipment used during this process.
Balancing the cash drawer: counting the cash float; taking the cash drawer to a secure place; filling out the cash report or cash drawer report; reconcilliation and handing over.
Equipment used: cash counters; coin counters.
2 List the factors that might lead to overages and underages in cash handling.
Factors: incorrect change; items not inputted in POS system; theft; POS system errors.
1 I can demonstrate correct cash handling skills.
Cash handling: following appropriate procedures to balance the cash drawer; correctly processing cash transactions.
Learning Outcome: 2. I can understand the basic elements related to the handling of customer payments.
3 I can identify different payment methods that customers use for retail purchases.
Payment methods: cash; credit and debit cards; cheque; online payments through retailer's website or bill payment facility through internet banking.
2 I can explain the basic elements for service provision at a point of sale.
Service provision at a point of sale: maintaining a secure environment; processing cash payments; checking for counterfeit money using appropriate tools; processing of card payments and requesting signature or pin number; dealing with card problems or issues with change; providing the correct information about return procedures or offers.
Learning Outcome: 3. I can understand basic financial terms and processes used in the retail business.
4 I can define key financial and accounting terms used in retail.
READING AND UNDERSTANDING
Key terms: credit and debit; costs; break-even; profit and loss and the balance sheet; cash flow; mark-up and mark-down; gross profit and net profit; inventory turnover.
5 I can describe considerations in setting retail pricing and how products are priced by retailers.
Considerations in setting retail prices: price sensitivity; competition; cost; legal constraints.
Basic retail price calculation: cost of merchandise + mark-up %; promotional mark-downs.
2 I can calculate the price of a hypothetical product that I developed.
COGNITIVE
Product: creativity; attractiveness of product; availability of receipts as proof of costs; evidence of teamwork; correct description of product.
Price: determening the mark-up %; determining the potential retail selling price.
Learning Outcome: 4. I can demonstate hygenic and safety practices when working in retail.
6 I can list reasons why a retail store should maintain a clean environment.
Reasons: cleanliness influences customer impressions; impact on employee motivation; maintaining stock and products; avoidance of illness and disease transmission.
3 I can discuss good housekeeping practices in a retail store.
Good housekeeping practices: maintaining a cleaning schedule; keeping store entrance clean; maintaining a clean front door; cleaning all shelves and displays; keeping back areas clean; keeping payment area clean.
7 I can outline potential hazards and risks in a retail store.
Hazards and risks: lifting hazards; strains and sprains; spillages; incorrect cable placement that can lead to tripping; incorrect use of machinery, tools or equipment.
4 I can explain how to deal with different emergency situations.
Emergency situations: dealing with fire; dealing with a medical emergency; handling a retail store evacuation.
3 I can demonstrate how to minimise health risks when lifting and carrying loads, pushing and pulling.
Minimising health risks: correct lifting and carrying of loads; correct pushing and pulling; taking appropriate measures to protect one's back; identification of load limits.
Learning Outcome: 5. I can understand the basic elements of security within a retail environment.
8 I can describe retail loss and causes of shrinkage.
Definition of retail loss and shrinkage: correct definition of retail loss and shrinkage.
Causes: e.g. vandalism, fraud, wastage, employee theft, shoplifting, operational or administrative errors.
9 I can describe the impact of crime on people working in retail.
SOCIAL CHANGE
Impact of crime: e.g. financial impact, physical impact, psychological impact.
10 I can identify measures used to prevent retail loss and ensure overall security in a retail environment.
Measures: e.g. CCTV, continuous monitoring of store areas by employees, spot checks for employees, limiting access to display spaces, staff security procedures, using special tags for products.
5 Explain how to deal with security-related incidents.
Dealing with security-related incidents: following store procedures; remaining calm; reporting to proper channels; avoiding confrontations; complying with local legislation.
