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Pearson BTEC Level 3 National Extended Diploma in Business, Unit 15: Investigating Retail Business, Assignment 1 - Investigation into Local Retail Businesses$13.32
BTEC Level 3 National Extended Diploma In Business
Unit 15 Investigating Retail Business
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Pearson BTEC Level 3 National Extended Diploma in Business, Unit 15: Investigating Retail Business, Assignment 1 - Investigation into Local Retail Businesses
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Unit 15 Investigating Retail Business
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BTEC Level 3 National Extended Diploma in Business
Unit 15 Investigating Retail Business
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Pearson BTEC Level 3 National Extended Diploma in Business.
Unit 15: Investigating Retail Business.
Investigation into Local Retail Businesses.
Criteria covered by this task:
Evaluate how trends and changes in the UK consumer market have impacted on
15/AB.D1
two contrasting national retailers.
Assess how a retail business’ ability to respond to change improves its
15/B.M2
competitiveness.
15/A.M1 Analyse how local businesses are structured, satisfying differing customer needs.
Explore the retail provision in your local area including the current nature and
15/A.P1
structure.
Investigate the retail job roles, entry points and progression opportunities
15/A.P2
available locally in contrasting retail businesses.
Explain how the retail environment and social trends are affecting a local retail
15/B.P3
business.
P1 - Explore the retail provision in your local area including the current nature and
structure.
Introduction to retail, formats & premises/classifications.
When a business sells things to the end user, or a consumer, it is referred to as retail. I went
to JD Sports with my younger brother to purchase a pair of trainers, this is an example of
retail. When purchasing in bulk, a client would visit or speak with wholesalers; but, when
purchasing in smaller amounts, a customer would visit or interact with retailers. When it
comes to shopping, retail outlets are a popular choice since customers can interact directly
with the firm about any questions or difficulties they have. However, when working from
home or accessing physical stores is difficult, consumers turn to retail online. Having the
retail business available online and offline are the main examples of retail formats. I will now
discuss the different types of retail classifications.
Typically when a business ‘retails’, a business will add value to a product. Retailers will add
this value purely because they buy in bulk to sell individually to consumers. Consumers
aren’t expected to buy everything in bulk for personal use. The reasons to why retailers add
value to a product is that of course, to break even and make profit but there are 5 other
reasons to why the retailer adds value, I will now name the reasons below:
● Provide service to customers.
● Increase product knowledge, becoming educated to satisfy customer’s needs.
● Make customers feel exclusive and to comfort them when purchasing.
● Making the service of purchasing convenient.
● Ensuring that the customers are met well, every enquiry is answered with honesty
and confidence.
Store Types.
Supermarkets - A supermarket is a huge retail store offering wide varieties of foods,
beverages and household items and are often categorised in different isles. An example of a
supermarket would be the Co-op. You can find a Co-op supermarket or small/average size
retail stores dotted around different areas of suburbs. The reason being is that there are lots
of parking spaces for free which makes this accessible for customers. Typically, products are
, Pearson BTEC Level 3 National Extended Diploma in Business.
Unit 15: Investigating Retail Business.
Investigation into Local Retail Businesses.
average priced to meet needs of consumers around the supermarket. This does not mean
that supermarkets are in deprived or low income areas, by having average priced products,
this would be suitable for all.
Department stores - A department store is a retail store offering a wide variety of household
goods, mens/womens/children’s clothing, electrical appliances etc. An example of a
department store would be JD sports. You can find JD sports department stores within retail
parks (e.g. the Manchester Fort), City Centres or on the high street, etc. The size of these
stores can vary from small to large depending on what is available in the market to let or
depending on which types of goods are in demand within the local area of the department
store. In the Manchester Fort Retail Park, where there is a JD sports department store, the
types of products that are available to the target market vary from accessories to clothing
items. The location is pretty ideal as Cheetham Hill is a heavily populated suburb with many
other popular department stores.
Retail Formats.
Small stores - Small retail stores are spaces with very less space. However, this depends
on the type of trade the business is. A business which would be suitable for a small retail
store would be The Perfume Shop, the reason being that the products sold are on a small
scale. An example to how JD sports could use a small store would be to use the store purely
for click and collect orders or to place orders within the premises. These stores could be
further out of town so this could be commuteable for those who can simply walk down or get
a bus.
Advantages of using a small store for conducting business is that rent will be quite
economical compared to larger stores (rent calculated by how big the store is, measured by
square footage). Compared to a bigger store, there will be fewer staff required to run the
store.
Disadvantages of using a small store for conducting business is that of course, less space
which means customers may walk past the store and might not think anything of it and from
a business standpoint, there is less space to work with if business becomes busy. Another
disadvantage would be that due to low requirements of staff, if staff become ill, an example
being the Coronavirus, simply, there will be no staff to run the store.
High Street Stores - A High Street Store is a shop which is located on the main street of a
town or city. Sizes of the premises can vary, from small to large, therefore, I will speak about
Larger High Street Stores. If a business would like to open on a high street, it would be
sensible for a business who already has a reputation such as JD sports and the Co-op.
The reason being is because if a new business opens on a high street yes, they will have a
presence but it may be the fact that they don’t conduct enough sales to keep the business
running. Therefore, the business will be running into cash flow problems, may not be able to
pay rent and there may be chances of being evicted if you are not willing to give back the
premises to the landlord.
Out of town stores - An out of town retail store is (a) store(s) which is located outside of the
main centre of the shopper area. Typically, there is loads of free parking space but it may be
difficult for consumers to travel to, if they don’t have any vehicles to travel in. Benefits of
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