Unit 30 - Legal Principles and Professional Ethics in Financial Services
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Verified BTEC Business Level 3 - Unit 30 (Distinction* Graded)
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Unit 30 - Legal Principles and Professional Ethics in Financial Services
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BTEC Business Level 3: Unit 30 (Legal Principles and Professional Ethics in Financial Services)
Unit 30 – P1,P2,P3,P4.P5,M1,M2,M3,D1,D2
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Unit 30 - Legal Principles and Professional Ethics in Financial Services
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UNIT 30
P1
In this assignment I will be describing and explaining the aspects of visual
merchandising. In this task I will be explaining what visual merchandising
means as well as explaining e.g. (the layout) of the chosen businesses;
TOPSHOP, River Island. In this I will include a range of display technique used
by these retailers, giving examples. After that I will give my advice on what
visual merchandising techniques which ‘Sphere’ should incorporate when
starting up their business.
Visual merchandising is a technique that businesses use in order to help
increase the per square feet returns and therefore reducing marketing
budgets, this can be portrayed through the use of floor plans and store
displays to highlight products, maximise sales and attract customers.
River Island
The first retail store which is great at visual merchandising is River Island. The
first Merchandising technique which comes to mind when thinking about
River Island is their constant use of mannequins, this will allow the customers
to have an insight of what an outfit would look like which gives them an
instinct on whether they like the product or not. Anna can implement this into
her business through having a few mannequins at the front of the store
showing the public when walking past what clothes they have to offer during
that particular season e.g. winter; a coat, hat, jeans.
The second merchandising technique which River Island uses in their stores is
scent. River island use the sense of smell to their advantage as the public
walking past will be more tempted to walk into the shop, as the scent gives
them a good first impression of what river island have to offer. Anna can
implement this into her business through spraying her own scent when her
business first starts up giving ‘Sphere’ a good impression to those shoppers
whom want to buy clothing.
The third merchandising technique which River Island uses in their stores is
point of purchase display; this is their most effective technique as it can
become very profitable due to customers waiting in a queue surrounded by
products which are only £1-2 which tempts them more to buy products which
they may not need. Anna can implement this into her business as many
people will fall for this trick hence ‘sphere’ can make the most of this
technique and make their business more profitable. Products which they
could put near the checkout include hairbands, Vaseline, socks in which will all
guarantee her to raise funds.
The fourth merchandising technique which River Island uses in their stores is
through window displays; this can make customers attracted to in store
products, if they are able to show a window display the public walking past
will more likely pay attention to the store due to it not being a basic wall.
,Anna can implement this into her business by using see through glass
windows with e.g. mannequins displaying products which they have in store,
this will benefit Anna’s business as it will set good first impressions to
customers about the business.
The fifth merchandising technique which river island uses in their stores is
through using new technology in their visual merchandising to gain the
attention of customer’s interactive displays and demonstrations that offer a
chance to get involved with the product; Anna can implement this into her
business through using see through windows, and advertising their products
on televisions. This will catch the audience’s eye, meaning more people will
pay more attention to the store hence increasing their sales rate.
TOPSHOP
The second retail store which is great at visual merchandising is TOPSHOP. The
first technique which comes to mind when thinking about TOPSHOP is there
floor plan. In TOPSHOP retail outlets they tend to have a straight floor plan,
the reason being is because they use both wall and floors to sell their products
to customers. This gives customers more choice on the product which they
are looking for, e.g. TOPSHOP use walls and racks on a straight line to create
organised traffic flow, this maximising the space in store giving customer more
to choose from. Anna can implement this floor plan into her business as she
wants to increase her sales by 50%, and by creating an organised straight floor
plan will give the public the incentive that ‘Sphere’ is a versatile place to shop,
they can do this through accommodating all the display styles e.g. gondola,
wire, slat wall.
The second merchandising technique which TOPSHOP uses in their store is the
lighting design. The reason why they dim white lighting is because it creates a
significant impact on the atmosphere or the environment and how the
product appeals to the customer. Anna should implement this in her business,
as she’ll receive more customers if there is more of a luxurious and relaxed
vibe, through ambient lighting. This will help her increase her sales due to the
lighting giving a different approach to how a product appeals to a customer.
The third merchandising technique which TOPSHOP uses in their store is
music. TOPSHOP adds music in their stores due to this technique affecting the
customer’s mood, this could lead them buying more than they originally
anticipated hence is a great visual merchandising technique. Anna can
implement music in her store as customers may feel the need to buy more
products depending on their current mood, hence by playing soothing music
they will feel relaxed and calm and possibly wanting to buy more products.
The fourth merchandising technique which Topshop uses in their stores is
window displays; similarly to River Island they both use this technique to
attract their audience. If Topshop are able to show a window display the
public walking past will more likely pay attention to the store due to it not
being a basic wall. Anna can then implement this in her business through
, using promotions e.g. 20% off all accessories, making more of the public
aware of their discount and increasing their potential sales.
The fifth merchandising technique which Topshop uses in their stores is
through de-cluttering. De-clutter displays, so the items you really want seen
become the focus. Sometimes a simple display with a trio of items creates
more of an impact than a shelf overflowing with the latest arrivals. Anna can
implement this into her business though putting 3 perfumes which the public
will be attracted to from first sight, additionally due to a good scent customers
will be drawn in and inclined to try the perfume and possibly purchase it.
How can ‘sphere’ incorporate these merchandising techniques
From the information, which I have gathered from TOPSHOP and River Island
about their most effective merchandising techniques I would advise Sphere is
vastly focus on their floor plan which should be ‘straight floor plan,’ the
reason being is because it provides sphere the chance to maximise their space
within the store as well as making the shop clean and organised. Compared to
other floor plans e.g. mix floor plan this is easy to versatile as sphere could use
slat walls which can help accommodate for e.g. accessories, this floor plan is
used by many other successful retail business’ also including foot locker and
footasylum. This will help the business grow nationally because the floor plan
is one of the first sights which the public can make their own perception on
about ‘Sphere’ business in store hence they need to create a well-structured,
organised layout. I would also encourage Sphere to distinctly focus on the
scent. This is a huge merchandising technique especially when starting up a
business, through having a scent it creates a presence to the public that your
business is strong. Sphere will receive new customers every day if they use
this technique due to members of the public being manipulated their way into
the store in which they may end up buying products. This will help sphere to
achieve their aim of increasing sales by 50%, as new people will come to the
store daily, especially if the location is in a mall as this could proceed to the
business meeting their aims sooner than they first anticipated, it is due to
people passing by more frequently.
M1
In this report I will be analysing the visual merchandising and display
techniques used by both Topshop and River Island. And how it can be
incorporated to ‘sphere’ to make sure it can grow nationally. The report will
be analysed through the following; different visual merchandising display
techniques, different competitors retail outlets, different techniques that
Sphere can incorporate to ensure that it grows nationally. Topshop is a global
fashion and beauty destination that connects women with the new and the
next in style and culture. As a brand that originates from London - a city famed
for fashion experimentation and culturally defining street style movements
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