Knowledge (K) – The theoretical understanding an apprentice needs to perform their role effectively. This includes industry-specific principles, regulations, and best practices.
- K1: Understands the overall product portfolio and brand image that the company is promoting to the customer, and can purchase and merchandise the products accordingly.
- K2: Understands how to identify current and future buying and loyalty behaviours of existing and potential customer groups for core products and third party products
- K3: Understands the impact of the buying critical path on the effective operation of the buying function. Understands the concept and impact of new product development.
- K4: Understands when a product and product range has reached the end of its lifecycle, and acts appropriately to ensure its removal from the product range.
- K5: Understands the key factors that influence UK and global markets, including economic and political activity
- K6: Understands how different business models, buying cycles, trading models and customer groups can affect the buying and merchandising process.
- K7: Understands the impact of emerging technological changes, for example AI, in terms of how product is sourced, how buying and merchandising processes might be improved, and how they might impact on customers,
- K8: Understands what factors contribute to the strategic development of the buying and merchandising function,and how through their leadership, they can influence the development of the strategy
- K9: Understands the key factors that influence the quality of a product and tolerance levels.
- K10: Understands the strategic implications for product range development, and the appropriate courses of action available.
- K11: Understands the importance of ensuring that at all stages of the buying and merchandising process, the product is fit for purpose and meets company standards
- K12: Understands impact of new and evolving purchasing options across different fulfilment channels.
- K13: Understands the main influencers on sales and profit growth, and can lead the team to achieve them.
- K14: Understands the key financial levers and ratios that affect profitability, and can manage the team to ensure that profit is maximized.
- K15: Understands the key deliverables associated with the buying and merchandising function, such as cost return rates, re-buys, cancellations, debit agreements, delivery dates, lead times etc.
- K16: Understands the importance of effective negotiation and managing an ongoing relationship, including with designers, manufacturers and suppliers.
- K17: Understands the importance of effective partnerships with other functions and departments, such as Merchandising, Sales and Finance, and leads the team to ensure that the outcomes from the relationships are maximized.
- K18: Knows when to make appropriate refer decisions to senior executives in order to obtain the correct level of authorisation.
- K19: Understands why effective planning and forecasting are vital to delivering a robust range plan, such as aspects of customer demand and changes in buying patterns.
- K20: Understands the importance of, and strategies to, lead, coach, motivate and develop members of the team
- K21: Understands the importance of leadership style and self – development, on the success of the business
- K22: Knows how to identify the customer’s current and future needs and purchasing trends, including ethical and sustainable retailing
- K23: Understands how different channels of delivery, buying cycles, trading models and customer groups can affect the buying and merchandising process.
- K24: Understand how to identify current and future buying and loyalty behaviours of existing and potential customer groups.
- K25: Understands key buying analysis criteria such as, competitor benchmarking, price comparison, and competitor analysis.
- K26: Understands the roles that techniques such as business planning, pricing strategies, product design and product manufacture, often in a global context, have on the overall success of the business
- K27: Understands the need to develop and implement innovative and responsive processes and systems to customer’s digital demands.
- K28: Understands the requirements of delivering to the most appropriate route to market.
- K29: Understands the potential problems that can arise from non-legal and ethical compliance and options for mitigation.
- K30: Understands the concept and impact of new product development.
- K31: Understands the importance of onboarding new suppliers to ensure full compliance with internal and external standards
- K32: Understand where additional corporate requirements are needed to enhance compliance practice
- K33: Understands the process that is required to ensure the rectification of any failures
- K34: Understands how to effectively utilise data in order to identify commercial opportunities for their organisation
- K35: Understands the importance of working together with other teams (especially buying)
- K36: Understands the potential problems that can arise in merchandising and how they can be mitigated.
- K37: Understands concepts such as ‘modern slavery’ and how they might impact on the business
- K38: Understands allocation strategies and ensure effective data inputting
- K39: Understands how to interrogate data in order to make effective trading decisions
- K40: Understand merchandising concepts such as ‘fixturisation’, and the effective use of space
- K41: Understands the impact of effective forecasting on the operation of the merchandising function.
- K42: Understands in depth, the purpose of the critical path
- K43: Understands supplier data, such as delivery intakes , packaging requirements etc.
- K44: : Understand differing requirements across all methods of delivery (eg instore and on line)
- K45: Understands the principles of having the right stock in the right place at the right time, in order to satisfy customer demand.
- K46: Understands the impact that they have as a leader on the business,.
- K47: Knows how to effectively build relationships with key external stakeholders
- K48: Understands how to review and revise a system that is not functioning correctly
- K49: Knows how to utilise different communication techniques
More information on the Standard is available here.