The holy grail of strategy for any firm,

but especially retailers, is to create a concept that is so different and compelling that it renders competitors irrelevant — and then to implement that concept in such a way that core customers are bonded and the competitors find it hard to copy or react.

Innovative offerings from a variety of industries have attempted to create niches that were protected from competition. Brands such as Walmart, The Body Shop, Zara, H&M, Rent-A-Car, Apple, and dozens of others have been able to maintain a distinctive offering that attracts an extremely loyal customer base.

How? Are there any common characteristics that these brands share? Although each is different with respect to strategy and context, it is possible to observe some factors that are associated with successful new retail concepts. Not all are always present but there are cases in which the absence of even one can be fatal.

This unit standard is intended for new entrants into the wholesale and retail sector. Persons credited with this unit standard will be able to describe the different market segments, customer profiles and buying habits applicable to the industry.
They will also be able to identify the target market of the organisation, in which they work.

These persons will also be able to identify the different functional departments in an outlet and their main functions in respect of the flow of stock/cash through the business.

They will also be able to explain the environment in which business operates in respect to applicable legislation and shrinkage and losses.