Level 2 Retail Business WJEC

This subject is broken down into 39 topics in 8 modules:

  1. Introduction to the Retail Business 5 topics
  2. Stock Management 4 topics
  3. Health and Safety 5 topics
  4. Financial Management 5 topics
  5. Selling Techniques 5 topics
  6. Visual Merchandising 5 topics
  7. Human Resources Management 5 topics
  8. Security and Loss Prevention 5 topics
Study this subject in the Adapt App →
  • 8
    modules
  • 39
    topics
  • 15,305
    words of revision content
  • 1+
    hours of audio lessons

This page was last modified on 28 September 2024.

A preview of Level 2 Retail Business WJEC in the Adapt app

Adapt is a revision planning app with full content coverage and unlimited past paper questions for 1,200+ GCSE and A Level subjects.

Study this subject in the Adapt app →

Retail Business

Introduction to the Retail Business

Types of retail organisations

🤓 Study

📖 Quiz

Play audio lesson

Types of retail organisations

Types of Retail Organisations

Sole Traders

  • A sole trader is a business owned and operated by one individual.
  • Sole traders have unlimited liability, meaning they can lose personal assets if the business fails.
  • The benefits include control over business decisions and a simple set up process.
  • Challenges include high financial risk and difficulties in raising capital.

Partnerships

  • A partnership involves two or more people jointly owning and running the business.
  • Partners have unlimited liability, but the risk is spread among several owners.
  • They have shared decision-making power which can lead to disagreements.
  • Partnerships allow for shared skills and resources but can have conflict dynamics.

Private Limited Companies (Ltd)

  • Private Limited Companies (Ltd) have their shares privately held and not available to the public.
  • Ownership is divided among shareholders, and each has limited liability.
  • Ltd provides protection for personal assets and improved credibility.
  • However, the financial information of the business must be made available for public scrutiny.

Public Limited Companies (Plc)

  • Public Limited Companies (Plc) have their shares publicly traded on a stock exchange.
  • Shareholders in a Plc have limited liability.
  • Plcs have a greater capital raising potential, but risk diluting control over the business.
  • Transparency requirements and regulatory scrutiny can be challenging.

Franchises

  • A franchise is where a business owner (franchisee) buys the right to use an existing company's (franchisor's) brand and system.
  • Franchisees benefit from established brands and corporate support.
  • However, they have less freedom and control over the business and must share a portion of profits with the franchisor.

Co-operatives

  • Co-operatives are businesses owned and run by their members, who share the profits.
  • Members have equal voting rights, promoting fairness and cooperation.
  • Co-operatives have a strong community focus, but can struggle with decision-making due to democratic processes.

Course material for Retail Business, module Introduction to the Retail Business, topic Types of retail organisations

Retail Business

Selling Techniques

Sales techniques

🤓 Study

📖 Quiz

Play audio lesson

Sales techniques

Understanding Sales Techniques

  • Sales techniques are the methods used by retail businesses to persuade customers to buy their products or services.
  • They include effective communication, building relationships with customers, and understanding customer needs.
  • These techniques help to increase sales volume, enhance customer experience and loyalty, and maximise profits.

Personal Selling Techniques

  • Personal selling involves direct interaction between the salesperson and the customer.
  • Key techniques include building rapport, active listening, and demonstrating empathy.
  • Sales representatives should highlight the USP (Unique Selling Proposition) of the product to differentiate it from competitors.
  • Using positive language and being enthusiastic about the product builds customer interest.

Digital Selling Techniques

  • Digital selling is the process of selling products or services online, through email marketing, social media, or the company's website.
  • It's critical to provide clear and detailed product information to help online customers make informed decisions.
  • Companies use SEO (Search Engine Optimization) strategies to increase their visibility on the web and reach a wider audience.
  • Social proof, such as customer reviews and testimonials, can increase trust and influence purchasing decisions.

Identifying Customer Needs

  • Successful selling requires understanding what the customer needs and how the product can meet these needs.
  • Salespeople should ask probing questions to establish the customer's requirements.
  • Utilising active listening helps to identify the customer's needs, build trust and personalise the selling approach.
  • Suggesting suitable products or services that address the customer's needs can strengthen the sales pitch.

Closing the Sale

  • Closing the sale involves finalising the deal and ensuring customer satisfaction.
  • Techniques include creating a sense of urgency, offering incentives, or drawing on the rapport built with the customer.
  • It is important to confirm the customer's agreement and fulfil any promises made during the sales process.
  • After the sale, providing excellent customer service and follow-up can encourage repeat business and referrals.

Serialization in markdown:

### Understanding Sales Techniques * **Sales techniques** are the methods used by retail businesses to persuade customers to buy their products or services. * They include effective communication, building relationships with customers, and understanding customer needs. * These techniques help to increase sales volume, enhance customer experience and loyalty, and maximise profits. ### Personal Selling Techniques * **Personal selling** involves direct interaction between the salesperson and the customer. * Key techniques include **building rapport**, **active listening**, and **demonstrating empathy**. * Sales representatives should highlight the **USP** (Unique Selling Proposition) of the product to differentiate it from competitors. * Using **positive language** and being enthusiastic about the product builds customer interest. ### Digital Selling Techniques * **Digital selling** is the process of selling products or services online, through email marketing, social media, or the company's website. * It's critical to provide clear and detailed product information to help online customers make informed decisions. * Companies use **SEO** (Search Engine Optimization) strategies to increase their visibility on the web and reach a wider audience. * **Social proof**, such as customer reviews and testimonials, can increase trust and influence purchasing decisions. ### Identifying Customer Needs * Successful selling requires understanding what the customer needs and how the product can meet these needs. * Salespeople should ask probing questions to establish the customer's requirements. * Utilising active listening helps to identify the customer's needs, build trust and personalise the selling approach. * Suggesting suitable products or services that address the customer's needs can strengthen the sales pitch. ### Closing the Sale * **Closing the sale** involves finalising the deal and ensuring customer satisfaction. * Techniques include creating a sense of urgency, offering incentives, or drawing on the rapport built with the customer. * It is important to confirm the customer's agreement and fulfil any promises made during the sales process. * After the sale, providing excellent customer service and follow-up can encourage repeat business and referrals.

Course material for Retail Business, module Selling Techniques, topic Sales techniques

Can I trust Adapt’s expertise?

Adapt is already used by over 600,000 students and trusted by over 3,000 schools. Our exam-specific content and assessments are meticulously crafted by expert teachers and examiners.

Find out more about the Adapt app →

Planner

An always up-to-date revision timetable.

A personalised, flexible revision timetable that stays up-to-date automatically.

Content

All the exam resources, in one place.

Over 20,000 topics broken down into manageable lessons with teacher-written, exam-specific lessons.

Assessment

Past-paper questions, with instant feedback.

Unlimited past paper questions with instant examiner feedback on how to improve.

Progress

Track progress, together.

Progress tracking to stay motivated, with real-time updates to the Parent Portal.

Download the app today to start revising for free.