How do you develop a category strategy?
This involves eight actions:
- Engage the most important stakeholders.
- Understand the business requirements.
- Define a spending baseline and the evolution of that spending over time.
- Research the supply market.
- Analyze current suppliers.
- Perform internal and external benchmarking.
- Develop the category strategy.
What are category management principles?
Category management is founded on five key principles: Cross- functional team approach. Strong supply market knowledge. Make change happen. Stakeholder engagement.
What is category management in CPG?
Category Management is the primary platform from which CPG brand owners interact with retailers. Category Management provides the language, process framework, and metrics for communicating all strategic and tactical recommendations to the retailer.
How many steps are there in category management process?
8 Steps
Category Management Process: The 8 Steps The model was developed by Brian F. Harris in 1997.
What are Category tactics?
Tactics are the mechanisms for improvement in five aspects of category management: assortment, pricing, promotion, merchandising, and supply chain management. They literally change how consumers experience categories and affect category performance and store image.
How do you write a category plan?
The category plan should address all of the key areas of Category Management, and will ultimately result in a category plan document, including “how it works”. The key areas that should be included in the category plan include category strategies, gaps and opportunities, private label and category goals, and targets.
How many steps are there in Category Management process?
What is the main aim of Category Management?
The goal of Category Management is to obtain long-term improvements in the efficiencies of the retailer, which leads to increased sales, an improved shopping environment, and customer loyalty.
What is category management and why is it important?
Category management can help retailers identify key value categories, increase category sales volume, and reduce organizational spend. It can also help businesses gauge new procurement cost management opportunities and improve profit margins.
What are 8 steps management?
The category management 8-step process (retail) Define the category (i.e. what products are included/excluded). Define the role of the category within the retailer. Assess the current performance. Set objectives and targets for the category. Devise an overall Strategy.
What is a 1st step of of category management?
Define your categories The first step in the category management process is to define your category. How do you do that? Simply put, it comes down to putting yourself in your customer’s’ shoes and looking at how they perceive a particular category.
Which is a step in the category assessment process?
Under category assessment step, the retailer conduct an analysis of the category’s sub categories, segments with respect to sales, turnover, profits, return on assets by reviewing consumer, market, retailer and supplier information.
What are the four steps of the assessment cycle?
The Four Steps of the Assessment Cycle Step 1: Clearly define and identify the learning outcomes Step 2: Select appropriate assessment measures and assess the learning outcomes Step 3: Analyze the results of the outcomes assessed Step 4: Adjust or improve programs following the results of the learning outcomes assessed
Which is the first step in category management?
A typical category management process is discussed as follows: 1. Category Definition: Defining a category is the first step in a typical category management process. In this step retailer classifies the store’s products into different categories depending on the usage of the product by the consumers and its packaging.
What can category assessment do for a retailer?
The process of category assessment can help a retailer identify the opportunities in the category. Different categories will require different levels of analysis. Destination role categories warrant greater understanding an analysis than do convenience role categories.
