What are the 4 Ps of category management?
The 4 P’s of category management are product, price, placement and promotion. The category manager will ensure that the right products are bought based on his analysis of the previous sales reports and current consumer trends.
What is global category management?
Today Category Management is considered by many global companies as an essential strategic purchasing approach. Category Management has been defined as “an evolving methodology that drives sourcing strategy in progressive organisations today”.
What is indirect category management?
Indirect procurement is the sourcing of all goods and services for a business to enable it to maintain and develop its operations. Indirect Procurement categories include, but are not limited to: Marketing-related services (media buying, agencies) Professional Services (consultants, advisers)
How do you create a category management plan?
A guide to creating a winning category strategy
- Decide on your category definition and role. Before you can think about creating your category strategy, you need to first decide on the definition of each category.
- Analyse all possible data.
- Decide on your strategy and match it with the appropriate tactics.
- Implement.
What is the role of category management?
Category managers are integral to the development and success of a product or service. It is their job to manage the product category or range and be responsible for the pricing and overall promotion of that product or service. Exceptional communication skills are also key for category managers.
What is MRO and capex?
Established by longstanding procurement and supply chain professionals across the globe from the discipline of Investment Projects (Capex), Operational Expenditure (Opex), Maintenance (MRO) and Indirect or simply Non-Product Related (NPR), the organization respond and/or provide proactive solution to the different …
How do you develop a category management 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.
