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What is category management?
By Rasha Mahmoud. What is Category Management? Category Management is a function at retail and ecommerce businesses, where related products are grouped together under separate product categories, in order to manage their performance more efficiently.
1 day ago · Category management is a structured approach that involves several key steps to optimize the performance of product categories within a retail environment. The industry-standard model for category management consists of an eight-step process developed by the Partnering Group. 1. Define the Categories.
Jan 22, 2020 · Category management is the process of bundling like products into a singular category, or business unit, and then addressing procurement, merchandising, sales, and other retail efforts on the category as a whole. Category Management Examples. What does category management look like in real life?
Mar 30, 2023 · Category management refers to the administration of an assortment in retail by grouping goods into categories that share traits or goals. As an example, suppose you organize your store's shelves using the category management principle: one shelf includes just dairy items, another only meat products, etc.
- Category Management Definition. What we call ‘Category Management’ today developed from the concepts behind Efficient Consumer Response (ECR). This looked to increase the quality of services to consumers.
- Key Principles of Category Management. The strategic product grouping process is founded on 5 key principles. These are cross-functional team approach, strong supply of market knowledge, making change happen, stakeholder engagement and facts/data-based.
- Strategic Sourcing Vs Category Management. Category management is not strategic sourcing but is a long-term approach to monitor trends, marketplace dynamics, and the supplier landscape within a particular area of spend and it is adjusted often to mirror the changing conditions of business.
- What is CPG Category Management? CPG stands for Consumer Packaged Goods. Also known as FMCG (Fast Moving Consumer Goods). These are products that are fast-moving and of low cost.
Category management is the management of the assortment in retail, where you divide the assortment into groups (categories) with common characteristics or objectives. For example, you arrange the shelves of a shop according to the principle of category management: one shelf has only dairy products, another has meat products, etc.
Aug 16, 2023 · Retail taxonomy, also known as product categorization, is a system of classifying products or services into hierarchical categories. It involves dividing your product line into broad departments, further splitting them into categories and subcategories, until each product fits into a specific niche.
