Category management is an 8 step process providing the best solution for your business that includes all the strategies needed to make your brand a raging success.
The process roadmap that is being followed significantly helps to achieve the set goals for the particular brand. The process roadmap helps establish the brand as a true leader in the market and differentiate you from the competitors.
Basically what we have to understand is our retailer & eventually becoming an expert in their need analysis. Also if you align your process with these category management strategies, you will surely become an apple in the eye of your customers at large.
So these 8 steps are Category Management
Define Category Management : This step is perhaps the most important, as it will define your understanding of the retailer, their customers and the consumers who buy your brand. The key question is: how do customers shop the category? Help you define the category, the consumer decision tree identifies the choices and the order of decisions customers make when they shop the category.
Category Role : Role identifies the importance of the category to the retailer. This is the role the retailer wants the category to play within their store. A category can be used to bring consumers into the store, increase foot traffic, support routine shopping needs, be a destination for seasonal/occasional purchases, a one-stop-shop or for convenience.
Category appraisals : Knowing the procedure in which the category performs at the retailer outlet and also within markets & outside outlets is the next step involved for better category management. This includes pricing, promotion, placement & product assortment.
Category scorecard : Scorecard is the strategic allocation of work to be performed to reach the category goals and objectives. It is a summary of observations and analysis to help develop goals and targets for the category.
Category Strategies : Category strategy is used to grow the market share, increase the sales, Increase footfalls, improve the gross margin and increase the rate of return on investment, increase the shopping basket size and I turn gain customer satisfaction
Category tactics : Tactics include the specific actions that are taken to achieve a certain chosen category strategies.
Implementation plan : This step brings the strategies & tactics to life and the degree to which you accurately implement the plan determines your success quotient.
Review & Assess performance : Here you basically analyze, measure & review the results. This is an ongoing process which helps you refocus and make changes if necessary.