A thorough understanding of category management, and explain why it is an important process for both retailers and suppliers. You will learn how retailers can take category roles one step further, by assigning strategies to each category. These strategies help the retailer to define the purpose of each category in the store, beyond the category role. The strategies consider how the consumer shops, the image of the retailer, and the competitive nature of the categories. Participants will understand how these category strategies dictate more detail surrounding the tactics that relate to each category.
List the different perspectives to consider in category management with a comprehensive understanding of the importance of the category roles for retailers, based on the purpose of the category for a specific retailer. Participants will learn how assigning a category role to each category allows retailers to strategically lay out their store based on the roles. It will also explain the impact that different role assignments can have on the category tactics (4 P’s: pricing, promotion, placement, product availability).
State the key steps in the Category Management process; participants learn to define a category based on how the consumer thinks about the category. How the category is defined affects the tactics, or how the category is merchandised, priced and promoted. Once the category is defined, it needs to be segmented based on a consumer decision tree. This sets up the category for effective analysis based on how the consumer shops the category. Key steps and varying methods are explored in completing these steps of the Category Management process.
Explain why Retailer Strategy is an important piece of category management for both Retailers and Suppliers to understand; Participants will increase their understanding of what is included in a retailer’s overall strategy, and the importance of being able to understand and articulate the strategy (from both a retailer’s and supplier’s perspective). Retailer strategy has a significant impact on category management, and needs to be defined across different buckets, including retail format, target consumer, competitive environment and private label or no name. Each of these areas will be reviewed in detail.
List the key components of each step in the Category Management process. This course reviews each of the tactics, key measures, basic analytics, and impact on consumer purchase decisions. Specific calculations are included.
Develop and Implement a Category Plan is the last step of the category management process, but it is also the most important. After all of the category management work is done and the category plan is complete, successful execution of the plan in stores is critical to the success of the entire plan.