Leveraging Category Management for Excellence in Retailing
Journal Title: International Journal of Marketing and Technology - Year 2011, Vol 1, Issue 2
Abstract
Category Management is vital to success of a retail operation. Category Management is a retailing concept in which the total range of products sold by a retailer broken down into discrete groups of similar or related products; these groups are known as product categories. It has become an essential component of modern retail business. In fact, it is difficult to imagine a retailer winning in the marketplace without relying on the direction that this valuable process provides. Today, it is very important to know about the category management. Product categories are the building blocks of the store. Category management leverages them to enable retailers to operate effectively. Some categories may be larger than others and some may contribute more to the bottom line. But all of them must work well individually and must come together to present a cohesive whole to discriminating shoppers. Expertise in category management is certainly a competitive advantage. It empowers retailers to make better business decisions that help them achieve objectives. The Purpose of Category Management is to enable retailers to keep their present shoppers and attract new ones. The industry may have taken its eye off the consumer in the early days of data overload and number crunching, but that time has past. Today, the best practitioners are focused on consumer-centric category management. The consumer today stands at the center of the process and drives all decisions about the category today and its direction tomorrow. The purpose of this paper is to describe the various aspects of category management. This paper is covering the areas like evolution, purpose, importance and future of category management in modern retailing business.
Authors and Affiliations
Mr. Harvinder Singh and Mr. Krishan Kumar
Keywords
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