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Category Management
Category management is a practice used in the retail, purchasing, and manufacturing industries that involves breaking related products down into specific groups for cost management while forming the most strategic supplier relationship management process. As part of procurement, category management allows both the retailer and the manufacturer to use the analytics involved to fully understand the mutual value of the buyer and supplier relationship at hand.
What Small and Midsize Businesses Need to Know About Category Management
SMBs in the retail or manufacturing industries will gain the most value from implementing category management practices. Some of the most common benefits of category management for SMBs include better quality products, cost-saving benefits, and better resource management. It can also provide a competitive edge when it comes to understanding market trends and market values for the bidding and auction stages of procurement.
Related terms
- Marketing-Qualified Lead (MQL)
- Account Planning
- Marketing Channel
- Channel Partner
- Chief Sales Officer (CSO)
- Digital Commerce
- Cost Optimization
- Sales-Qualified Lead (SQL)
- E-Business
- Sales And Operations Planning Systems Of Differentiation
- Account Executive (AE)
- Sales Analytics
- SFA (Sales Force Automation)
- Direct Channel
- Commerce Platform Servers
- CPGA (Cost Per Gross Add)
- Average Selling Price (ASP)
- Category Management
- Account-Based Marketing (ABM)
- Business Rule Engines (BRE)
