Want to Know the Approach Adopted by Top Companies to Create Effective Category Plans? Download SpendEdge’s Free Resource Now!
LONDON--(BUSINESS WIRE)--May 23, 2019--
SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their free downloadable article on the approach adopted by companies to create winning category plans. The article offers a comprehensive overview of how category planning help companies to drive sales of a specific group of products within stores and gain a competitive edge in the retail market. The free resource also highlights challenges faced by category managers and offers an effective three-step approach to create a potent category plan.
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Steps to Create an Effective Category Plan. (Graphic: Business Wire)
With the changing consumer behavior, the need for an effective category plan has increased tremendously. The traditional 8-step category management process focusing on categories is proving inefficient and companies need a strategy that can respond to a more complex environment. Download this free article to know the approach adopted by top companies to create a winning category plan.
Developing an effective category plan is imperative for companies to drive category growth. Request a free demo to know how our experts can help you with accurate market insights.
Steps to Create an Effective Category Plan
Step 1: Conduct Category Assessment
Companies need to start with a category assessment to develop an effective category plan. This requires them to collect data through various sources and standard templates. The assessment conducted helps companies to conduct a SWOT analysis and identify gap opportunities.
To know how companies can create an effective category plan, download the complete article here.
Step 2: Create a Category Plan with Insights
After conducting category assessment, businesses need to develop a plan that can address key areas of category management involving category strategies, gaps and opportunities, category goals and private labels, and targets. The plan developed should include product assortment, placement, promotion, and pricing.
Determining pricing of products is crucial for companies. Request a free proposal to access our service portfolio of category management solutions.
Step 3: Develop a Strategic Implementation Plan
Once the category plan is developed, companies need to engage with all cross-functional teams and communicate the plan to them. They also need to analyze the effects it will have on stores, costs, and profit margins of the company.
Get in touch with our analysts to gain a comprehensive overview of benefits leveraged by top companies through effective category planning.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20190523005554/en/
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