Category Management - Meaning and Importance
What Is Category Management?
The standard category management definition describes it as the process of classification of similar products into a single category by retailers. After that, for all practical purposes, that category acts as a representative for all products listed therein. Category management assists with operations: sales, procurement, product lifecycle management, and merchandising.
Another way to describe the category management definition is the optimization process undertaken to enable easy access to products for the retail team. It further helps streamline the procurement process and buyer/supplier relationships. While many businesses employ category management as a standalone activity, it is most beneficial when combined with product lifecycle management activities.
Product categories under category management can be defined by the business based on several parameters.
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