How do you define a category strategy?

Put simply; a category strategy defines what a category needs to do to perform optimally. In other words, it’s a means to drive sales of a specific group of products and can be implemented at store level. More than that, it’s also defined by the role the category takes on within your stores.

What is considered professional services in procurement?

Procurement Manager In simple terms, professional services procurement is the sourcing and buying of services for businesses from professionals/companies in advisory and service industries such as architecture, law, accountancy/financial advisory and other types of consultancy.

What is a category strategy in sourcing?

We define a category as a grouping of materials or services that have similar supply and usage characteristics to meet business objectives. Managing by categories is a strategic approach which organizes procurement resources to focus on specific areas of spend categories.

What are the 4 Ps of category management?

The 4 P’s of category management are product, price, placement and promotion. The category manager will ensure that the right products are bought based on his analysis of the previous sales reports and current consumer trends.

What should be included in a category plan?

The key areas that should be included in the category plan include category strategies, gaps and opportunities, private label and category goals, and targets. These dimensions provide the current situation for the category, as well as the objectives for the future.

What does professional services mean in construction?

(1) “Professional Services” means those services within the scope of the practice of architecture, professional engineering, or registered land surveying as defined by law or those performed by any architect, landscape architect, professional engineer or registered land surveyor in connection with professional …

What is a category plan in procurement?

A Category Plan is essential to the success of procurement category management. It serves as a roadmap to how organisations will implement and achieve the goals of category management. A Category Plan is a long-term plan based on a high-level assessment of an organisation’s spend and its stakeholders’ requirements.

What are the 8 steps of category management?

The category management 8-step process (retail)

  • Define the category (i.e. what products are included/excluded).
  • Define the role of the category within the retailer.
  • Assess the current performance.
  • Set objectives and targets for the category.
  • Devise an overall Strategy.
  • Devise specific tactics.
  • Implementation.

What is strategic category development?

Category Strategy Development is the first of these three practices within the value chain. It concerns procurement working closely with the business to identify new areas of potential value that can be extracted from a given category, increasing it’s contribution to business performance.

What is the purpose of a category plan?

A Category Plan is essential to the success of procurement category management. It serves as a roadmap to how organisations will implement and achieve the goals of category management.