This article introduces category management training and its benefits. Discover the key topics, skills covered in the training, and who can take it.
Category management training equips supply chain and procurement teams with analytic tools and strategic techniques in managing product categories efficiently. It’s recommended for professionals working in retail, manufacturing, procurement, and consumer packaged goods industries, where products and services are required to be grouped and priced according to categories.
Category management offers strategic business approaches that can benefit sales profits, improve operations, and help teams understand consumer needs. With category management training, companies and professionals will be able to achieve the following:
Higher profitability and cost savings: By learning how to group similar purchases together, companies can consolidate their spending and reduce administrative costs through bulk purchasing.
Improved data insights: Through spend analysis and market research, retail companies can gain significant data insights, leading to more accurate and informed decision-making processes for their operations.
More secure supplier relationships: Building stronger partnerships with key suppliers can foster better service and transparency and result in consistent product and service delivery.
Enhanced risk mitigation: Category management training teaches retail workers how to recognize and address potential vulnerabilities in the procurement process.
Increased process efficiency: With an organized approach to category management, procurement becomes more structured and streamlined. This decreases repetitive actions, refines preparations, and enhances alignment across departments.
Adherence to ESG and SR commitments: By encouraging suppliers to present transparent solutions that incorporate their sustainable sourcing practices, it is easier for companies to follow through on their Environmental, Social, and Governance (ESG) and Social Responsibility (SR) commitments.
Through category management courses, professionals can learn how to maximize product assortment based on similar characteristics. They can register with respected organizations that offer certifications, such as the one from the Chartered Institute of Procurement & Supply (CIPS). The training is suitable for professionals who are:
Category managers: They’re usually the ones who are responsible for managing a group of related products. They plan, organize, and improve a category to maximize business profitability and meet consumer needs. Category management training equips them with strategic and analytical skills in managing categories as individual business units, which makes inventory management efficient.
Buyers and merchandising managers: Buyers are accountable for selecting products the store will sell and where to source them, while merchandising managers are in charge of how those products are displayed in stores. Category management training teaches them to make better customer-focused and data-driven decisions, which can also be applied in grocery management.
Procurement specialists: They're in charge of finding and negotiating with suppliers to buy goods and services for the company. Training will guide them to improve their supplier relationship management and procurement management skills. Since they’re not just purchasing products at a lower price, rather they’re buying it strategically and sustainably.
Sales or supplier account managers: Sales managers are in charge of finding new customers, while supplier account managers are responsible for managing relationships with suppliers. The training equips them to have insights, collaboration, and category growth when selling, leading to more secure customer relationships.
Product managers: Responsible for product ideation up to its market launch, they make sure teams make the correct products that deliver value to customers. The training strengthens the commercial and market-facing side of product management, making them think beyond individual products.
Latest category management training concentrates more on the combination of traditional strategic sourcing and modern usage of digital tools, such as AI tools. Software programs are also designed to guide professionals to manage products as significant business units. Some key training topics cover the following areas:
Foundations of category management: This includes the definition of category management, the roles and responsibilities of category managers, and the significance and components of category management.
Category definitions: This introduces definitions and segments of categories and subcategories. This also includes category hierarchies.
Data and analytics: This focuses more on the market share analysis, sales, margin, and velocity metrics. Analyzing customer behavior is also part of this.
Pricing and promotion strategy: This includes pricing structure and price ladders of categories, value perception, and promotion mechanics for categories.
Supplier Collaboration: This involves supplier segmentation and governance, which incorporates budget management, profit-and-loss statements, and total cost of ownership.
Category management training builds several soft and hard skills competencies needed to manage categories in retail. Some of these skills include:
Strategic thinking: Focuses more on how to manage a category as a business unit, how to make decisions based on performance indicators, and how to set long-term vision and objectives.
Customer insights: Pertains to the purchasing behavior and customer needs where customer-driven assortments are implemented.
Data and analytical skills: Shows the ability to interpret market data, sales metrics, and consumer research.
Pricing and marketing skills: Displays knowledge of merchandising and assortment techniques. Also shows understanding of pricing architecture and value ladders.
Supplier Management: Exhibits the skills of building and maintaining supplier relationships and collaborations.
Risk Management: Presents the ability to identify and manage compliance risks and vulnerabilities.
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