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Category Management
A retailing and procurement strategy in which the range of products purchased by a business is managed as a strategic business unit.
Implications
A retail strategy that involves managing product categories as individual business units, with the goal of maximizing sales and profitability by optimizing product selection, pricing, and merchandising.
Example
Example: A supermarket chain uses category management to optimize its dairy section, focusing on the best-selling products, competitive pricing, and effective shelf placement to drive sales.
Related Terms
Different from inventory management, which focuses on stock levels, category management is about strategically managing entire product categories to maximize performance.
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