Category management is the process of organizing and grouping products and services into categories. This helps businesses to optimize their inventory, pricing, and marketing efforts. There are a few different models of category management, but the most common one is the 4-P model. This model includes product, price, promotion, and place.
Product: The first step in category management is to identify what products or services you offer. This includes evaluating your current product mix and determining what new products or services you could add.
Price: The next step is to set prices for your products or services. Prices should be based on competitor analysis, cost of goods sold, and customer demand.
Promotion: Once you have your products and pricing in place, you need to promote your offerings to customers. This can be done through advertising, public relations, events, and other marketing initiatives.
Place: Finally, you need to make sure your products are available in the right places. This includes distribution channels, retail outlets, and online stores.