Product Category Management is an official business practice that focuses on optimizing the sales and profitability of product categories for a company. It involves the strategic management of products within a company’s portfolio and the development of the marketing mix for each product or product group. The purpose of Product Category Management is to provide an organized and structured approach to the management of a product portfolio, with the goal of maximizing long-term profits and market share. It is a comprehensive process that involves the management of the entire product life cycle, from the conception of the product to its eventual discontinuation.
Product Category Management covers a wide range of activities, including product selection and design, pricing strategies, market research, product positioning, promotion and distribution management, and sales and marketing planning. It also includes the development of a product mix that meets the needs of the target market, as well as the evaluation of potential new product