Step 5: Develop a Product Category Tactic
Posted: Sun Dec 22, 2024 10:53 am
A product group must necessarily have its own specific tactics. This opportunistic activity should be understood as defining the product range, setting prices, understanding the optimal promotion, as well as deciding how the product will be located on store shelves. Forming an order and delivery plan also relates to the tactics philippine country code of a product category.
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Stage 6: Implementation of the plan for the nomenclature group
So, the enterprise designates projects for each of the product categories, the implementation of which will increase efficiency within the framework of strategic actions. Here it is necessary to perform an analysis of the indicators that are characteristics of the profitability of the group of products offered for sale. Systematic calculation is also performed at this stage.
To make the task as simple as possible and speed up its solution, it makes sense to resort to using a summary matrix , since it includes extensive information about the effectiveness of the category.
How long this work will be carried out and how often is decided individually. General recommendations from experts say that the plan should be implemented every 3 months. Clear frequency plays an important role here, it makes it possible to determine whether there is an effect from the management decisions taken.
Step 7: Making adjustments to the product category
This stage is necessary only when the efficiency assessment activities have not yielded the most favorable results. Obviously, if the chosen strategy significantly increases the enterprise's profitability, and the positive dynamics are stable, then there is no need for adjustment.
Do not forget that the product range and its structure need to be updated periodically; improvement should be influenced by such factors as market changes, customer requests, competitors, etc.
Step 8: Reporting
This stage is mandatory for any functioning enterprise. Properly compiled reports are one of the foundations of assortment management. They are made in writing and include all important information about the category for a certain period of time. Based on the reports, specialists can make the right management decisions.
Read also!
"How to increase the flow of customers by choosing the right method"
Read more
Stage 6: Implementation of the plan for the nomenclature group
So, the enterprise designates projects for each of the product categories, the implementation of which will increase efficiency within the framework of strategic actions. Here it is necessary to perform an analysis of the indicators that are characteristics of the profitability of the group of products offered for sale. Systematic calculation is also performed at this stage.
To make the task as simple as possible and speed up its solution, it makes sense to resort to using a summary matrix , since it includes extensive information about the effectiveness of the category.
How long this work will be carried out and how often is decided individually. General recommendations from experts say that the plan should be implemented every 3 months. Clear frequency plays an important role here, it makes it possible to determine whether there is an effect from the management decisions taken.
Step 7: Making adjustments to the product category
This stage is necessary only when the efficiency assessment activities have not yielded the most favorable results. Obviously, if the chosen strategy significantly increases the enterprise's profitability, and the positive dynamics are stable, then there is no need for adjustment.
Do not forget that the product range and its structure need to be updated periodically; improvement should be influenced by such factors as market changes, customer requests, competitors, etc.
Step 8: Reporting
This stage is mandatory for any functioning enterprise. Properly compiled reports are one of the foundations of assortment management. They are made in writing and include all important information about the category for a certain period of time. Based on the reports, specialists can make the right management decisions.