Develop Category Strategy
After performing research on product trends and customer demand, category managers develop strategies for new or updated products that could improve their category’s overall performance. They also work with the marketing team and build partnerships in the industry to promote a category’s products while cutting costs and increasing product sales.
Checking inventory levels, procuring additional stock, and getting rid of excess or unwanted inventory are all part of a category manager’s job. Other inventory management tasks include handling product placement, optimizing storage, and creating regular reports on product availability.
monitor the performance of both individual products and their category overall. This involves using data to determine the best- and worst-performing products, creating profit and loss statements, and assessing performance against competitors. Using this information, category managers assess their product and category strategies and develop solutions to improve performance.
Handle Vendor Contracts
Considering vendor performance, quality, and costs, category managers seek vendors in the industry, request information, and use their criteria to choose the best suppliers for their category’s products. They negotiate contracts during the signing process and at the time of renewal, and also monitor vendors’ adherence to contractual terms throughout the relationship.
Often working with a cross-functional team of marketing, procurement, and purchasing professionals, category managers provide leadership to execute their category’s strategies throughout the organization. They inform team members of category and product goals, assign roles and responsibilities, and work together to drive performance.
Desired Candidate Profile
Previous experience in retail chains