What is category assortment?

What is category assortment?

A wide assortment strategy is used when retailers aim to offer a lot of different product lines or categories, but with lesser depth in each category. It aims to provide more variety in the types of product lines offered but does not provide a high number of products in each product line.

What does assortment mean in marketing?

An assortment strategy in retailing involves the number and type of products that stores display for purchase by consumers. Also called a “product assortment strategy,” it is a strategic tool that retailers use to manage and increase sales.

What is an assortment of an item?

Product assortment, sometimes referred to as merchandise mix, refers to the variety of products that a retailer stocks and sells. It’s made up of two key components: 1. Product breadth, which is the variety of product lines in a store. Product breadth is all about how wide and diverse an assortment is.

What is assortment in business?

According to Investopedia, an assortment is a collection of goods or services that a business provides to a consumer. This concept usually deals with the number of products carried as well as the variety of products sold.

What is assortment in supply chain?

Assortment is the number of SKUs within a category. It is also called depth. Learn more in: Customer Experience Impacting Retail Management: Study of Customer Centricity Strategy by Retailers. 6. Refers to the number of SKUs within a merchandise category, group or department (depending on the retailers’ reference).

Is the number of categories within a product line?

Product line breadth is the number of product lines a firm offers and product depth is the number of categories within those product lines. Why change product line breadth? Why change product line depth? 4.

What is category management and what are the 3 types of category management?

Category management is the process of bundling like products into a singular category, or business unit, and then addressing procurement, merchandising, sales, and other retail efforts on the category as a whole.

What is product category with example?

A group of products that offer similar benefits can be referred to as product categories. Products from a same product category will have similar physical features and will offer similar benefits. For example, in the luxury cars product category, cars such as the BMW, Mercedes, and Audi compete with each other.

Is product line same as product category?

Product mix and product line, even though often confused to be the same, are considerably different. A product line is a unique product category or product brand a company offers. It can be considered to be a product group that consists of all the related products that fall into that category.

What are the 4 P’s of category management?

The four P’s of category management are: product, price, placement, and promotion.

What are the five steps of category management?

Category Management Process: The Key Steps

  • Step One: Define the Category.
  • Step Two: Assess the Category’s Role.
  • Step Three: Assess Performance.
  • Step Four: Set Objectives and Targets.
  • Step Five: Develop Strategies.
  • Step Six: Category Tactics.
  • Step Seven: Implementation.
  • Step Eight: Review.

How do you categorize items?

Here are some options to choose from:

  1. Categorize by Similarity – Group items that are the same type or similar.
  2. Categorize by User – Another way of grouping things is by the user.
  3. Categorize Alphabetically – Grouping things by letter is a fantastic way to keep things organized and avoid micro categorizing.

What are three product categories?

Types of Products – 3 Main Types: Consumer Products, Industrial Products and Services. There are a number of useful ways of classifying products.

What are the types of product categories?

There are four types of products and each is classified based on consumer habits, price, and product characteristics: convenience goods, shopping goods, specialty products, and unsought goods.

What are assortments?

Assortments determine which products are available at specific stores and during a specific period. In Commerce, an assortment is a mapping of one or more channels (or groups of channels, when organization hierarchies are used) to one or more products (or groups of products, when category hierarchies are used).

How do I exclude specific products or categories from an assortment?

In addition to including products and categories in assortments, you can use the Exclude option to define specific products or categories that should be excluded from assortments. In the following example, you want to include all the products in a specific category, except product 2.

What are the two components of an assortment strategy?

The strategy is comprised of two major components: A deep assortment—the opposite of a narrow assortment—of products means that a retailer carries a number of variations of a single product. A wide variety—the opposite of a narrow variety—of products means that a retailer carries a large number of different products.

What happens if items in an assortment are placed incorrectly?

If items in an assortment are placed incorrectly, the demand for these products may vary drastically. If less-popular items are mixed in with popular items, for example, they could detract from the more-popular items’ appeal. Or, if the assortment is too vast, customers may have difficulty finding the item they are seeking.