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Developing Long-term Category Strategy Plans

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Developing Long-term Category Strategy Plans

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Questions and Answers

What is the purpose of developing a long-term strategic category plan?

To generate high level insights into supplier strategy

To validate the current strategy every year

To set objectives and planning for the next 1, 3 and 5 years (correct)

To appoint Category Council members

What does the process of preparing for category strategy involve?

Identifying and appointing Category Council members (correct)

Refining supply/demand market analysis

Creating the stake-holder engagement plan

Updating category background information

What is a key component of creating/refreshing the Category Fact Base?

Developing targets like total spend reduction

Assessing the product strategy

Refining supply/demand market analysis (correct)

Creating the stake-holder engagement plan

What is the role of the core team in executing the category strategy?

Holding core team kick-off meetings Signup and view all the answers

Why is it important to articulate each strategy element?

To create a value delivery roadmap with benefits projection Signup and view all the answers

Which step involves analyzing internal and external factors like category spend data and demand forecasting?

Updating category background information Signup and view all the answers

What is a key step in assessing supplier strategy?

Completing category design & gaining customer alignment Signup and view all the answers

What is done during the 'Build the Roadmap & x-Functional Alignment' stage?

Conducting supplier visits/workshops Signup and view all the answers

How should strategic initiatives be assessed?

By assessing initiative implementation difficulty vs impact Signup and view all the answers

What is a key aspect of 'Deliver & Monitor Value' stage?

Communicating category strategy and projects Signup and view all the answers

What are some activities involved in 'Create risk mgmt. strategy' stage?

Evaluating financial market hedging Signup and view all the answers