In a previous blog, I wrote about the importance of business acumen, which is the ability to assess an external market and make effective decisions. Or more simply put, it’s understanding how YOU and the work you do fit into the bigger picture.

For the past 4 weeks I’ve been blogging and getting feedback from Small- to Mid-Sized Retailers on overall retail strategy and category management practices and approaches. I originally broached this subject based on a theory I had developed through one-on-one client training, professional speaking engagements, and larger discussions via social media. But being a data-driven person, I wanted to test my theory about this specific group of Retailers so I developed a series of anonymous, online surveys to collect more insight. Of note, the surveys were primarily filled out by Small- to Mid-Sized Retailers (<1000 stores) and we removed the large Retailers from the survey results for more specific results. Here they are:

We’re into Week 4 of a 5-part blog series where I’ve been reviewing the key components of category management, followed by surveys where Retailers evaluate how well they are doing in the different components.

This week, we’ll walk through: the Category Assessment Results from last week’s evaluation (Part 3). Part 4 of the Evaluation: Analyzing Your Tactics to Turn Data Into Action.

My blog last week (Category Management in Retail Scorecard – Compare Part 1) reviewed overall results from our readers as they evaluated their organizations’ retail strategies and captured the biggest areas of opportunity for improvement. We also covered some of the foundations in category management required for Retailers to be successful in their category management approach. As a Retailer, YOU own and define your own unique process, driven by your internal Retail strategies. That’s why it’s critical to have well-defined processes and guidelines that consider the Key Components for Category Management. This week, we’ll walk you through last week’s results AND explain the next part of the evaluation — Part 3: Assessing Your Categories For Gaps & Opportunities.

Last week’s blog (Category Management in Retail is changing — how are you keeping up?) explained why Retailers need to have well-defined and articulated strategies and outlined what a solid strategy should include. Remember that strategies defining category management in retail create the foundation for achieving your goals and objectives as an organization. That’s why we included a questionnaire as part of last week’s post — so individuals can start to understand where opportunities exist. This week, we dive into the results first … Then, we explain the next part of the evaluation — Part 2: Own Your Category Management Approach.

The retail industry is changing. Retailers are vying for market share in an increasingly competitive environment. Shoppers are becoming more complex and demanding. Data and technology options are increasing in complexity with more and more big data. Channels are blurring. Retailers have a big opportunity to create well defined strategies and processes that will help align and guide their organizations so that they can achieve their goals and objectives. But where should you begin for category management in retail environments?