CORe Exam Dumps | Which of the following is the FIRST step in the category management process?

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Supply Management Core Exam
HBX.CORE.v2024-09-27.q132
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Question 74/132

Which of the following is the FIRST step in the category management process?

A. Conduct contract negotiations with strategic and/or preferred suppliers

B. Develop a strategy to classify suppliers capable of providing material requirements

C. Conduct market research to understand the supply market

D. Build the team and project charter and develop a scope of work

Correct Answer: D

The first step in the category management process is to build the team, create a project charter, and develop a scope of work. This foundational step ensures that there is a clear understanding of the project's goals, roles, and responsibilities. A well-defined project charter aligns the team and stakeholders, sets the project's direction, and helps in developing a comprehensive strategy for managing the category.
References:
* "Category Management in Purchasing: A Strategic Approach to Maximize Business Profitability" by Jonathan O'Brien.
* Institute for Supply Management (ISM) guidelines on category management.
* Chartered Institute of Procurement & Supply (CIPS) resources on category management.

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