VertexResourcing.co.uk
Title
Marketing, Sales and Supply Chain Jobs - Recruiting the best across the FMCG, Retail and Service Industries
Description
A guide to the terminology used within some of the industries Vertex Resourcing work with. 1. FMCG Fast Moving Consumer Goods refer to any product which is regularly bought by consumers for their personal consumption / use. It usually refers to food / drink, personal care and household products. 2. CATEGORY MANAGEMENT The term Category Management was first used in the early 1990’s. It encompasses the key elements of: • Meeting consumer / shopper needs • Maximising financial returns • Retailers / Suppliers working together to achieve the above goals The Institute of Grocery Distribution’s (IGD) definition is: "Category management is the strategic management of product groups through trade partnerships, which aims to maximise sales and profit by satisfying consumer needs." Products are grouped to reflect consumers’ needs based on; how they are consumed or used, or the way that they are purchased. The IGD defines a category : “A category is a group of products or services that reflect consumer usage or purchase behaviour” 3. BOGOF Buy One Get One Free is a retail term used to describe the promotional mechanism of offering a product for sale with the benefit of receiving another product free. These promotions are attractive to consumers but for manufacturers and retailers they can generate little or no profit. The key benefit is to drive consumption and thus market share. Other promotions include Buy One Get Second Half price and Three for Two offers. 4. ACCOUNT MANAGEMENT Larger Customers who regularly buy from Suppliers can be referred to as “Accounts”. These Customers need special attention and communication to ensure that they continue to perform well and buy the company’s products. Account Managers are responsible for the relationship management and therefore ensuring jointly agreed plans that help deliver profit and growth. 5. BRAND MANAGEMENT Brand Management is the function within an organisation responsible for defining the strategy for a brand. Brand Managers work closely with other departments including Research and Development, Finance and Sales to ensure the profitable growth of their brand. Their responsibilities may include New Product Development, Advertising and Promotions, Pricing and Packaging. 6. F.O.B. Free On Board is an Term of Sale that means the seller fulfills his or her obligation to deliver when the goods have passed over the ship's rail at the port of shipment. This means that the buyer has to bear all costs / risks to loss of or damage to the goods from that point. The FOB term requires the seller to clear the goods for export. 7. PRIVATE (OWN) LABEL In retailing an own label product is one that is labelled by the retailer as its ‘own brand’ even the retailer has taken no more than a supervisory role in the production of the item. Companies may choose to own brand / own label items they are buying and selling in order to build the value of their own brand name, or so that they can appear to cover a wider product range than they actually do.
8. OVERRIDER An overrider is a discount offered to a customer by a supplier. The discount is based on the volume of product sold within a specific time period. It is usually linked to growth of the suppliers sales however may include other variables, including specifying a minimum range or certain promotions. The overrider discount is usually not deducted from an invoice –it’s a separate payment. 9. CONSUMER DATA This is a valuable tool to assist in the effective development of sales and profit for both Manufacturers and suppliers. Consumer data can be collected in a variety of ways and can be both quantative / qualitative. Data can be collected at point of purchase via EPOS (Electronic Point of Sale – a.k.a the till!) and retailers loyalty cards. There are organisations which supply data which has been tailored to be specific to a company / market sector. 10. ECR = EFFECTIVE CONSUMER RESPONSE Efficient Consumer Response ( ECR )is a business concept aimed at better satisfying consumer needs, through businesses / trading partners working together. ECR principles support the idea that success in business comes from delighting the consumer through meeting or exceeding their expectations. This can only be done through working together to remove inefficiencies and costs that add little value to the consumer. This principle applies to the grocery industry and many other industry sectors.
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