Why this specialization?
Management is the art of bringing different people together and getting them to work towards a common goal or objective. This idea when applied to the retail business is called retail management. Retail management is a broad term and involves a lot of tasks under it. A few of them include customer management, brand management, marketing, and customer care, just to name a few.
There are many tasks that a retail manager needs to do on a daily basis like make a daily sales report, check if all the products are in stock at the start of every day, plan the store layout, keep a record of all the products available in the store, and many more.
Retail business is booming with people coming up with new and innovative ideas to get customers and this is the right time to step into this field. Many companies look for a retail manager – Tata Group, ITC Retail, Reliance group, Shoppers Stop- all have a need for candidates with an MBA in Retail Management.
However, MBA graduates will need to work hard, almost 45 – 50 hours a week. Usually, their work will be in the store or retail shop that they have assigned too, that is indoor work.
Jobs and Career Opportunities
A candidate with an MBA in retail management will have many doors open for him.
They are responsible for the day to day task of running a retail business or functioning of a retail outlet. The tasks here might include interacting with customers, checking the stock, monitoring the staff and many others. Retail Managers are paid anywhere between 3 lakhs to 5 lakhs per annum based on the candidate’s skill set and their experience.
A Brand Manager is given the task of managing the image of the brand and making sure that the brand creates a lasting impression in the minds of the customers. They oversee advertising techniques with the intent of improving the image of the brand and taking it to a larger set of audience. The average salary per month that is given to brand managers is around Rs 50,000. However, this value varies with the company.
Marketing executives are those people who are involved in putting up campaigns and promotional events that will popularize the product. They have to make a decision on which method of promotions will be the best for the firm or more specifically for the brand. Marketing executives are paid anywhere between 2 lakhs to 5 lakhs per year.
Usually, large retail stores are divided into many departments or sections. And each section needs a supervisor who is responsible for the sales of the products in that section, ensuring that all products are stocked, interacting with customers and many more. Department Managers usually get paid around 3 lakhs to 4.5 lakhs per year.
A Store Manager is a person who is responsible for the entire retail store. He might have many department managers working under him and is responsible for the sales and product management for the entire store. They are responsible for the entire store and hence get paid accordingly. Usually, their average salary per year is around 3 – 5 lakhs.
The salary that graduates of MBA in retail management gets a salary in the range between 2 to 4 lakhs per annum. However, this is not a fixed range. A lot of weight is given to the capabilities of the candidate and the salary also depends on the company. Prepare and equip yourself with the necessary tools to get a better package.
Usually, fresher’s start with a lower package when compared to experienced professionals. Many companies pay upto 27 lakhs per year to their brand managers (experienced). However, fresher’s usually start at 4 lakhs or 5 lakhs per annum and work their way up.
- Shoppers Stop
- ITC Retail
- Tata Groups
- Reliance Group
- Ebony retail holdings
- RPG Retail
- Wills Lifestyle
All of the above recruiters offer a good package provided you have the right skills. Also, candidates who have an MBA in retail management have a lot of opportunities at these firms.
When it comes to retail management, visual merchandising is extremely popular. It deals with developing floor plans and display ideas that will lead to an increase in sales. It is believed that placing the products in the right place, in the view of customers will increase the chances of the customer buying the product.
For example, the product that is placed at the far end of the shop will have lower sales when compared to the products that are placed at the center of the shop where people can see them.
- Store design and management
Designing of stores is a very important factor when it comes to sales. Managers need to design floor plans for the store in such a way that no product is sidelined. Every product should be easily accessible to the customers. The floors should be designed in such a way that when a person goes about exploring they find the products they are looking for. They should be able to find it quickly and easily.
Additionally, managing a store is more of an art than science. Interacting with customers, stocking up the products, calculating profits, coming up with new techniques to increase the sales of the products and many more tasks come under the umbrella of managing the store.
The syllabus of retail management gives the students an opportunity to learn about how the retail industry works and how to efficiently manage a retail business. A few of the topics covered are as follows:
- Introduction to retail management
- Scope for retail in India
- Retail Market segmentation
- Retail Store operation
- Role of information technology and Internet in retail business
- Pricing and promotions in retailing
- Accounting and finance in retailing
- Understanding customer behavior
- Selling skills
- Understanding the retail market
- Supply chain management
- Customer loyalty management and CRM
- Luxury and lifestyle retailing
- Business communication and social etiquette in retail business
The above topics offer only a glimpse of what candidates can expect who opt for a MBA in retail management. The course is structured in such a way that by the end of two years, you will know how the retail business works and how to benefit your firm in this competitive market.
Popular Colleges offering this specialization
- Amity business School – Noida
This is one of the top ranked colleges in India that offer MBA courses. With an amazing infrastructure and exceptional placements, students have a wide range of opportunities. The fee structure for 2 years of study at this prestigious university ranges from 3 to 4 lakhs. Please click here for more details about the university and the courses offered by them.
- Birla Institute of management Technology
Having a dozen accreditations and recognitions, this is one of the best universities to pursue your management course. They also host a variety of International programs, one of them being the student exchange program. For a full time course in retail management the fees to be paid will amount to 8 lakhs, provided you get into the university on a merit basis. The fee structure varies if you are an NRI or if you are being sponsored. Click here for more details.
- Symbiosis centre for distance learning
Students from many countries apply to this college. You get a maximum of 4 years to finish your course. The fee for one year of study is Rs. 37,000 as of 2017. Click here for more details on the courses offered and the pattern followed.
- Indian School of Business Management and Administration
They offer excellent resources for people who want to pursue a career in management. The students get trained in the field of management, how to accommodate changes in the market, how to come up with new and innovative techniques to enhance the sales of a firm. The fee for one year of study is Rs 14,900 for the general category. Click here for more details.
- Accman Institute of management
The aim of this institute is to prepare market ready candidates who are equipped with the necessary tools, can think on their feet and most importantly understand the changing dynamics of the market. The fees at Accman Institute of Management is Rs 2,60,000 for one year. Click here for further details.
Requirements for this specialization
- The candidate should have a full time Bachelor’s degree for at least 3 years with an aggregate of at least 50%.
- The candidate should have scored at least 50% in Higher and Senior Secondary school.
- The candidate should attend the Common Admission test (CAT) or any other test that is specific to the college or university.
Once you are done with the written test, you will have face to face interviews that you need to clear. In order for you to get through these interviews, you need to have good command over the English Language.
It is also required that you have a basic understanding of retail management. The reason behind these interviews is to test your ability to communicate and think on your feet.
Scope of this specialization
Scope for people with an MBA in retail management is endless. Every company has a retail store through which they sell their products. And they need retail managers to handle their store and increase their revenue. The retail business will never get old.
Many companies are looking for candidates with the right managing and peoples skills to add value to their company. Retail shops have become the primary mode of selling and this will continue to be one of the most important sources of income for the firms.
The retail industry is expected to reach Rs 47 lakh crores during 2017 – 2018 and has an annual growth rate of 15 percent. These statistics, by far, are not going to remain static and looking at the trend in today’s market, the above mentioned numbers are only going to increase.
Also MBA graduate in retail management are paid heavily. They get paid anywhere between Rs 25,000 to Rs 50,000 per month and this only increases as they climb the corporate ladder.