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This blog delves into the world of MBA in Retail Management, offering insights on the course, admission process, crucial skills, top colleges, job prospects, and attractive graduate salaries.
Retail Management is the procedure that makes it easier for a product and a customer to interact. Attending to every customer's requirement and meeting all their requests are covered in the Retail Management course. You could choose a career in sales management or product management if you have strong sales and accounting skills and are seeking a job in these areas.
An MBA in Retail Management provides expertise in managing the retail sector. Instruction and understanding of the essential managerial abilities needed to optimise the retail process are covered in the Management course. With an MBA degree in this specialised field, you can access various job options in the retail sector.
Students may apply for admission to the MBA in Retail Management program if they have graduated with 50% from an accredited university. Several national and state-level admission exams, including the CAT, XAT, NMAT, MAT, SNAP, and CMAT, are available to candidates interested in pursuing an MBA in retail Management. The cost of the retail Management courses in India varies from INR 50,000 to INR 5 lakh.
Graduates with an MBA in retail Management can find employment as branch managers, service managers, institutional sales managers, regional managers, retail store managers, etc., with average pay ranging from INR 3 LPA to INR 6 LPA.
Keep reading this blog for complete information about the MBA in Retail Management course.
MBA Retail Management Course Highlights
- Course Name- MBA in Retail Management
- Course Level- Master's
- Duration- 2 years
- Examination Type- Semester System
- Eligibility- UG Degree with 50% aggregate marks
- Admission Process- Based on the performance in the entrance exam
- Top recruiting organizations- IBM, Infosys, Wipro, Accenture, etc.
- Top recruiting areas- Retail Operations, Banking Institutes, Educational Institutes, Healthcare Industry, and many more.
- Top job profiles- Retail Executive, Advertising Manager, Administrative Officer, Regional Manager, Sales Manager, among others.
- Course Fee- INR 50,000 to INR 5,00,000
- Average Starting Salary- INR 3 LPA to INR 5 LPA
What is an MBA in Retail Management?
An MBA in Retail Management focuses on developing in-depth sales, transportation and general goods management skills. This training is meant for students seeking to manage the ever-changing retail landscape. The curriculum ensures a solid understanding of the retail industry, covering topics such as service, business analysis, and efficient market flow.
With the retail sector flourishing, this degree teaches critical managerial skills and opens doors to lucrative work prospects. The course is tailored to the industry's needs, from analyzing customer behaviour to streamlining supply networks. If you're passionate about retail and want to explore exciting career paths, consider an MBA in Retail Management.
Key Elements of MBA in Retail Management
Starting an MBA in Retail Management reveals a wide variety of essential areas required for extensive knowledge of the profession. These retail and management courses form the core curriculum, comprehensively understanding the dynamic retail landscape. The critical factors are:
- Retail Personnel Management:
This element involves acquiring, utilizing, and managing a workforce like human resource management. From recruitment to task allocation, it ensures the seamless functioning of the workforce, contributing to a smooth workflow.
- Customer Relationship Management (CRM):
This section delves into customer-seller interactions, focusing on contacting new clients and fostering relationships with current ones. It tries to identify future markets and create long-term commercial relationships by focusing on data research.
- Business, Government and Society:
This field of study covers the principles of civilization, focusing on the interdependence of retail management with business, government, and society. It explains how these three areas influence the environment of retail management.
- Corporate Communication:
This category highlights communication skills and is critical for building and sustaining a brand image. Strong communication and feedback skills are required to develop partnerships across several sectors.
- Luxury and Lifestyle Retailing:
This sector focuses on luxury brands and underlines advertising and campaigns suited to individual brands, targeting various segments of the public.
- Advertisement and Sales Production:
This stream of retail management focuses on brand image and the preservation of a product's perceived value. It also addresses the critical aspect of product management within the industry.
MBA in Retail Management Required Skills
Specific critical skills are indispensable for success in pursuing Retail Marketing Management. These essential skills include:
- Time Management
- Good Communication
- Soft Spoken
- Good Listener
- Patience
- Dedication
- Quick Learner
- Numerical Skills
Acquiring these skills enhances your capabilities as a retail manager and ensures a successful journey through the challenges and opportunities within the retail industry.
Top Colleges for MBA in Retail Management in India
In India, many esteemed institutions offer specialised courses. These programs, be it MBA or PGDM, cater to the dynamic needs of the industry. Here are some top-notch universities and colleges renowned for their comprehensive syllabus for retail management:
- ITM Business School
- SDA Bocconi Asia Center
- KJ Somaiya Institute of Management Studies and Research
- Symbiosis Institute of Management Studies
- Birla Institute of Management and Technology
- Amity University
A retail management journey in these esteemed institutions guarantees quality education and positions you for a successful and fulfilling career in the vibrant retail industry. Additionally, the affordability of the fees at some of these renowned institutions makes pursuing an MBA in retail management an accessible and wise investment in your future success.
MBA in Retail Management: Eligibility and Important Requirements
- The eligibility criteria and admissions procedure for the MBA in Retail Management are the same as those for the MBA in General. The candidate must possess a bachelor's degree or equivalent with at least 50% marks from an accredited board or university.
- Competitive results on entrance tests (GMAT, GRE, CAT, XAT, etc.) or any other written or entrance exam that the university accepts.
- Several universities or colleges offer their own entrance or written tests for a specific MBA programme like this. Having stated that some may just give admissions solely on merit, while others may also take into account Group Discussion & Personal Interviews in addition to entrance exam results.
MBA Retail Management: Admission Process
- Entrance Test Norm: The predominant approach among B-Schools for MBA Retail Management admission is through rigorous entrance tests.
- Direct Admission Options: Some colleges provide an alternative route, offering direct admission based on student merit or through a management quota.
- Assessment Avenues: Candidates seeking admission to MBA Retail Management programs can opt for national-level assessments or university entrance exams.
- Admission Procedure: The process starts with national-level assessments or entrance exams, leading to subsequent stages involving a group discussion (GD) and a personal interview (PI).
MBA Retail Management: Entrance Exam in India
The CAT and MAT are the most widely used MBA Retail Management Entrance exams in India. MBA candidates are admitted to all IIMs via the CAT exam. Other MBA entrance tests such as ATMA, CMAT, NMAT, SNAP, XAT, MAT, GMAT, and NMAT are exclusive to a single state or college.
Course Curriculum of MBA in Retail Management
Take a comprehensive trip through the Retail Marketing Management course curriculum, covering many essential subjects that affect the retail business. Listed below is the course syllabus:
- Marketing Management
- Services Marketing
- Retail Concepts
- Retail Store Management
- Mall Management
- Retail Market Segmentation
- Retail Store operation
- Statistics for Business Analysis
- Corporate Finance
- Supply chain management
- Customer loyalty management and CRM
- Luxury and lifestyle retailing
- Store Design and Visual Merchandising
- Inventory Management and Supply Chain
- Business communication
- Social Etiquette in Retail Business
Scope of Retail Management
In India's vibrant retail industry, an MBA in retail management can open up several employment options for you. The retail sector in India has been expanding gradually. There are several employment opportunities for those with an MBA in retail management due to shifting market dynamics and rising customer demand.
The career scope of Retail Management is broad and provides chances in several fields, including supply chain management, e-commerce, and traditional retail management. It's crucial to remember that a person's ability to advance in their job may also be influenced by their knowledge, expertise, and industry networking.
To thrive in this sector, one must also keep up to speed on consumer behaviour and industry trends related to MBA in Retail Management.
MBA in Retail Management Job Opportunities
Some of the prominent Job roles that an MBA in Retail Management aspirant can consider building a career are:
- Marketing Manager: A marketing manager oversees and participates in developing sales efforts.
- Senior Operations Manager: A senior operations manager is responsible for managing the company's services and/or product production.
- Store Manager: One who manages a retail store's operations is called a store manager.
- Brand Manager: A brand manager oversees and regulates how the public is exposed to a brand.
MBA in Retail Management Salary
Salary ranges for MBA in Retail Management graduates vary depending on the position. However, the typical pay for an MBA in retail management falls between INR 8 and INR 10 LPA. In certain top companies, the highest income provided in the role might reach up to INR 30 lakh annually.
Check out the list below for the pay breakdown of an MBA in Retail Management based on various career roles:
- Marketing Manager 7.25 LPA
- Senior Operations Manager 12.5 LPA
- Store Manager 5.3 LPA
- Brand Manager 10 LPA
Top Recruiters
Several multinational corporations employ graduates with an MBA in Retail Management in various roles. An MBA in Retail Management graduate has a plethora of options for expanding their career, including supply chain, operations, brand marketing, and logistics.
Here's a list of some of the top recruiters for MBAs in Retail Management:
- Amazon
- Croma
- Taj Group of Hotels
- ITC Hotels
- Reliance Jio
- Blue Star
- Philips India
- Canon
- eBay
- Grofers
- Havells Limited
- HCL
- Nestle
- Flipkart
- Raymonds
- HP
- NTPC
- Puma
- DHL
- Zomato
- GSK Pharma
- Future Group
Conclusion
As we conclude, it becomes clear that getting an MBA in Retail Management offers a world of opportunities. This detailed guide sheds light on the complexities of the course, providing a roadmap for aspiring students. From understanding the core skills required to exploring lucrative job opportunities, this guide is a valuable resource. The dynamic environment of retail management awaits individuals who are willing to accept the difficulties and benefits it offers. Amidst the vast number of options, ITM University stands out as the perfect institution, with a specialized curriculum, experienced instructors, and a track record of training graduates for success in the competitive retail industry. Consider ITM as your first step toward a lucrative career in retail management.
Also Read - What is a Retail Management Course?
FAQ
- What is retail management MBA?
A retail management MBA is a postgraduate degree program concentrating explicitly on overseeing retail businesses. It covers areas such as sales, marketing, supply chain management, and customer service.
- Which MBA is best for retail management?
Graduates with a sales and retail management degree are equipped for a wide range of job options. Masters in Retail and Sales management develop their leadership, data analysis, and marketing skills, which might help them in their jobs as purchasing, marketing, or sales managers.
- What is the scope after MBA in retail?
After completing an MBA in Retail Management, you can work as a Retail Store Manager, Branch Manager, Regional Manager, Institutional Sales Manager, Service Manager, etc. Salaries for these roles typically range from INR 3 LPA to INR 6 LPA.
- Is Retail Management a good career to pursue?
A person with an MBA in retail management has limitless employment options in a field with enormous reach. There are countless career options in the retail industry so that one can pursue diverse careers in various sectors.
- Is it necessary to pursue MBA Retail Management to get into the field of this industry?
While it's not strictly necessary, pursuing an MBA in Retail Management enhances your skills and offers more opportunities for career advancement and specialized roles in the dynamic retail industry.
- What is the average fee to pursue MBA Retail Management?
The average fees for pursuing an MBA in Retail Management may vary, ranging from INR 50,000 to INR 5 lakh, depending on the institution.
- What is the MBA Retail Management eligibility?
To be eligible for an MBA in Retail Management, you need a minimum of 50% aggregate in your bachelor's degree from a recognized university, following the same criteria as MBA General.
- What are some of the good companies that hire MBA Retail Management graduates?
Some reputable companies that hire MBA Retail Management graduates include Croma, ITC, Reliance Digital, Shoppers Stop, Bata, Flipkart, Decathlon, Berger, Nerolac and many more.
- What is the scope of doing an MBA retail management course?
An MBA in retail management allows one to venture into entrepreneurship by establishing a retail business, be it a traditional store, an e-commerce venture, or any other retail enterprise aligned with one's interests.
Dignified with Rankings
Amongst India's most promising Hotel Management Institute by Higher Education Review 2021
Ranked Top Hotel Management Institute awarded by Times Education Icon 2022
Quality Education, Outstanding Administration & Leading Infrastructure by Educational Excellence Awards & Conference 2021
