Retail Management is the one that helps customers to procure the desired merchandise forms based on the retail stores for the relevant personal use. Retail Management also gives the glimpse of the overview of the concept of visual merchandising focuses on customer relationship management, sales management, and brand management. Retail management helps the customers to easily locate the respectively desired merchandise and get back home satisfied, where this saves time and ensures the customers.
The main focus or aim of the retail management is the application of the managerial skills to prepare the retail process in a more efficient and to a streamlined manner.
The highlights for the course study of Retail Management are :
|Duration ||2 years|
Courses & Eligibility
|Bachelor's Degree||3 years||A minimum aggregate mark of 50 % in 10 and +2 with commerce stream.||IPMAT, NMAT, SET|
|Master's Degree||2 years||The candidate must have a bachelor's degree with a minimum aggregate mark of 45%. Candidates from any academic background can apply.||CAT, MAT, XAT|
The job sectors and the recruiters in Retail Management are:
- Movie Theatres
- Super Markets
- Shopper's Shop
- Big Bazar
- Vishal Mega Mart
- RPG Retail
To gain admission for the course study of Retail Management, one should have cleared the 12th examination with a minimum of 50% in any of the streams. The admission process for MBA(Integrated) one must pass through the entrances conducted by the universities.After the entrance exam, the candidates undergo a counseling process accordingly to the group discussion and personal interview. The scores of every stage are concerned as according to the final score the candidates are selected.
Syllabus and Courses
The syllabus and courses mainly aim to equip the students with the same management skills. Along with the practices for management, the candidates are taught to analyze problems, think creatively and evolve with innovative methods to improve and better to the retail process. The syllabus for retail management are :
- Retail Framework and Retail Strategy
- Introduction to Retail Management
- Marketing Mix
- Technology in Retail
- Understanding Retail Consumers
- Merchandise Management
- Trends in Retailing
The skills required for the career into Retail Management are:
- Customer Service - The customer service in case of Retail Management is critical, as retail is all about making sure that the customer feels to an excellent experience every time, so this must be a priority.
- People Leadership - The leadership depends on the people to be worked with, which may include the inexperienced employees earning modest wages for a tough job. The responsibility is also for the employees' training and development, and to take decisions with patience, coordination, and fairness.
- Sales Experience - Sales skills are essential for the majority of retail applicants, whether the position for an associate position or any management position.
- Sales Leadership - Not only it is needed to motivate people to work, one must motivate people to sell. One may be asked to train sales associates and then work to improve their sales numbers over time.
- Resilience - Retail managers need to be flexible and be mentally tough to deal with the respect day to day variations. One must be mentally prepared for the ups and downs for the fast-moving and the dynamic industry.
The top entrances for the course study of Retail Management are:
- CAT - Conducted by IIMs, CAT is the national level entrance which is held in November, whose syllabus covers Quantitative Section, Analytical Section, Verbal Section, and the Data Interpretation Section.
- CMAT- This is the computer-based entrance examination held at the national level every year in January. This covers the test questions from General Awareness, with Logical Reasoning, Quantitative Technique, and Language Comprehension.
- XAT - This is held by Xavier Aptitude Test, which is a pen paper based entrance test, whose syllabuses includes Data Interpretation, Quantitative Aptitude, General Awareness, Logical Reasoning and with Essay Writing.
Career and Job Prospects
|Job Profile||Job Description||Average Salary Per Annum|
|Sales Manager|| Sales managers lead a sales team by providing guidance, training, and mentorship, setting sales quotas and goals, creating sales plans, analyzing data, assigning sales territories and building their team.||6 - 10 lakhs|
|Marketing Manager||Marketing managers are responsible for developing, implementing and executing strategic marketing plans for an entire organization (or lines of business and brands within an organization) in order to attract potential customers and retain existing ones.||7 - 9 lakhs|
|Retail Manager||Retail managers are responsible for every aspect of the day-to-day supervision of retail outlets, including sales, staff, stock and resources management. You'll need good commercial and people skills to succeed in retail management.||3 - 5 lakhs|
|Merchandiser||Job roles include analyzing sales figures, customer reactions, and market trends to anticipate product needs. Collaborating with buyers, suppliers, distributors, and analysts to negotiate prices, quantities, and time-scales.||3 - 4 lakhs|
|Store Manager||A Store Manager is responsible for overseeing the daily operations of a store, making sure it runs smoothly and effectively. Their duties include motivating sales teams, creating business strategies, developing promotional material, and training new staff.||5 - 6 lakhs|
Question : What are the strategic retail planning process ?
Answer : There are four step wise protocol for the strategic retail planning process :
- Deciding the store's philosophy,mission and objectives,
- The situation analysis
- Formulation of retail strategy
- Strategy implementation and the control.
Question: What is supply chain in manufacturing ?
Answer: The supply chain is the system of organizations,people,activites,the information and the resoureces involved in moving service and product from the supplier to the customer. In the sophisticated supply chain systems,used products may re-enter to the supply chain at any point where the residual value is recyclable.