Career in Retail Management

Palak Singh Career Guidance Leave a Comment

According to exact business terms “Retail Management” refers to the management of hyper markets and super markets. The retail industry of India has seen a great rise in the last decade. From diversifying into businesses to making & adopting new marketing plans, industries have tried all possible things to impress the customer. Keep in mind, the next time you go shopping in Reliance super marts or big bazaar to buy something of your choice, check out the varieties of offers and discounts that they have. These days the systems have become dynamic, totally computerised and super fast. In earlier times we had to run to a different grocery or a kirana shop for some exclusive items if not available at the usual store and they sold products and commodities at higher prices but now more or less everything comes with a discount or has some offer! Throughout the year “It is the sale season for no proper reason!”Starting from factory outlets to super marts, every brand has some discount or offer for the customers, to win the big competition.

Therefore, retail management is a course that requires you to know every marketing strategy, retail philosophies behind winning the customer and be fully aware of brands.

Educational Background

Retail management is an exceptional course to say the least. It is a decision you must make if you have the insight to comprehend the retail business and a slant towards publicizing too. Only then, it will be an extremely compensating profession.

Eligibility

One will mainly need to qualify the CAT (Common Aptitude Test) for getting into esteemed institutions such as the IIMs or qualify GMAT (General Management Aptitude Test) to get admission in to foreign universities to pursue MBA.

However nowadays many state level universities or Institutes are offering diploma or degree in Retail Management. Its comparatively easy to get admission than IIM or such top notch organizations. In such case any graduate can pursue Retail management degree or diploma. No special knowledge of any particular subject is required as one starts from the basics of retail management. But having some knowledge of how business is done and its administration will help in the long run, ofcourse.

Cost

A course in retail management usually costs something between 1.5 lac and 4.5 lacs per anum depending on the university or institute one chooses. If one wishes to study from a Tier-1 B-school like IIM’s or XLRI then the cost will be something between 13 lac to 17 lacs per anum.

Salary

The payment package for a floor manager or sales executive averages between Rs. 20,000 and Rs. 25,000 depending on the level of work you can handle. The responsibilities mainly include supervising folks on the floor and helping them with purchases.

Pros/Cons

Pros

• There are several international retail chains from nations like Germany, the us and the UK which can be opening up shops in India each year. As a consequence, these have generated many opportunities for job seekers.
• The retail systems in most cases are very colourful and unique. Members pursuing a job on this industry get wide publicity and a possibility to have interaction with distinct forms of individuals.

Cons

• Some retail outlets rent contributors who without verifying hire graduates and do not ask for an MBA degree or any special qualification in retail administration. As a result, this may lead to inconsistencies in person’s careers.

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