Online Manipal Editorial Team | October 04, 2022
The retail industry is one of the most critical industries in the world, as it is responsible for selling goods and services to consumers. MBA in Retail Management is a two-year course that covers a wide range of topics related to the retail industry. The ambition of the Indian middle class has always been to have a pleasurable shopping experience in a mall in a major Indian city. Many universities offer an MBA in Retail Management degree to equip students for careers in the retail industry.
The definition of retail management
Retail management fosters increased sales and client pleasure by getting a deeper understanding of the buyers of the goods and services a firm produces. An MBA in retail management might be a godsend for students since India has recently emerged as one of the fastest-growing retailing locations.
As a professional path for management students, retail management deals with three domains: brick-and-mortar retailing, online retailing, and omnichannel retailing. Store management, commodities, sales markets, market segments, business diversification, advertising and campaigning, marketing research, and even e-business are some sub-fields that fall under the umbrella of retail management.
However, because brick-and-mortar stores continue to be the primary emphasis of mainstream organized retailing, the study topics typically revolve around store management, visual merchandising, customer interactions, and sales.
Eligibility to enrol in MBA in Retail Management
A bachelor’s degree in retail management or a subject area relevant to retail must be completed for a student to be admitted to a master’s program in retail management. Two years are needed to complete this program.
Preferred personal skills
Asking these questions to yourself can help you decide whether you should be pursuing a career in retail management. In addition, your ability to reflect and evaluate whether you are the ideal candidate for this field will depend on your answers to these questions.
- Are your attitude and personality dynamic?
- Do you think it’s essential to be passionate and dedicated to oneself?
- Are math, retailing, and inventory management skills strong suits you?
- Willingness to learn about buying in quantity
- Do you believe that your company must have a strong client orientation?
- Are you disposed to helping others?
- Do you have a solid analytical side?
- Are you a good team player?
The scope of an MBA in Retail Management
An MBA in retail management allows graduates to pursue their preferred field based on their preferences. Because the abilities you gain are dynamic and give you a wide range of opportunities to shine, this course would not restrict the industry you can enter after receiving your degree. After completing this course, you can align yourself with these industries:
- Insurance businesses
- Advertising agencies
- Storage facilities
- Stores in shopping centers
- Book Stores
- Provisioning Shops
- Logistical companies, among many more
Reasons to acquire an MBA in retail management.
You should choose this course because the following factors:
- Enhanced demographics
- Increasing available incomes
- Building wealth
- Nuclearization of families
- Attitudinal shift
- FDI policy improvement
- Growing liberalization and retail expansion
- Large workforce
These elements will undoubtedly create new opportunities for national and international players in the upcoming five to ten years.
Curriculum for an MBA in Retail Management
You can acquire all the necessary knowledge and skills that are required by pursuing MBA in Retail Management from Manipal University Jaipur. Additionally, you would have the chance to develop your managerial viewpoint through a hands-on, interactive experience that includes:
- Case studies
- Industry speakers
Additionally, you would get the opportunity to learn about other useful topics like:
- Indian Retail Scenario
- Consumer Behavior
- Supply Chain Management (with retail perspective)
- Inventory and Logistics Management
- Sales and Distribution Management
- Visual Merchandising
- Retail Concepts & Environment
- Merchandising Management
- Marketing Management
- Retail Strategy & Negotiation, etc.
Career Options for MBA Retail Management graduates
You can carefully enter one of the roles listed below to kick off your career after earning a prestigious degree in retail management. The following job titles:
You would gain technical knowledge in this position while also learning company philosophies. You would work for a manager who would train you in various areas, including bookkeeping, inventory management, marketing, and merchandising.
Creating marketing campaigns to advertise a good, service, or concept that your company’s success depends on would be your responsibility.
You would oversee managing work activities among business-to-business or business-to-customer clients influenced by the market and the surrounding environment.
In this role, you would oversee reviewing and choosing new items, soliciting client input, supervising junior workers, and managing financial administration.
Customer Service Representatives
You will be expected to maintain customer contacts and transactions records, information about inquiries, complaints, and comments, actions taken, process orders, forms, applications, etc.
Indeed, a new position that is gaining widespread acceptance is that of an image promoter. You would cultivate a positive image here to encourage customers to use it. Furthermore, you would recognize interests and comprehend the needs and demands of customers.
Your duties would include creating a contract for the suppliers that included quality control, accuracy, and flexibility, as well as analysing previous sales numbers and trends to predict future product needs.
With this title, you would have the profitable opportunity to create, present, and explain visual thoughts and strategies to market retail brands, products, and services in-store, online, or in catalogues.
An MBA in Retail Management from Manipal University Jaipur is a great career choice for learners who want to work in the retail industry. The MBA course provides the necessary skills and knowledge to succeed in this competitive field. Additionally, MBA graduates in retail management can earn a high salary and work in various roles within the retail industry.
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