Retail Management is the aspect of business that deals with the supply and demand of products based on the needs and wants of customers and the level of customer satisfaction. With various consumers engaging with the up and coming technologies, getting innovative and creative with ideas about new social media platforms, or agriculture business, MBA in Retail Management is turning into a boon for those wanting to combine profit with positive feedback.
Areas of Retail Management
Three main areas of Retail Management deal with different fundamentals of business – online retailing, brick and mortar retailing and omnichannel retailing. The various fields covered by these fundamentals include sales market, commodities, store market, diversification of business, marketing research, campaigning and advertising as well as e-commerce.
Courses offered for MBA in Retail Management last for two years. The top-tier universities that offer an MBA degree in Retail Management include Amity School of Fashion Technology, Noida and Amity School of Business, Noida. Chitkara University, located in Chandigarh, offers an MBA in both sales and retail marketing. The renowned UPES institute situated in Dehradun further offers BBA program sin E-Business, enhancing aspirants to engage more with the virtual aspects of the business.
The eligibility of aspirants in various renowned universities is based on their scores in CAT, MAT, CMAT, XAT and NMAT, after clearing which follow two rounds – group discussion and personal interview. Thus, the pre-assessment enhances the strengths and weakness of students, teaching only the very determined and willful candidates. To be admitted in any of the deemed universities for MBA in Retail Management, candidates must have a Bachelor’s Degree in Business Administration or a BBA.
There are various courses covered by MBA in Retail Management syllabus, including Marketing Research, Sales Management, Negotiation Skills, Finance Management, Branding and Selling. A rigorous curriculum also involves regular practical projects undertaken by students based upon their interests and dissertations. It is also mandatory to take up internships in the second year of college various retail franchises like shopping malls, showrooms and multiplexes.
Aspirants attaining their MBA degrees in Retail Management are required to have various skills, including negotiation, customer service and management. More importantly, the right kind of attitude rather than the best kind of aptitude is preferable in the business industry. A person shouldn’t only be willing to pertain the responsibility for profits of a company, but also formulate an adequate understanding of customer services and satisfaction.
Demand and Job Roles
With the growth of modern retailing, primarily online payments, high transactional values and virtual currencies, the demand for modern retail is increasing exponentially. This has affected the youth of cities all across the world to engage in innovative and inventive ideas to perform a task with ease and minimal effort.
The demand for various job roles has increased, along with the formation of new ones. These job roles include Social Media Marketing, Content Development and Design, Search Engine Optimization and Search Engine Marketing.