More and more students have developed an interest in studying retail management as it has become one of the prosperous industries. Retail management is known as the method of bringing customers to a store and fulfilling their requirements successfully.
Globalization has brought with it a huge alteration in the working method of retail and today, it concentrates on the study of various retail businesses. Additionally, it also lays stress on the managerial competencies besides qualities for turning many aspirants of retail management future-ready for an ever-changing retail market.
Previously, the scope of retail management wasn’t so wide and it was confined to singular garment outlets and grocery shops only. Contrarily, now it has expanded to supermarkets, marts, and huge malls. It has turned the process of shopping for customers effortless besides creating several new employment opportunities, like product manager, brand manager, and many more.
Aspirants will come across several undergraduate courses in the field of management that they can pursue, like BBA (Bachelor of Business Administration), BBM (Bachelor of Business Management), etc. for starting their career in this field. An MBA in retail management does arm students with the personalities and skills that employers hunt for while they employ store managers or retail managers.
Learn about MBA in Retail Management in details
The following table will give you a clear perspective regarding MBA in Retail Management:
|The Programme Name||Masters of Business Administration in Retail Management
|About the programme||Masters of Business Administration in Retail Management deals with the study of production strategies, brand marketing, and retail dynamics.|
|Well-known spheres of study||Economics
Basics of Retailing
|Fees||For doing MBA in a retail course, aspirants need to pay fees that vary from INR 3 lakh to INR 20 lakh. However, students need to pay a remarkably less fee for an MBA program compared to PGDM.|
|The criteria for selection||Students are selected based on their grades in a bachelor’s degree as well as in an MBA entrance exam, like CMAT, CAT, MAT, SNAP, etc.|
|Duration of the course||Two years|
The criteria of eligibility and the process of admission in MBA in Retail Management
- For being eligible, aspirants should have finished their graduation from any discipline but they should have scored nearly 50 percent aggregate marks.
- To take admission to the Master’s programme, you are needed to clear MAT, CAT, XAT, SNAP, GMAT, and different management entrance examinations.
- Based on the score you have scored in your MBA entrance exam besides the equivalent cut-off for various colleges in MBA in Retail Management, you can participate in viva voice, group discussions, personal interview, and written ability test.
- Now, if the aspirants have any relevant work experience, then it will be viewed as an extra advantage.
The needed skills for MBA in Retail Management
You must have the following skills to pursue MBA in Retail Management:
- You should have the capability to propose to customers an excellent experience and it is viewed as one of the primary qualities that recruiters look for in an employee.
- You must have superb communication skills and effectual time management and both of them are vital in the industry of retail.
- When you possess the capability to understand the needs of your customers, you can turn out to be a successful retail manager.
- Besides the above-mentioned features, you need to motivate your team so that they support and work closely during needs.
Some reputed colleges in India that offer MBA in Retail Management
The list comprising the top colleges in India for MBA in Retail Management is:
|Location||Fees (in INR)|
|Birla Institute of Management Technology||Greater Noida||9,00,000|
|Narsee Monjee Inst. Of Management Studies||Mumbai||9,25,000|
|Noida International University||Greater Noida||1,60,000|
|Maharishi Markandeshwar University||Ambala||1,28,000|
|DAV Institute of Management||Faridabad||44,000|
|International Institute of Business Studies||Bangalore||3,73,000|
|Krupanidhi School of Management||Bangalore||1,82,000|
|Prin. L. N. Welingkar Institute of Management Development & Research||Mumbai||6,20,000|
|Amity Business School||Noida||3,20,000|
|SIMS (Symbiosis Inst. Of Management Studies||Pune||9,67,000|
|Asian School of Business Management||Bhubaneswar||2,73,000|
|K.J. Somaiya Inst. Of Management Studies & Research||Mumbai||5,80,000|
|IBMR Business School||Gurgaon||2,33,000|
|MJRP (Mahatma Jyoti Rao Phoole University)||Jaipur||90,000|
|JIMS (Jagan Inst. Of Management Studies)||New Delhi||3,60,000|
|Dr. K.N. Modi University||Jaipur||45,000|
The job opportunities for aspirants
When students opt to do MBA in Retail Management, then they get different job opportunities and some of them are as follows:
- An MBA professional having a degree in retail management can apply for private jobs as well as government jobs. Again, he can also seek various jobs that are available in multinational companies. Some popular jobs open for the professionals of MBA in Retail Management are sales executive, marketing executive, product manager, merchandiser, store manager, sales manager, etc.
- Some companies that propose jobs to the graduates of MBA in Retail Management comprise brands, like Reliance Group, Pantaloons, Piramals, Shopper’s Stop, Lifestyle, and many more.
Salary in MBA in Retail Management
Professionals who have got an MBA in Retail Management are the following:
Aspirants who have pursued a degree in retail management can get a salary that begins from INR 4 lakhs to INR 7 lakhs every year.
However, in this context, it is vital to note that you might get an altogether different salary package as an employee’s salary differs according to the trends of the industry and at times, according to the kind of organization where he/she is working.
Sometimes, salary packages also differ based on the colleges from where aspirants have completed their course.
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