MBA in Retail Management is a 2-years postgraduate Course that deals with the instruction and information on the key management skills needed to streamline the retail process.The course aims to build strong knowledge on retail planning, logistics, corporate communication, retail sales techniques, sales promotions. The course opens versatile job offers in retail firms, marketing firms and product based sales companies.
|Full Form||Master of Business Administration in Retail Management|
|Duration||Course Duration of Master of Business Administration [MBA] (Retail Management) is 2 Years.|
|Age||No specific age limit|
|Minimum Percentage||Minimum of 50% aggregate in under-graduation|
|Average Fees Incurred||INR 3 to 24 Lakhs|
|Average Salary Offered||INR 50,000 - 30 LPA (Source: PayScale)|
|Employment Roles||Sales Manager, Retail Manager, Brand Manager, Logistics Manager, Operations Manager, Sales Head, Fund Manager, Merchandiser|
According to the Management Study Guide, retail management is defined as "The various processes which help the customers to procure the desired merchandise from the retail stores for their end use."
Retail management includes all the steps taken to get customers into the shop to satisfy their shopping needs. MBA in Retail Management course offers insight into the fundamentals and strategies of the functional areas of management. Students are taught to find challenges, think creatively, and develop new ways to develop and improve the retail process.
MBA in Retail Marketing subjects includes business management, accounting, finance, retail planning, retail sales techniques, sales promotions, logistics, corporate communication, advertisement & sales promotion, product & brand management, strategic retail management, retail marketing, retail sales & customer service, retail personnel management. MBA Retail Management graduates' job scope are in demand in restaurants, logistics, banks, warehouses, bookshops, cafes, shopping malls, multiplexes, airlines, insurance, and advertising agencies. Listed below are few retail management tools:
Table of Contents
Admission for MBA Retail Management course requires the basic eligibility criteria that the aspirant must have completed the undergraduate degree in any discipline with a minimum of 45% - 50% academic aggregate in any reputed colleges or university. This course is a suitable course for people with exceptional interpersonal and communication skills.
Admission process for MBA Retail Management is based on merit and the cut-off scores earned in the entrance exams. The selection process is either based on entrance exam scores or a merit basis. The management quota or direct admission is purely based on seats, which may vary according to the institution. Students can also pursue MBA Retail Management through online and distance education. The institutions conduct group discussions and interviews. The admission procedure for MBA in Retail Management is similar to that of any MBA course. Listed below is the admission process in general:
The aspirants can either apply online or offline. Based on their merit or the score obtained in the entrance exams, the applicants are shortlisted prior to entry to the program; the universities administer counseling, personal interviews, group discussion rounds.
Marks scored in related management entrance exams by students are taken into account. After an interview, deserving aspirants are allocated seats.
In management entrance exams conducted by various bodies, admission to top MBA institutions in India depends on the student's ranking. There are multiple forms of entrance exams for MBA aspirants, and they can choose the entrance exam they want to appear in depending on the level of difficulty and competition they are willing to face. The entrance exams conducted at the national and university level are as follows:
MBA in Retail Management course is one of the best choices for aspirants interested in learning retail principles. To get admission to the best institution, one has to clear national or international entrance exams. Some of the standard patterns of the entrance exams are listed below:
Around 3000 colleges are offering MBA in Retail Management in India. Listed below are the top colleges for MBA Retail Management according to NIRF:
|34||Jamia Millia Islamia University New Delhi|
|41||Amity University Noida|
Listed below are few top MBA in Retail Management colleges fees structure for 2 years:
|1||Indian Institute of Foreign Trade, New Delhi||INR 7.5 LPA|
|2||Amity University||INR 7.6 LPA|
|3||Jamia Millia Islamia University||INR 56,000|
|4||Lovely Professional University||INR 1.16 LPA|
|5||Aligarh Muslim University||INR 3.5 LPA|
The MBA in Retail Management program provides students with a general management perspective and exposes them to the latest principles and methods in functional management. Given below are some of the MBA in Retail Management subjects:
Read more about MBA Retail Management Subjects and Syllabus
MBA Retail Management course focuses on retail store goods income, stock balance, the stock needed, payment, turnovers, etc. Let's get to know about "why choose an MBA in Retail Management ?" with the aid of three simpler questions.
MBA Retail management is one of many sought-after courses in business management where the graduates must have to understand the complexity of job nature. Retail management is nothing but exchanging goods between the seller and the buyer in small quantities by one-time contact.
Key role: Retail management is all about handling goods between seller and buyer. But when retail managers have a good reputation and client relationships, that may make buyers regular customers of the retail store.
Easy Shopping: In the modern world, shopping in urban areas concentrates on adopting innovative managerial practices in the stores like home delivery, easy ordering online process, offers, and much more. Altogether MBA in Retail Management is all about selling products to customers, goods handling, brand management, production strategy, marketing, sales, financing, accounting, statistics management, and retailing dynamics.
The retail manager is responsible for overseeing the retail store. They are accountable for every aspect of the day-to-day management of sales, employees, and stocks. Here are some of the roles and responsibilities of a retail manager:
Recruiting Staff: The retail manager is responsible for recruiting, training, and, in some cases, staff growth. A retail manager may have various subordinates, such as assistant managers, departmental heads, supervisors, key holders, shift managers, or managers.
Managing Developments: Retail managers ensure that staffing is sufficient to run the store efficiently and ensure that workers receive adequate training on their job responsibilities. Retail managers are always on the shop floor and regularly communicate with both their clients and their employees.
Meeting Sales Targets: Retail managers must fulfill the sales targets. This includes providing sales bonuses, setting quotas, or conducting competitions for workers.
Customer Issues: They ensure that their workers have a high level of customer support and deal with any customer problems or concerns. They will need to keep their staff motivated, settle any internal disputes and make some difficult decisions.
Retail management has been one of the fastest-growing careers in the sector, with tremendous economic growth. India's retail sector is the most lucrative and emerging market in the world. It has called for more qualified practitioners in this field in recent years.
Innovative Career: It seeks to create a new generation of international smart retail professionals and equip them with the best practices to be practiced worldwide.
Good Job Growth: Retail managers are concerned with problem-solving, supply analysis, retail order tracking, merchandising, human resources & stocks, and so on. Graduates will serve in manufacturing firms as retail managers to assist consumers with goods. Retail managers are often needed by other businesses, such as insurance, banking, education, health, etc.
Read more about MBA in Retail Management Jobs
MBA in Retail Management salary in India average falls under INR 50,000 - 30 LPA. An early career Retail Manager with 1 - 4 years of experience earns an average total INR 1.5 - 3 LPA salary based on graduates' skills.
Read more about MBA in Retail Management Salary
MBA in Retail Management scope is huge due to the needs of the current modern world. In today's world, we can see a lot of retail stores compared to the olden days. There are more malls, supermarkets, retail stores, online retails, and much more. And people prefer to order online and get home delivery to save shopping time. Due to more responsibility and demand, there are more career gateways open in this sector. Some MBA Retail Management jobs profiles are as follows:
Here the list of top recruiting companies:
Retail Managers need a host of leadership skills to carry out a management strategy so that their stores can improve sales. Retail industry employers are looking for a flexible, well-rounded candidate who has a wide variety of transferable skills, is adaptable, and has a good understanding of the industry. Here are some of the MBA in Retail Management skills: