Retail Management
Retail management is the sale by seller in small quantities to customer not for resale...
"Retail Management" can be understood as:
The process of bringing the ultimate user to the main producer, through a series of stages, where retailing is the last one. It is not limited to quantities, but limited to the exact requirement of the ultimate user. Therefore, bringing about operational efficiency at this last stage, and creating an environment so compelling that he looks nowhere else, is "Retail Management".
RM- is an art, and necessitates employing several tools of logistics management for a complete end user satisfaction. RM - is getting to know the final user on behalf of the producer. RM - is a process of facilitation.
Course Description :-
- It must be enriched with all the knowledge and understanding of the retailing sector and should be taught in such a way that aspiring students are able to come up with smart strategic plans to capture the retail market with deep understanding of the distribution system prevalent in the country.
- It should impart the students with conceptual as well as practical knowledge in order to take tough and complex decisions such as the target market, final product or service that has to be offered, where the product or service will be finally available to customer and build a pricing strategy in the ever changing retail environment.
- Analytical and research skills should be imparted so retailers can make retail business plans and strategies in different types of markets and industries. Many of the top business schools have PGDM courses in Retail management for example the Indian Retail School provides students Diplomas/ Post Graduate Diplomas and Executive Programme in Retail management. The courses span for a year that has three levels, in the last leg of the course students are given project work in order for them to apply all the concepts they have learnt throughout the course.
Few courses offered in Retail Management: -
- Certificate Course in Retail Bank Operations
- Certificate in Retail Management
- Certificate Course in Retail
- Diploma in Retail Management
- Bachelor of Arts in Materials Management
- MBA in Retail Management
- Master of Retailing & Logistics Management
- Master in Retail Management
- Post Graduate Diploma in Retail Management
Top 10 Colleges offering Retail Management in India :-
1. IMS-Design and Innovation Academy - Delhi/NCR
2. Symbiosis Centre For Distance Learning - Pune
3. Indian School of Business Management & Administration (ISBM) - Thane
4. ITM Business School - Mumbai
5. The Institute for International Management & Technology (IIMT) - Gurgaon
6. Amity Business School Noida - Delhi/NCR
7. Asian School of Business Management - Bhubaneswar
8. Indian Institute of Business Management & Studies (IIBMS) - Mumbai
9. XLRI Jamshedpur - Jamshedpur
10. K.J. Somaiya Institute of Management Studies and Research (SIMSR)- Mumbai
The pay package in this retail industry depends on the factors such as qualification, company, job profile and the area of the work. The average salary of a sales person in the retail industries varies in between Rs.7,000 to Rs.10,000 per month. As the experience increases the pay scale also increases and the expected salary ranges from Rs.15,000 to Rs.25,000 per month which again depends on the above factors mentioned.
India is considered as one of the top ten rising retail markets all over the world. With such an emerging retail market the jobs are available in plenty at all levels. Job opportunities are available in the fields such as supply chains, departmental stores, supermarkets, advertising agencies etc. Retail managers are also required in manufacturing companies to help customers understand about the products and to reach customers directly.
Skilled retail managers are also needed by companies such as Insurance and banking to convey their commodities directly to the customers. Retail managers are also being absorbed in a large number in the field of education and healthcare industries. Retailing business has been setup by many multinational companies, few of them are Reliance Group, Tata Groups Trent, ITC Retail, Big Bazaar & Pantaloons, etc. The business generated by these has created huge employment opportunities for trained Retail Management professionals.
Few job types: -
- Visual Merchandisers
- Department Managers
- Supply Chain Distributors
- Management Trainees
- Assistant Store Managers
- Merchandising Assistant
- Sales Executive
- Marketing Executive
- Buyer Trainee
Few employment areas: -
- Insurance Companies
- Advertising Agencies
- Restaurants
- Banks
- Warehouses
- Multiplexes
- Airlines
- Shopping Malls
- Book Shops
- Cafes
- Provision Stores
- Logistic Firms
Basic Eligibility :-
UG:
For admission into bachelor’s degree program a student must have passed the higher secondary education or 10+2 in any stream. The duration for this program is of 3 years.
PG:
For admission into master’s degree program a student must have passed the bachelor’s degree in retail management or subjects related to retail. The duration for this program is of 2 years.
Others:-
Eligibility for Certificate programs: -
For admission into bachelor’s degree program a student must have passed the higher secondary education or 10+2 in any stream. The duration for this program is of 6 months to 1 year.
Eligibility for Diploma programs: -
For admission into bachelor’s degree program a student must have passed the higher secondary education or 10+2 in any stream. The duration for this program is of 1-2 years.
Specializations
Few specializations in this field: -
- Competitive Analysis and Planning
- Store Operations
- Pricing Management
- Merchandising
