More and more students have developed an interest in studying retail management as it has become one of the most successful industries. Retail management is known as the method of bringing customers into a store and successfully meeting their requirements.
Globalization has brought about a huge change in the way of working in retail and today it focuses on studying various retail businesses. In addition, it also emphasizes managerial skills in addition to the qualities needed to prepare many aspiring retail management for an ever-changing retail market.
Previously, the scope of retail management was not so wide and was limited to singular clothing outlets and grocery stores. On the contrary, it has now spread to supermarkets, markets and huge shopping malls. He simplified the buying process for customers in addition to creating several new job opportunities, such as product manager, brand manager and many more.
Aspirants will come across several undergraduate courses in the field of management that they can take such as BBA (Bachelor of Business Administration), BBM (Bachelor of Business Management), etc. to start their career in this field. An MBA in Retail Management gives students the personalities and skills employers look for when employing store managers or retail managers.
Learn more about the MBA in Retail Management
The following table will give you a clear perspective regarding the MBA in Retail Management:
|The name of the program||Master of Business Administration in Retail Management|
|About the program||The Master of Business Administration in Retail Management is the study of production strategies, brand marketing and retail dynamics.|
|Well-known fields of study||Economy
The basics of retail
|Costs||To take an MBA in a retail course, aspirants must pay a fee ranging from 3 lakh INR to 20 lakh INR. However, students have to pay remarkably lower fees for an MBA program compared to the PGDM.|
|Selection criteria||Students are selected based on their grades in a bachelor’s degree as well as an MBA entrance exam, like CMAT, CAT, MAT, SNAP, etc.|
|Duration of the course||Two years|
Eligibility criteria and admission process for MBA in Retail Management
- To be eligible, applicants must have completed their education in any discipline, but they must have achieved nearly 50 percent of overall marks.
- To be admitted to the master’s program, you must pass the MAT, CAT, XAT, SNAP, GMAT and various management entrance exams.
- Based on the score you got on your MBA Entrance Examination, in addition to the equivalent threshold for various Retail Management MBA Colleges, you can participate in vivid voices, group discussions, personal interviews and written aptitude tests.
- Now, if the aspirants have relevant work experience, this will be seen as an added benefit.
The skills needed for an MBA in Retail Management
You must have the following skills to pursue an MBA in Retail Management:
- You need to have the ability to provide a great customer experience and this is considered to be one of the main qualities that recruiters look for in an employee.
- You must have superb communication skills and effective time management and both are essential in the retail industry.
- When you have the ability to understand the needs of your customers, you can become a successful retail manager.
- Besides the features mentioned above, you need to motivate your team to support you and work closely together when needed.
Some Reputable Colleges In India That Offer MBA In Retail Management
The list of Best Indian Colleges for MBA in Retail Management is as follows:
|Site||Fees (in INR)|
|Birla Institute of Management Technology||Grand Noida||9,00,000|
|Narsee Monjee Inst. Management studies||Bombay||9 25,000|
|Noida International University||Grand Noida||160,000|
|Maharishi Markandeshwar University||Ambala||1 28,000|
|DAV Institute of Management||Faridabad||44,000|
|International Institute for Business Studies||Bangalore||3.73,000|
|Krupanidhi School of Management||Bangalore||1 82,000|
|Prin. LN Welingkar Institute for Management Research and Development||Bombay||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|
|KJ Somaiya Inst. Management Studies & Research||Bombay||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 KN Modi University||Jaipur||45,000|
Job opportunities for aspirants
When students choose to do MBA in Retail Management, they get different job opportunities and some of them are as follows:
- An MBA professional with a degree in retail management can apply for private jobs as well as government jobs. Again, he can also search for various jobs available in multinational companies. Some popular jobs open to Retail Management MBA professionals are Sales Manager, Marketing Manager, Product Manager, Merchandiser, Store Manager, Sales Manager, etc.
- Some companies that offer jobs for MBA Retail Management graduates include brands like Reliance Group, Pantaloons, Piramals, Shopper’s Stop, Lifestyle, and many more.
Salary in MBA in Retail
Professionals with an MBA in Retail Management are:
Aspirants who have obtained a degree in Retail Management can get a salary ranging from INR 4 lakhs to INR 7 lakhs every year.
However, in this context, it is essential to note that you might get an entirely different salary package as an employee’s salary differs depending on industry trends and sometimes depending on the type of organization they work in. .
Sometimes the salary packages also differ depending on the colleges where the aspirants completed their course.
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