What is Retail Management
Retail Management teaches the students different principles related to retailing and retail operations. These principles include buying, financing, merchandising, inventory control, marketing, personnel, and operations.
Retail Management includes how retail outlets are maintained and how commodities reach customers from these retail stores.
It includes the steps of attracting the customers to the store, then selling the products to the customers according to their needs and wants. This process is timesaving, and the outcome as customer satisfaction is achieved at the same time.
Retail Management not only involves the management of retail outlets but also the management of the brand image, maintaining relationships with the customers, the sales management, keep a check on the orders at the retail outlet, managing the merchandise, they directly interact with the customers and the stocks/inventory are supervised and ordered from time to time.
Eligibility Criteria (UG & PG) of Retail Management
The students who want to pursue a retail management course need to fulfil certain criteria before securing admission in a particular college. Following is the criteria mentioned by some of the colleges –
The students should have passed 10+2 education or any other competitive examination from a recognised board.
The main subjects should be commerce during their 10+2.
The students should have secured 50% aggregate marks in the 10+2 exam with a relaxation of 5% for the SC/ST category students.
Retail Management Entrance Exams
Most institutes have set up a requirement for the candidates to attempt and clear certain entrance exams based on the institute to grant them admission to retail management course. Some institutes may conduct interviews before the final admission of the students.
The entrance exam for retail management would include very basic to general questions on topics of general awareness, English communication, logical reasoning & critical thinking and quantitative aptitude.
CMAT (Common Management Admission Test)- It is an online national level exam and is 3 hours-long. The exam is conducted in English. This paper has 100 questions of quantitative techniques & data interpretation, logical reasoning, language comprehension and general awareness. Browse more details about CMAT.
SNAP (Symbiosis National Aptitude Test)- It is an online national level exam and is 1 hour-long the students have 3 chances to appear for the exam. The exam is conducted for 1 hour. Browse more details about SNAP.
CAT (Common Admission Test)- It is an online national level exam and is 2 hours-long. The paper contains 100 questions from verbal ability and reading comprehension, data interpretation and logical reasoning and quantitative ability. Browse more details about CAT.
XAT (Xavier Aptitude Test) - It is an online national level exam and is 3 hours-long. The paper contains 100 questions of verbal and logical ability, quantitative ability and data interpretation and general knowledge and decision making. The paper is in English. Browse more details about CAT.
MAT (Management Aptitude Test)- The exam is conducted both online and offline and is remotely proctored as well. The exam is a national level exam conducted 4 times a year. Browse more details about MAT.
Scope of Retail Management in India and Abroad
The retail industry is one of those industries which is growing very rapidly in today’s world. It has many challenges from the world, but it contributes a lot to the country’s economy.
Retail management sector in the past few years has increased the demand for more skilled professionals. This career is the perfect choice for those students who have a lot of interest in merchandise, market and marketing, sales, advertising, campaigning and market research. Several job opportunities are available for students in departmental stores, advertising agencies, supply chains, supermarkets and many more.
They have to directly communicate with the customers and also maintain coordination with the business departments. Specialists who take care of that aspect are called retail managers. They work in solving problems, analysing the supply, accepting and delivering the retail orders, Human Resources and stocks.
Course Fees Retail Management
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Different subjects taught to students give them different ideas of how retail shops work and how retailers work. They would develop different learning skills too.
Some of the subjects taught in retail management are –
Overview of Retailing
Retail Management Perspective
Customer Service Management
Principles of Marketing Economics
Customer Value Management
IT Application in Retail
Careers in Retail Management
Retail management course requires a lot of new blood (fresh batch) who will ensure a further rise in this already well-established field. Students during retail management course are taught the best skills which are needed to practice retailing, but practice makes perfect and the more effort someone puts into it the more they will shine in this field.
These managers have the responsibility of checking over the operations conducted at the store, they can improve the sales of a particular product by developing visual strategies, ensure that there are profits gained by the store and all the processes are carried out efficiently and effectively.
The graduates can even try to specialise in some retail specialities like beauty supply shops, electronic retailers and clothing stores which leads to a much more specialised approach but one which provides a lot of opportunities.
Students also liked
Many new trends have been coming up in the retail management industry. Some of them are written below:
Investing in omnichannel retail – Consumers almost always check the prices before making any decisions and buying something. Nowadays, they may just look-up the prices offline and then check online before placing the order online.
Provide a personalised experience – Consumers being targeted with personalised ads have become extremely common nowadays, with websites and services like Facebook and Google know what you want when you want it or sometimes even before you want it. The retail outlets give suggestions like the taste, location, and order history to the consumers. They create a personalised experience through simple services.
Proper Customer Care– The rise in technology has shifted everything from how things were even a decade ago, with access to the internet, consumers today expect that they should get a response to their queries near instantaneously, which has become an essential aspect of customer care.
Job Profiles and Top Recruiters
Retail Management Job Profile
Some of the top job profiles in retail management field are –
A Sales Manager manages the sales of a product or service offered by the organisation by developing strategies for the sales, revenues and expenses.
They have to ensure that the company is meeting the required number of sales.
They coordinate with the marketing team for future campaigns to drive sales.
They motivate their team and counsel them with ideas and guide them when they require help by providing them with their knowledge/experience on how to increase sales.
They also have to promote their organisation and products.
An Advertising Manager has to look into the operations of the advertising department.
They have to coordinate with the staff, clients, and ad agency to meet the goals and budgets on a timely basis.
They have to attract new customers by developing and testing different advertising strategies to find out which works the best and not only builds up credibility and make everyone aware that the company exists but also drives sales.
They have to ensure that the projects are progressing according to the plans and are being executed properly and effectively.
They also take over and help during the employment of recruits in the advertising department and their training.
An Operations Manager acts as a leader in the organisation. They have the authority to make policies, plans and strategies for the organisation.
They ensure that the operational policies and procedures are developed, implemented and reviewed efficiently.
In certain cases, they also help during the recruitment process.
They look into the budgets and reports and deal with the planning and auditing.
They make sure that all documents are filled and monitored as per the laws and regulations.
They also maintain relationships with clients and other companies.
A Retail Executive takes the major decisions for a store and its chains.
They lead different types of businesses like the selling of electronics, or clothes or even automobiles.
They have to manage employees and the marketing aspect of a company.
They have to not only ensure that the company earns back the cost but also earn profits. They also have to find new ways by which they can attract the customer’s interest.
They have to be very innovative when it comes to sales of the products.
An Administrative Officer answers the phone calls and responds to the queries through mails. They also prepare the reports and the budgets for the year.
They are also responsible for the systematic filing of the documents and ensuring they are safe while keeping track of the inventory and ensuring that they are stocked up whenever needed.
They also forward the letters and packages received on behalf of the staff.
They also schedule meetings with clients and employers in conference rooms.
Top Recruiters in Retail Management Sectors
There are many job sectors and recruiters who recruit these graduates for work.
Some of the top recruiters in retail management sector are –
Ebony Retail Holdings
Salaries are usually given based on work one does. It may be high for the higher position people while the low for the newly graduates. But the new graduates can increase their pay by getting promotions and bonuses on the extra number of hours they work.
Average Annual Salary
Rs. 9-10 lakhs p.a. (approx.)
Rs. 5-6 lakhs p.a. (approx.)
Rs. 10-11 lakhs p.a. (approx.)
Rs. 12-13 lakhs p.a. (approx.)
Rs. 5-6 lakhs p.a. (approx.)
Required Skillset for Retail Management
The skills required by the students would be very helpful for letting them get great jobs. They have to build a perfect skill set so that they can adjust in any field asked for.
Some of the required skills are written below –
Good communicator – They should have good communication skills with the team and also with the customers. They have to understand the problems of the customer and then help them with their requirements, and this needs lots of patience.
Patience – People, especially the students, do not have patience nowadays and want things to be done as soon as possible, but this course would require a lot of patience to understand the needs and demands of the customers.
Good listener – Good listening skills are also very helpful. To listen to new views and points from the team members as well as the customers. They would have good new helpful points to guide the students.
Strong Customer Service Skills – How to deal with customer complaints is the main skill a graduate would require. They need to deal with customers very patiently and softly to not let their ego get hurt.
Professional – Be professional in meetings and when dealing with customers though if they are your family. Be polite and greet them whenever possible to show good skills.
Self-confident – You should be confident in what you speak, you should have fluency in speech and know what you are speaking.
Problem-Solving Skills – You should be able to solve the problems correctly and effectively within the given time with more discounts or bonuses to the clients to receive their loyalty with the company.
Course Curriculum for Retail Management
The retail management course is a 3 years-long course which is divided into 6 semesters. Each semester teaches new subjects and skills to the students with which they will be able to decide which specialisation if necessary they want to go to.
The course would teach them about the introduction and concepts to retail management, retailing trends, pricing and merchandising, segmentation, relationship marketing and information technology in retailing. There are courses available in this field at every level from Diploma to Masters.
Retail Management Colleges by States
Retail Management Colleges by Location
Top MBA Colleges By Location
Popular Retail Management Entrance Exams in India
Popular Retail Management Colleges in India VIEW ALL
Frequently Asked Questions (FAQs)
Question: Which are the colleges offering bachelor in retail management?
The top colleges offering bachelor in retail management course are –
School of Business Management, Greater Noida
University of Technology and Management, Shillong
University of Petroleum and Energy Studies, Delhi
Symbiosis University of Applied Sciences, Indore
University of Petroleum and Energy Studies, Dehradun
Question: Which are the books the students can refer to?
The books which would help the students during their entire course would be the following –
Retail marketing management – David Gilbert
Fundamentals of retailing – V.S. Madaan
Retail Management; A strategic Approach – Berman Berman
Strategic marketing for Success in Retailing – Coskun Samli
Retail marketing and New Retail idea – Marks & Spencer – Sven Hallbauer
Retail Management – C. Bhatia
Merchandising math for retailing – Cynthia R. Easterling, Ellen L. Flottman, Marian H. Jernigan and Beth E.S. Wuest
Question: What are the fees for this course?
The average fees would vary from college to college depending on whether it is private, public or semi-private. The average fees are in between Rs. 50,000 to Rs. 10 lakhs.
Question: What are the different specialisation options for me after completing the bachelor’s degree?
After completing the bachelor’s degree, the students can do the following specialisations –
Competitive Analysis and Planning
Question: How long is the course of bachelor’s in Retail Management?
The course on Retail Management is a 3 year-long course which is divided into 6 semesters. There is also a compulsory internship to help students get further experience in the field.
Questions related to Retail Management
Difference between BBA family business and BBA retail management
Bachelors of Business Administration (BBA) family business is a three-year course which teaches the students basic principles of starting and running a business, managing family businesses, etc .
In this course a student is taught the basic skills and knowledge of business and management to make the person capable of running a business smoothly.
Bachelors of Business Administration (BBA) retail management is a t hree year course which teaches the basic operations involved in retailing. Student is given information about the basic aspects of retail industry, necessary knowledge to help the person manage and develop the industry.
In this course importance is given on activities like marketing, purchasing, managing finance, strategies used in retailing and most importantly how to manage human resources.
Retail management course available yes are no
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Retail Management vs Logistics and Supply chain Management... which one is better ??
Dear aspirant !
Hope you are doing great ! Saying wrong out of one is totally unfair ,even these are all good but if you choose only one then i tell you what should you do ! Firstly read about them briefly and get a little knowledge then try to find your interest ,in which you enjoy ,find that thing in which you can think more shaper ,i totally means to say that go within yourself deep and know your interests ,then you will get all the answers yourself .
Hope it helps you !!!
MBA in Retail Management or International Business, which has a wider scope?
Both the courses are good in terms of scope & employability. See if you are interested to go for a specialization which gives you a scope to manage Business Operations & development in any Global zone then going for the International Business will be a great choice. If you aspire to be a part of the business in order to explore the business in new environments, then this course will give you the knowledge of operations. Now Retail is the fundamental of all business. If you are holding a business, you are doing the Retail in some way. So going for Retail Management gives you a larger area of working. It provides you a very broad perspective in terms of product articulation & Management. Now its your choice to choose the best for yourself.
For more information regarding Retail Management visit the link below:
For more information regarding International Business you can consider the link below:
I hope this helps. Wish you a great eve!
MBA in retail management or international trade management, which has a wider scope ?
Hope you are doing great...!!
MBA is of 2 years course.
Management is the craft of uniting various individuals and motivating them to run after a shared objective or goal. This thought when applied to the retail business is called retail management. MBA in Retail Management is a rather new specialization in the management stream. Due to the recent boom in the logistics and retail market, the graduates of this specialization are in high demand. The duration of the course is usually 2 years with the fee ranging from Rs 2,50,000 and upwards.
Retail business is booming with people coming up with new and innovative ideas to get customers and this is the right time to step into this field. Many companies look for a retail manager – Tata Group, ITC Retail, Reliance group, Shoppers Stop- all need candidates with an MBA in Retail Management.
However, MBA graduates will need to work hard, almost 45 – 50 hours a week. Usually, their work will be in the store or retail shop that they have been assigned to, that is indoor work.
International Trade Management is a good opportunity for those who are seeking job opportunities across the globe. Students can have varied opportunities in the arenas like automobile firms, electronics, financial institutions, investment companies, export/import companies, etc.
The normal compensation of an MBA in International Trade Management ranges around INR 4 to 8 lakhs for every annum. The compensation bundle increments with experience in this field. An applicant with essentially two years of involvement can acquire up to INR 12 lakhs yearly.
Now, go for that which suits you.
Hope this was helpful!
All the best!