Retail management can be referred to as the process which facilitates the interaction between a product and the customer. Retail management involves meeting all the needs of the customer and making sure that all their demands are fulfilled. If you are good at sales and accounting and are looking for a career in sales, management or product management then you might want to pursue a career in this field. Here is all the information that you will need an MBA in Retail Management.

MBA in Retail Management: Brief Overview 

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What is an MBA in Retail Management?

An MBA in Retail Management focuses on specializing in transportation, sales, production and management of goods. It also covers areas like servicing and business analysis. Retail management requires a person to use their managerial skills to make the market flow and retail process smooth and efficient. Students who are interested in the retail sector should definitely consider pursuing this course. This degree is best suited for a liberal and developing market in India. This curriculum provides education and training in key management skills needed to streamline the retail process. With the exponential growth in organized retail, an MBA in Retail Management has opened a lot of well-paid job prospects and good career opportunities. 

Key Elements of MBA in Retail Management

There are certain subjects or core areas that are fundamental to the understanding of a subject, some of the key elements that constitute an MBA in retail management are:

Customer Relationship Management

This field of study helps you understand customer seller dynamics. One learns how to approach new customers and to maintain ties with old ones. It takes an understanding of fields like data analysis to grow a new potential market and business relationship with a customer.

Retail Personnel Management

This field includes obtaining, using and managing a workforce. This field is similar to human resource management. This includes hiring, maintaining as well as using the task force in order to make the workflow smoothly.

Corporate Communication

This field includes communication skills which lead to developing and maintaining an identity or brand image in the market. This field requires strong communication and feedback skills in order to create a firm relationship between various sectors.

Advertisement and Sales Production

This stream of retail management deals with the brand image and how to retain the perceived value of a product. This field also deals with the product management aspect of the industry.

Business Government and Society

As the name suggests this field of study will help you look at and analyze the three important fundamentals of civilization. This course helps in studying how retail management is interlinked with these three categories and how they play an important role in retail management. 

Luxury and lifestyle retailing

This field concentrates on luxurious brands and focuses on advertising as well as campaigning about a specific brand targeting specific strata of the population. 

Top Colleges for MBA in Retail Management in India 

Here is a list of some popular and renowned universities and colleges in India that are providing MBA or PGDM in retail management to the students:

Masters Program in Retail Management Abroad 

Upon our extensive research, we have found out that MBA in retail management is a specialised course which is offered by only a handful of universities and colleges in India. Having said that, the number extensively decreases when it comes to this course being offered by universities abroad. Here are some postgraduate/master’s programs in retail management, offered by some of the established universities and colleges abroad. Here is a list of the same that we have compiled for you:

MBA in Retail Management: Eligibility and Important Requirements 

• MBA in Retail Management has the same eligibility requirements and admissions process as MBA General. The applicant must have a bachelor’s degree or its equivalent from a recognised board or university with a minimum of 50% marks.
• Competitive scores in entrance exams like GMAT/GRE/CAT/XAT/etc. or any other written or entrance based exams that are accepted by the university.
• Some universities or colleges have their own set of entrance or written exams for a specialised MBA program like this. Having said that, some may offer intakes totally based upon merit whereas others may consider entrance exam scores along with GD & PI. 
• If you are planning to study this course abroad then the following things are additionally required:
  • English Proficiency Test scores such as IELTS/TOEFL/PTE, etc.
  • All academic transcripts
  • Statement of Purpose 
  • Letters of Recommendation 
  • Work Experience (if required)
  • Updated CV/Resume 
  • Student Visa (if planning to pursue MBA from Abroad)

Read About: Career Goals for MBA Aspirant in 150 Words and How to write SOP for MBA

Course Curriculum of MBA in Retail Management

The MBA in retail management course curriculum includes general management subjects such as:

• Marketing Management
• Services Marketing
• Statistics for Business Analysis
• Corporate Finance
• inancial & Managerial Accounting
• Retail Concepts 
• Buying & Merchandising Management
• Retail Store Management
• Introduction to retail management
• Scope for retail in India
• Mall Management
• Visual Merchandising
• Store Design and Management
• Retail Market Segmentation
• Retail Store operation
• Pricing and promotions in retailing
• Accounting and finance in retailing
• Understanding the retail market
• Supply chain management
• Customer loyalty management and CRM
• Luxury and lifestyle retailing
• Understanding customer behaviour
• Selling skills
• Business communication
• Social etiquette in retail business

MBA in Retail Management Job Opportunities 

An applicant with a master’s degree in retail management would have a lot of opportunities. The following are some of the most common work opportunities along with their average salaries/earnings in INR:

MBA in Retail Management Salary

Graduates of MBA in retail management earn salaries ranging from Rs 3 to Rs 6 lakhs per year, depending on the institute of graduation and the hiring firm. This is not, however, a set range. Mid-level executives start with a salary of about Rs 7 lakhs to Rs 12 lakhs per year and work their way up. Many companies pay their brand managers up to Rs 27 lakhs per year (experienced).

Top Recruiters 

• Tata Groups
• Reliance Group
• Ebony retail holdings
• RPG Retail
• Wills Lifestyle
• Shoppers Stop
• Globus
• Pantaloons
• Lifestyle
• ITC Retail
• Amazon
• Reliance Group
• Flipkart
• Piramals
• Raymond 
• Canon 
• Nestle 
• eBay 
• Blue Star 
• Philips India 
• Croma 
• Snapdeal 
• HCL
• Puma 
• Zomato 
• HP 
• DHL
• Grofers 
• Panasonic 
• Havells Limited

Choosing the right course to pursue your desired degree is an important decision to make but this decision can seem extremely difficult if you do not possess the required information. To make this process of choosing the ideal country and course simpler, you can meet the counsellors at Leverage Edu who will help you in making an informed decision.