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.
Also Read:
- MBA Study Material
- Career Goals for MBA Aspirant in 150 Words
- Eligibility for MBA
- Statement of Purpose for MBA
Overview of 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. 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 an 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
There are a number of colleges that offer an MBA degree in retail management, some of the best universities for this course are:
- Stanford University
- Harvard University
- London School of Business
- Wharton Business School, University of Pennsylvania
- Columbia University
Job Prospects- MBA in Retail Management
There are a number of job roles and industries that you can pursue after pursuing a degree in MBA retail management, some of these are:
Retail Manager: A retail manager looks at the day to day tasks of a brand store, which also include interacting with the clients on a regular basis.
Brand Manager: This job includes maintaining the image of a brand and overseeing the advertising techniques to maintain the same.
Marketing Executives: This job profile deals with looking after the campaigns related to making advertising decisions.
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.
