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Retail management is a relatively new specialized division in business management. The concept of retail management took its roots in last few years. However, global slowdown in last two years had a dampening effect on this field. The retail sales witnessed a drastic reduction. But slowly, things are looking up, once again. The retail sales have picked up and industry is looking for qualified professionals who can handle this sunshine sector. Those looking to make a career in this potentially lucrative industry need to cash in now. There are several jobs in retail industry. The fact that a business cannot survive without selling its goods, gives birth to the concept of retail professionals.
Retail and merchandising has always been an important function for any organization. The job profile of a retail manger includes taking care of merchandise, hiring and training new staffs and overseeing other sales workers, such as sales representatives, stock clerks, customer service workers, and sales engineers. They are also responsible for customer satisfaction and delivery of quality goods. Handling of customers' inquiries and complaints is also a part of the job profile of a retail manager. Other functions include handling purchasing, budgeting, and accounting. It is a hectic job but hugely rewarding.
Those looking to make a career in retail management course can go for a bachelors program in retail management. For that, students will need to clear standardized test. They are also expected to have a strong high school grade point average. On a senior/ post-graduate level, interested candidates can opt for MBA in retail management. The eligibility criteria will include a bachelor’s degree from a recognized university and prior job experience. The course content usually includes basic subjects like accounting, marketing, management, and sales, and coursework in psychology, sociology, and communication etc.
Masters in retail management programs have subjects like;
Strategic management
Human resources management
Advanced marketing
Retail research and issues
Cost control
Operations management
Inventory management
Financial management
Sensory evaluation
Retail buying
Supply chain management
Electronic retailing merchandise management
At some places additional topics like focus group research and community engagement etc are also covered. The focus of these subjects is to make the retail professionals aware of all the aspects of the profession. Covering issues like marketing information, marketing and business communication, sales promotion, customer relationship, business ethics, retail brand management, quantitative methods in retailing etc equips students with all the essential ingredients of retail management. Successful completion of the course may lead to job opportunities in shopping malls, books and publishing industry, grocery stores, processed foods industry, music stores, department stores, garment industry, and multiplexes etc.
In fast developing countries like India, many prestigious institutions have started to offer retail management course.
Some of the major ones are;
Mudra Institute of Communications
Welingkar Institute of Management, Mumbai
SP Jain Institute of Management and Research, Mumbai
K J Somaiya Institute of Management Studies & Research, Mumbai
Institute of Technology and Management
Indian Retail School
The Retail Academy, Ahmedabad
Pearl Academy of Fashion
National Institute of Fashion Technology (NIFT)
RPG Institute of Retail Management
Birla Institute of Management Technology, New Delhi
Institute of Management Studies, Mumbai
Indian Institute of Retail, New Delhi
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