.Retail includes the selling of goods from a single point (malls, market, department, stores etc) straight to the consumer in small quantities for his finish use.
.In a layman’s wording, retailing is nothing but a deal of goods between the seller and the end of the user as a single unit (piece) or in small quantities to convince the requirements of the individual and for his direct utilization.
Meaning of Retail Management In MBA: It’s the activity of bringing the ultimate user to the main producer through a series of stages where retailing is the last one. It helps customers to manufacture the desired merchandise from the retail stores for their end use and refers to retail management.
Definition of Retail Management in MBA:Retail Management refers to all the activities which help the customers to procure the desired merchandise from the retail stores for their end use.
Significance of Retail Management in MBA:
- The retailer must keep a documentation of all the products coming into the store.
- The products must be well ordered on the assigned shelves according to size, colour, gender, patterns etc.
- Plan the store layout expertly.
- The range of products obtainable at the store must be divided into small groups consisting of similar products. Such groups are called categories. A consumer can simply walk up to a particular category and look for products without much assistance.
- A distinctive SKU code must be assigned to each and every product for easy tracking.
- Necessary labels must be put on the shelves for the consumers standby to locate the merchandise on their own.
- Don’t keep the consumers waiting.
- Make sure the sales representatives attend the consumers well. Assist them in their shopping. Greet them with happiness.
- The retailer must ensure sufficient stock is available at the store.
- Make sure the store is kept clean. Don’t stock needless furniture as it gives a cluttered look to the store. The customers must be able to move freely.
- The store manager, department managers, cashier and all other workers should be trained from time to time to extract the best out of them. They should be well conscious of their roles and responsibilities and customer oriented. They should be experienced in their respective areas.
- The store manager must make regular sales reports to keep a track of the cash flow. Use softwares or maintain registers for the same.
- Remove the unsold merchandise from the shelves. Keep them some other place.
- Create an attractive exhibit.
- Plan things well in advance to avoid doubts later on.
- Ask the consumer to produce bills in case of exchange. Assign fixed timings for the same. Don’t entertain customers after a week.
Top Colleges For MBA Retail Management In India:
- MASTER OF BUSINESS ADMINISTRATION [MBA] (RETAIL MANAGEMENT) IN UTTAR PRADESH
- MASTER OF BUSINESS ADMINISTRATION [MBA] (RETAIL MANAGEMENT) IN KARNATAKA
- MASTER OF BUSINESS ADMINISTRATION [MBA] (RETAIL MANAGEMENT) IN RAJASTHAN
- MBA/PGDM IN DELHI-NCR
- MBA/PGDM IN MAHARASHTRA
- MBA/PGDM IN CHENNAI
MBA Retail Courses:
Principles of Management & Organisational Behaviour, Managerial Economics, Marketing Management, Operations Management, Corporate Communication, Accounting and finance, Human Resource management, Quantitative techniques of management, Management- Research Methods, Strategic Management, Business management, Buyer behavior, Retail planning, business environment and ethics, retail sales techniques, Direct and network marketing, logistics and sales promotion, Buyer behavior.
MBA In Retail Management Salary In India:
The salary that graduates of MBA in retail management get is a salary in range between Rs 3 to 6 lakhs per annum based on the institute of passing and the recruiting company but this is not a fixed range. A lot of weight is given to the capabilities of the applicant and the salary also depends on the firm.
MBA in Retail Management Job Roles and Career Opportunities:
1.Retail Manager: they are in charge of the regular task of running a retail business. The work here might involve interacting with customers, checking the inventory, observing the staff. Retail managers salary is between Rs 3 lakhs to 5 lakhs per annum based on applicant skill set and their expertise.
2.Brand Manager: a brand manager is given the work of managing the image of the brand creates a lasting feeling in the minds of the customers. They oversee spread techniques with the intent of making better the image of the brand and taking it to a larger set of visitors. The average salary per month that is provided to brand managers is around 50,000. However it differs with the company.
3.Marketing Executive: marketing executives are those people who are entangled in putting up campaigns that will popularize the product. Their salary is between 2 lakh to 5 lakh per year.
4.Department Manager: Usually retail stores are divided in many departments or sections and each section needs a supervisor who is incharge of sales of the product in that section. Department managers get a salary of 3 to 4.5 lakh per year.
5.Store Manager: store manager is a person who is in charge of the entire retail store. They get a salary of 3 to 5 lakhs.