MBA in Retail Management
What is retail?
The word retail originated from the French word “retailler” that means to cut a piece off. It simply means the selling of goods to the consumers directly. It can be briefly defined as the buying and selling of goods and services and also timely delivery of them to the consumers at affordable prices. It involves the selling of goods or commodities from a static location to the consumers directly without a middle man for easy and direct consumer satisfaction.
What is retail management?
Retail management deals with the marketing and financial aspects of the retail stores to increase the overall performance of these outlets. It looks after all the technical as well as managerial aspects within these retail firms. Retailing is the process of product and service flow from the manufacturer to the consumer through the convenient channels that are the retail firms. MBA in retail management enables one to enter the field of retail.
MBA degree in retail management
MBA in Retail Management is growing as one of the most career oriented masters courses that are available to students today. With the Government’s decision to introduce FDI in the country it is bound to give a lot of scope to the students going for this degree. With a lot of growth the sector of retail is witnessing and an assured bright future this course is sure to provide students a lot of opportunities in their career. The program focuses on fundamentals of retail marketing, merchandising, promotions, sales, advertising, management, communications, shipping, business writings, economics and accounting.
Scope of the course
An MBA in Retail Management helps students to enter the prospering field of retail. MBA degree holders in Retail Management are in great demand as the retail stores are in the lookout for talents who would help the firms increase their profitability. Indian Retail industry has witnessed a phenomenal growth in this sector in the last five years. In the coming years too, a huge growth is expected in India’s retail sector assuring a bright future for the degree holders. Various premier educational institutes recognizing the expected boom in the sector have introduced the course in their post graduate degree programs.
Eligibility and Exams for Admission
All students who are graduates from a recognized university can apply for MBA in Retail Management. A graduate degree is a must however one can be a graduate from any discipline. One has to take exams namely CAT (Common Admission Test), MAT (Management Aptitude Test) and XAT (Xavier Aptitude Test). A good percentile in these examinations will lead to a seat in one of the top most institutes in the country. The criteria for intake can vary from institute to institute as there are also some institutes which conduct their own independent admission tests.
Contents of the course
Retail Management deals with topics like supply chain management, marketing, electronic retailing, merchandising, finance management, business communications, business ethics and accounting in retail. The course explains the following-
- Retailing – The explanation of retailing and its importance. It is about the significance of Retail in India and abroad. The various types like store retailing, non store retailing and franchising in retailing.
- Retail organizational structure- The working and structure of retail structure including its functional areas.
- Retail location- The factors that affect retail firm location. The points to be kept in mind while selecting the location of the firm and study of all the factors that affect its location.
- Retail Store Design- The interiors and exteriors of the store. A layout of the retail store is made according to which the structure and look of the store is set.
- Retail Marketing Mix- It includes the study of the behavioral aspects of the consumers. The types of consumers are studied along with the factors that influence their buying behavior.
- Retail Communication- It includes the segments of marketing, advertising, sales, promotions, public relations and other steps required in retail communication.
- Retail Strategies – It includes planning and creating expansion, differentiation and pricing strategies.
- Role of IT in Retail- IT plays an important role in retail that includes electronic data exchange, bar coding on products, RFID and electronic payment systems in the stores.
Significance of MBA in Retail
It equips one with ample knowledge to undertake one’s own private business to greater accomplishments to achieve bigger success and profits. An MBA holder in retail Management has knowledge about shipping and franchising too thus exposing one to many opportunities in India and abroad.
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