In India, Making a career in retail industry has seen a great upsurge in the past decade. Thanks to the entry of corporate, changing consumer behavior & lifestyle, increasing influence of western culture and rising income, the Indian retail industry has seen a phenomenal growth in the overall retail sector.
The Retail industry works on the paradigm, “Customer is King”. From adopting new marketing strategies to diversifying into businesses, companies have tried all gimmicks to impress the customer. Supermarkets and Big Bazaars thrive on various discounts offered. The systems are dynamic and computerized. It is the sale season for no proper reason! Retail management, therefore, requires a full awareness of brands, marketing strategies and retail philosophies behind winning the customer.
The role of a Retail Manager
A Retail Manager is responsible for the day-to-day operations or management of a retail store. Retail Managers ensure that promotions are accurate and merchandised to the company’s standards, staff is well informed on the target for the day and excellent customer care standards are met. The aim of a Retail Manager is to maximize profit while minimizing costs.
A student pursuing a course in retail management needs to have knowledge in:
- Retail Management and Concepts
- Retailing trends
- Retail Market Segmentation
- Retail Pricing and merchandising
- Relationship Marketing in Retailing
- Role of Information Technology in Retailing
Retail management is an unconventional subject and a highly rewarding career. A college graduate may start working as a Sales Executive or be directly employed as an Assistant Retail Manager or a Sales/ Marketing Manager. One can also set-up a retail business by becoming a franchisee of another big player in the retail business! The profession offers wide scope to explore new companies in the market that offer various products. For students who have completed an MBA in Retail Management, the demand is huge on the side of business research, market research, pricing and strategizing.
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