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Hi,
Right Career for Mba
As stated above, retail management is the right or rather the best career for those who feel an interest towards commodities, sales markets, market segments, diversification of businesses, advertising and campaigning, and marketing research. The profession offers wide scope for exploring new companies that get introduced into the market and offer various products. You can start as an assistant retail manager and manage as store. You have to be dynamic and a team leader to succeed in the field
Step-by-Step
You will basically need to clear the CAT (Common Aptitude Test) for getting into prestigious colleges such as the IIMs or clear GMAT (General Management Aptitude Test) to get admitted to foreign universities for pursuing MBA.
Some of the best institutes offering courses in retail management are: MDI Gurgaon and NMIMS University, Mumbai. You would have to appear for entrance exams to get admitted to these colleges.
As a student, pursuing a course in retail management would equip you with knowledge in the following areas overall:
1. Introduction to Retail Management and Concepts
2. Retailing trends
3. Retail Market Segmentation
4. Retail Pricing and merchandising
5. Relationship Marketing in Retailing
6. Role of Information Technology in Retailing
All other topics are a subset of either of these or are related subtopics.
What would it Cost Me?
A course in retail management would cost you somewhere between 1 lac and 3 lacs annually depending on the college or institute you choose. If you are pursue the course from a Tier-1 B-school such as the IIMs, then you would be charged optimally in the range specified above. On the other hand, if you are pursuing the course from an international university that offers you chances to travel abroad, the fee would be higher.
Job Prospect
The job options in the retail field are quite interesting for a college graduate. You may start working as a sales executive or be directly employed as a sales manager or a marketing manager and even start a retail business of your own by becoming a franchisee of another big player in the retail business!
Pay Packet
The pay packet for a sales executive or a floor manager averages anywhere between Rs. 15,000 and Rs. 25,000 depending on the magnitude of business you handle. Your responsibilities would primarily include managing people on the floor and assisting them with purchases.