Retail management is a process of planning, execution, staffing, implementation, control, and monitoring of all retail activities within an organization. The aim of retail management is to bring the right products to the disposal of the right customers so that they can easily procure desired goods and the retail store in turn earns huge profits. Retail management is a time-saving process as it ensures the delivery of goods to potential customers on time.
The Indian retail market is one of the fastest-growing markets in the world. Reportedly, its worth was $950 billion USD in the year 2018. The industry needs competent retail managers to keep up with its rapid pace in the global market. (https://www.ibef.org/industry/indian-retail-industry-analysis-presentation)
In recent years, retail management has become one of the high grown career choices among the youth. The Indian retail market opens a wide range of opportunities for a number of professionals and experts in the field. The candidates who pursue a course in retail management can look for the following job roles:
- Merchandiser
- Retail Manager
- Supply Chain Distributer
- Brand Manager
- Analyst
- Retail Customer Care Manager
- Marketing Executive
During an ongoing review, it was discovered that a person with a retail management degree is likely to earn around Rs. 25,000 monthly with no experience. With more experience, candidates get more worthwhile opportunities and increased salaries.
If you wish to shine in the field, then you can pursue PGDM in Retail Management from the top distance learning institute in the country, MIT-SDE. The course will accustom you to fundamentals, concepts, and principles of retail management.
(https://www.indiaeducation.net/careercenter/management/retail-management/)
Principles of Retail Management
Retail Management is based upon 4 principles.
Principle 1
Customer is at the heart of business operations
A potential customer garners success for the business. Hence, it is quite important for retail managers to understand customers’ needs and fulfill them in a limited time. Knowledge of customer needs can allow businesses to set the right retail strategies.
Principle 2
Knowing, ‘Retail Management is highly-detailed
One of the greatest challenges faced in retailing is related to ‘detail’. A business has to ponder on two things: how can more details/ more information be acquired and on which details it must focus. To beat this challenge, a retail manager must be aware of the customer’s understanding and every detail essential for running a business.
Principle 3
Understanding the 4P’s
Understanding the 4P’s of marketing is quite an old principle and has its validity in the present time. Price, Product, Promotion, and Place are the 4Ps of marketing. The price of a product must be set at the level where it is convenient for the customers to purchase the product. The products must be those which satisfy the needs of the customers effectively. Furthermore, the products must be available at a place convenient for the customer to go and buy. It can refer to a physical or a virtual place such as an e-commerce website. Finally, when the products are available to the customers at the right place and time, the business must carry out promotions to let the people know about the product’s features.
Principle 4
Going extra mile for your Customer
For a successful business, the retail manager must follow the principle of, ‘going extra mile for the customer’, where customers should be given more than they expect. This increases customers’ interest and builds customer loyalty.
So these were some core principles of management. You can master these by studying at MIT-SDE. Hence, if you wish to enhance your employability, apply for admissions at MIT-SDE right away!