RETAIL: A dynamics towards Business and Career
Retail basically means sale of goods and services from individuals or businesses to the end user. Retail Management can be expanded for explanation as , “the process of managing and handling the sale of goods and services to customers and promoting it for customer satisfaction as well as earning profits with the help of an overall understanding of the product and services of the company.”
Four basic pillars of Retail Management:
People in our generation have become much more sophisticated and prone to comfort that they want everything at their doorsteps. Moreover, the availability of diversity of products and services under one roof is more widely and easily accepted. So, these two major causes have resulted in the form of emergence of Retail Management and thereby the job opportunities, career perspectives and the beneficial prospects in this field. Various retail giants like Reliance Mart, Vishal Mega Mart, Shopper’s Stop, India mart, Wallmart etc have entered into the Indian economy via FDI thereby providing huge job opportunities and career orientations to various sections of the society. The normal pay scale for a manager at the very initial stage of his/her career is around 3.5-4.5 to 5 lakhs per annum that rises with experience.
Career in Retail Management:
In order to pursue a career in Retail Management, one should be a well equipped with the subject knowledge including Brands, Marketing Strategies, Retail philosophies and Retail sector as a whole. For that pursuing a PGDM/MBA from a nice institution like IIM’S, MDI etc will well equip the candidate with the same.
Barriers to Overcome:
The examinations that the candidate will have to face and clear through in order to enter the colleges like IIM’s, MDI are:
4) IBSAT etc.
Job Prospectives/Job Roles:
The candidate can well start the job in Retail firm as a Marketing Executive, Marketing Manager, and get handsome bit of salaries in the range of 3.5-4 LPA Initially and grow to multi-salary structure soon.
Big names to Target:
There are many big giants in the field of Retail sector which one must target and try to get into if he/she is looking for a Retail Industry as a career objective. A few of the Good gigantic firms in retail are:
1) Shopper’s stop
5) Globus etc.
A Brief Summary:
Opting retail management as a career is very nice and happening option for those who love to interact and convince people by various means. Moreover, Retail Management has grown and taken huge shapes in the life of Indians to a much broader extent which clearly suggests that in the next 5-10 years down the line Retail Management will be one of the real crucial and decisive factors in the making of the Indian Economy and thereby it will also result in shaping up of the lives of those who will be engaged and absorbed in the various arms and segments of the Retail Industries.