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The study of brand promotion, manufacturing strategy, and retail dynamics is known as retail management. In addition to managing retail locations, it also entails managing a company's brand image, upholding customer relationships, managing sales, monitoring customer orders at the location, managing merchandise, engaging directly with customers, and periodically ordering and supervising stocks and inventory.
A wide range of other disciplines, such as business and international business, marketing and logistics, supply chain management, operations management, fashion merchandising, and others, are strongly related to retail management. A retail manager is in charge of running a department's or store’s daily operations. They manage the workforce, interact and communicate with consumers, manage the inventory, and work to boost revenue.
A degree in retail management equips graduates for a range of managerial positions in the retail, service, and marketing sectors. Students who major in this area develop strong leadership, analytical, reasoning, and communication abilities. They also get insightful managerial knowledge. These skills are required to make sure that all employee and customer needs are addressed as well as that business objectives are carried out correctly and in accordance with the company's expectations.
The history and philosophy of retail management, retailing trends, pricing and merchandising, segmentation, partnership marketing, and information technology in retailing are among topics that retail management students study. Most business schools offer undergraduate and graduate degrees, certifications, and diplomas in retail management. The levels of study include:
A specialised retail management programme seeks to create a new breed of sharp retail professionals who are knowledgeable about the most effective global retail management practises. These are a handful of the specialisation options available:
The retail sector is one of the most challenging and quickly expanding in the globe, and it helps the nation's economy flourish. The retail sector includes department stores, home improvement stores, mail order businesses, specialty retailers, online merchants, retailers of certain products, supermarkets, television shopping channels and educational institutions, among others.
The following retail management positions can be pursued by those with a keen interest in Indian goods, markets, and marketing, sales, advertising, campaigns, and market research. These are:
The job opportunities available abroad are as follows
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