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Mohit Dhulia
The Post Graduate Diploma in Retail Management (PGDM-RM) is a one-year online or two-year full-time program. It concentrates mostly on the principles of retail planning and business. A university degree in any area is the minimum prerequisite for this postgraduate diploma. Several private institutions and universities provide the PGDM-RM program. You must prepare for entrance tests, present a project, and participate in hands-on training. The length of training varies depending on the institute. In the distant learning method, the college tuition for PGDM-RM varies from INR 20,000 to 60,000. If you’re doing it full-time from a reputable college or university, you could earn up to INR 5 lacs.
A PGDM-RM student can choose from a wide range of career and employment prospects. Students can work for organizations like Cosmopolitan, Big Bazaars, Shoppers Stop, Reliance Industrial, and others for a monthly pay of INR 20,000 to 40,000. A lot of people work as retail outlet executives, financial controllers, or retail sales managers, among other positions.
Prior to being admitted to a particular college, candidates who would like to study in a retail management program must meet the following requirements. The requirements specified by several colleges are as follows:
Students who desire to enroll in the PGDM in Marketing program must have earned a bachelor’s degree from a recognized institution with a minimum average mark of 50% in any subject. Following the application, an entrance exam and interview may be undertaken to determine the student’s qualification for the program.
The length of this program depends greatly on the institution of higher education. The length of this program is two years in various institutions, such as Birla Institute of Management Technology, Accman Institute of Management, and DAV Institute of Management. Distance learning institutes such as Symbiosis University provide a one-year PG Diploma in Retail Management (PGDM-RM). Asian School of Business Management and Bangalore Management Academy are two institutions that provide this education for 18 months.
The retail management program lasts two years and is divided into four semesters. Each semester introduces candidates to new topics and abilities, allowing them to determine which specialization, if any, they wish to pursue. The curriculum would include topics such as retail management fundamentals, retailing patterns, marketing and merchandise, categorization, relationship marketing, and retail information technology.
The PGDM in Retail Management gives you a comprehensive understanding of the principles and procedures that go into shopping and related industries. It includes intellectual as well as relevant applications of best practices in the retail industry. A person learns how to implement and assess appropriate approaches for effective merchandising. Fundamentals of shopping, customer behavior, sales, and brand management, supply chain network, and digital retail outlets are all covered in the PGDM RM Curriculum. It is mostly concerned with retail management and marketing.
This program is anybody who prefers being connected by businesses, aspires to be an entrepreneur, and has management, artistic, and intellectual talents.
After this program, you can pursue a Ph.D. Numerous institutions grant Ph.D. in Management, however, admittance conditions differ.
Several management schools in India provide PGDM-RM. Listed beneath are a few:
| Name of Institute | City |
|---|---|
| Welingkar Institute of Management | Mumbai |
| Aditya Institute of Management Studies and Research | Mumbai |
| Institute of Public Enterprise | Hyderabad |
| NGF College of Engineering & Technology | Palwal |
| Jaipuria Institute of Management | Lucknow |
| ITM Global Leadership Center | Mumbai |
| Indian Retail School | Karnataka |
The following universities offer online courses PGDM Retail Management
The abilities needed by pupils will help them achieve successful employment. They must develop a skill set that allows them to work in any field. Listed here are a few required skills —
Several institutions have made it a prerequisite for students to take and clear specific entrance examinations before they can be admitted to retail management programs. Certain institutions might undertake interviews with students prior to their ultimate acceptance. The retail management admissions test will comprise questions ranging from the very basic to the extremely general on areas such as general awareness, English language, reasoning skills and critical thinking, and mathematical aptitude.
In the current world, the retail sector is one of the few sectors that is rapidly expanding. It faces a number of challenges from the outside world, but it makes a significant contribution to the nation’s economy.
In recent years, the retail management industry has seen a growth in the demand for more qualified employees. This is an excellent career option for those who are passionate about products, advertising, sales, advertising, campaigning, and market analysis. Candidates learn at retail stores, advertising firms, supply chains, groceries, and a variety of other places.
They must communicate directly with clients while also maintaining collaboration with business units. Retail managers are specialists who are in charge of that area. They assist in issue solving, supply analysis, retail order acceptance and delivery, human resource management, and stock management.
People are taught many disciplines that provide them with varied perspectives on how retail stores and retailers operate. They would also develop a variety of learning abilities. The following are among the topics covered in retail management classes:
Students are needed in the retail management process to assure that this already well-established industry continues to grow. Graduates in a retail management school are offered the necessary talents for practicing retailing, however, keep practicing, and the more attention someone puts into something, the better they will be at it.
These executives are in charge of overseeing the store’s activities; they can increase product sales by designing visual strategies; they guarantee that the store makes a profit, and they ensure that all transactions are carried out successfully and efficiently.
Students can also try to specialize in retail specialties such as beauty supply stores, electronics businesses, and apparel stores, which results in a much more specialized approach but one that offers many opportunities.
In the retail management sector, many new themes emerged. The following are a few of them:
Investing in customer experience retail – Prior to actually making any decisions or purchasing something, customers most often look at the prices. Consumers may now simply look up costs offline and then compare them online before completing a purchase.
Offer a clear customized experience – Personalized ads targeting consumers have been incredibly widespread in recent years, with websites and services such as Facebook and Google knowing exactly whatever you want and even sometimes before you want it. Customers are given recommendations based on their taste, venue, and order information at retail outlets. Simple services are used to create more personalized expertise.
Effective Customer Relations– With a connection to the web, customers generally expect a near-instantaneous response to their inquiries, which has become a vital part of customer care.
The following are among the most popular retail management job titles:
| Job Profile | Description |
| Sales Manager | A Sales Manager is responsible for managing the sales of a company or brand by designing sales, revenue, and expense plans. They must ensure that the firm meets the required sales volume. They work closely with the marketing team to prepare future initiatives that will increase sales. They inspire their staff, offer advice, and mentor them when they need it by sharing their knowledge and experience about how to grow sales. They must also market their company and its products. |
| Advertising Manager | An advertising manager is responsible for overseeing the advertising agency’s activities. To reach the objectives and expenditures on schedule, they must cooperate with the personnel, clients, and ad agency. They must attract new clients by designing and testing various advertising methods to see which ones perform best in terms of not only establishing credibility and ensuring that everyone is aware of the company’s existence but also driving sales. They must ensure that the initiatives are proceeding as planned and that they are being carried out efficiently and successfully. Recruiters also take over and assist with the hiring and training of new workers in the advertising agency. |
| Operations Manager | An Operations Manager serves as the organization’s head. They are in charge of the organization’s policies, plans, and strategies. They make ensuring that operational rules and procedures are efficiently designed, executed, and reviewed. They can also assist with the recruitment process in some situations. They investigate budgets and reports, as well as planning and monitoring. They ensure that all documentation is completed and maintained in accordance with the applicable rules and regulations. They also keep in touch with customers and other businesses. |
| Retail Executive | A Retail Executive is in charge of a store’s and its chain’s main decisions. They are in charge of a variety of companies, including the sale of gadgets, clothing, and even vehicles. They are responsible for managing staff as well as the company’s marketing efforts. They must ensure that the corporation not only recovers its costs but also makes a profit. They must also come up with fresh strategies to pique the interest of their customers. Whenever it comes to strategic sales, they must be really creative. |
| Administrative Officer | An Administrative Officer takes phone calls and replies to emails. They’re also in charge of preparing the year’s reports and budgets. They are also in charge of filing an application in a methodical manner and maintaining that they are safe, as well as keeping levels of stock and ensuring that it is restocked as needed. They also receive and forward letters and goods on behalf of the employees. They also book meeting rooms for communication with customers and employers. |
Salary is typically determined by the type of work performed. It could be high for persons in higher positions and low for recent grads. New grads, on the other hand, might raise their compensation by major avenues and bonuses for working more hours.
| Job Profile | Average Annual Salary |
| Sales Manager | Rs. 9-10 lakhs p.a. (approx.) |
| Advertising Manager | Rs. 5-6 lakhs p.a. (approx.) |
| Operations Manager | Rs. 10-11 lakhs p.a. (approx.) |
| Retail Executive | Rs. 12-13 lakhs p.a. (approx.) |
| Administrative Officer | Rs. 5-6 lakhs p.a. (approx.) |
Candidates must be passed from a recognized board 10+2 curriculum or any other qualifying examination. Throughout their 10+2 years, the main subjects must be business.
Welingkar Institute of Management, Aditya Institute of Management Studies and Research, Institute of Public Enterprise, NGF College of Engineering & Technology, Jaipuria Institute of Management, ITM Global Leadership Center, and Indian Retail School.
Sales Manager, Advertising Manager, Store Manager, Retail Executive, etc are some of the top positions in this course.
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