Careers Focus - Retail and Consumer Products

Careers Focus - Retail and Consumer Products

What to do, How to do It

Primary skills we are looking for in MBA’s are: ability to manage change and innovation in a constantly changing and chaotic environment, the ability to take initiative and question the current status quo, an ability to come up with creative ideas and the fundamental ability to implement those ideas and translate them into concrete actions and processes.

Product Manager, Brand Manager, and Analyst are a few titles MBA graduates take on within the Retail and Consumer Products industry, but the available job roles are almost endless. Many companies recruit MBAs in Research & Development, Corporate Finance, and Marketing departments, to name a few, and some organisations run programs specifically to foster and grow MBA talent. Johnson & Johnson’s Finance MBA Leadership Development Program offers a2-year leadership and training program for new MBAs aspiring to work in the finance realm of Johnson & Johnson. Similarly, some companies offer internships to students in the process of completing their MBA. Toyota, for example, offers12-week training programs that cover I.T., Finance, Strategy/Planning, and Marketing, and successful candidates often receive offers for post-graduation employment. While these opportunities are offered by the companies themselves, outsourced talent is also flourishing, with approximately two-thirds of North American companies taking this route.

MBAs choosing to work in the Retail and Consumer Products field can either take on in-house or contract employment. Particularly, those wishing to become consultants to this industry often join consulting firms that focus on the consumer market. Firms like the Boston Consulting Group emphasize their expertise in the retail realm: ‘Our work covers the major forces driving consumer and retail businesses today, including globalization, electronic commerce, brand management, database marketing, value-chain deconstruction, and shareholder value management’. So what are the advantages and disadvantages of in-house or outsourced employment to the MBA graduate?

In-House or Contract?

The main difference in working strictly for a company like L’Oreal, as opposed to say a consulting or branding agency, is the client relationship. Evidently, if you decide to work in-house, you may obtain less diversity of experience yet be able to better grasp the needs and demands of the client. On the flip side, working as a contractor may present you with a diverse portfolio of projects but looser relationships with the client. In the consumer and retail products industry, projects generally have a short cycle.

What are the rewards?

MBA salaries in the retail and consumer products in industry obviously vary depending on your job function; however, salaries can be lower than banking institutions if you choose to work in-house. According to Peter Fennah, director of the Career Development Service at the Cranfield School of Management reports, ‘Salary levels are not comparable to city financial institutions and often the benefits of the salary come after12 -18 months within the organisation. Some of the benefits of this role relate to gaining quick direct recognition and feedback from your customers. Making changes will have a concrete outcome in terms of sales, producing a new product or service experience, for example. Your changes will be measured in the uptake of customers as most organisations are known by their services and products you could be shaping the recognised brand of the company’. So if you lean favourably towards conceptual recognition, the retail and consumer products industry could be your ticket to career bliss.

Source: QS TopMBA.com

Mohannad Aljawamis
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