Introduction
The Indian economy is poised to grow at a rapid pace and according to the International Monetary Fund (IMF), the growth of the Indian economy is forecast to grow by 7.5% in 2016-17. There is a growing sense of confidence among stakeholders and investors in the consumer goods sector. As the name suggests, Fast Moving Consumer Goods (FMCG) or CPG (Packaged Consumer Goods) are those products that sell quickly and at a relatively low cost. The sector includes those brands and products that are categorized as essential household items for daily use. Some of these items include detergent soap, shampoo, packaged foods, paper and stationery, juices, personal care items, toiletries, and many other consumables. The shelf life of these products is short due to high consumer demand or perishable nature of the product and therefore these products leave the store very quickly.
This sector is the fourth largest sector in the Indian economy and has experienced an average annual growth of 11 percent in the last decade.
Factors that have driven the growth of this sector include increased awareness, easier access, evolving lifestyles, an increase in disposable income that drives shopping, the availability of online shopping, the launch of new products and modern and innovative commerce. Government policies and regulations, such as the relaxation of licensing rules, 51% of foreign direct investment (FDI) in multi-brand, and 100% in single-brand retail, have also boosted investor confidence in consumer markets.
Professional oportunities
Growing awareness among consumers, easier access to channels, changing lifestyles, and dynamic demand patterns make the landscape more interesting. Rural, semi-urban and urban markets also add different dimensions to this sector. Brands such as ITC, Godrej, Nestlé, Proctor & Gamble, Pepsico, Dabur attract consumers with different strategies, be it product, price and promotion. The latest entrants, Patanjali Ayurveda, with its range of products, have revolutionized the branded consumer goods segment, making it more attractive and competitive.
Role and responsibility
1) Marketing and Sales: The role includes managing sales volume, managing brands, developing marketing mix, innovation and / or sales channel.
2) Operations and supply chain: Developing links between marketing and supply chain, demand planning, smooth and timely delivery of products at the right time in the right quantity, physical distribution, warehousing and transportation.
3) Finance: Offering financial transactions and managing expenses provides financial expertise in business decision making, account management, institutional accounts, and records.
4) Product / Brand Manager: formulation of brand visions, management of the integrated brand experience, formulation of strategies that include innovation and communication.
5) Category Manager: responsible for a specific category of products.
6) Client and Account Manager: Business management with key clients or clients. Manage stock supply, promotion plans and provide product launch support.
7) HR Manager – Manage HR services like payroll, recruiting, performance, review culture, business partner, HR process and systems management.
Eligibility for a career in consumer goods
The eligibility criteria required for FMCG jobs vary greatly according to the specific requirements of the job profile and the candidacy requirement. However, for most entry-level positions, specialized skills such as an MBA or CA or an engineering degree are desired as a qualification, depending on the nature of the job. Most consumer goods companies visit campuses to hire fresh staff and fulfill their talent requirements.
In addition to technical skills and intellectual rigor, companies also look for the right kind of personal and behavioral competencies such as integrity, communication, can-do attitude, assertiveness, team skills, thinking lateral, creativity, leadership skills and organizational skills.
How to select the right university
Most B schools promise a career that is challenging and rewarding; however, when choosing a university to pursue a management course, the placement records from the previous year, the companies visiting the university, the package and the profile offered should be considered. Additionally, the institute’s industry-academy interface should also be explored alongside live projects and summer internships offered.
The consumer goods sector with its sunny growth continues to be the sector of choice for young professionals and, in turn, meets expectations in terms of job autonomy, compensation offered, learning and growth and status of the company in the market.
Universities:
Welingkar Institute of Management, Mumbai and Bangalore
Jagan Institute for Management Studies (JIMS), Rohini
International Institute for Management Studies (IIMS), Pune
Indian Retail School, Bangalore
