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Winning and Retaining Customers

  • Module code: BM7549
  • Year: 2018/9
  • Level: 7
  • Credits: 15
  • Pre-requisites: None
  • Co-requisites: None

Summary

The module introduces you to the core concepts of customer acquisition and retention in different contexts, namely business-to-business (B2B), business-to-consumer (B2C) and service settings. It builds on the knowledge acquired from the Marketing Principles and Practice module, examining how organisations are able to create value for their customers as well as other stakeholders. The module examines the importance of understanding the contemporary marketing environment before developing strategic plans to retain existing, and acquire new customers.

The module critically evaluates traditional marketing theories in their role of creating value. More advanced theories are introduced to evaluate customer value creation: specifically, relationship marketing, business networks, services marketing and value co-creation within service-dominant logic.

Having identified appropriate theories, relevant concepts such as Customer Relationship Management (CRM), Key Account Management (KAM), multi-channel architecture and digital media will be discussed. The importance of segmentation in new marketing environments is explored including issues of big data. The module concludes with an analysis of the relevant marketing and financial metrics needed to ensure effective management of the customer/business relationship.

Aims

  • To critically evaluate traditional marketing theory's role in value creation
  • To appreciate evolving approaches to value creation
  • To examine and critically evaluate managing customer relationships and key accounts at a strategic and operational level
  • To develop an understanding of the theory underpinning segmentation and the analysis and implementation of a segmentation strategy
  • To critically evaluate the implications of the new multi-channel marketing environment and digital media on managing the marketing relationship
  • To develop an understanding of CRM, and marketing and financial metrics

Learning outcomes

On successful completion of the module, students will be able to:

  • Appreciate the key concepts involved in value creation
  • Demonstrate familiarity with the defining elements and nature of CRM and KAM
  • Demonstrate an ability to segment markets on appropriate bases; define targets in the context of customer and business relationship marketing
  • Critically appraise the factors to be considered when developing a multi-channel strategy
  • Critically evaluate the relative strengths of digital media
  • Appreciate the range and value of marketing and financial metrics in evaluating performance

Curriculum content

  • Focus on value creation and its implications
  • Developing the customer relationship. Defining the marketing and sales relationship.
  • Understanding customer segmentation. Analytical approaches to segmenting customers and businesses. The criteria for segmentation and the role of segmentation in relationship management. Issues of big data.
  • Customer relationship management. Establishing, building and sustaining relationships. Managing customer acquisition and retention. Understanding customer loyalty.
  • Key account management. Segmenting the business to business market. Defining and implementing customer services and support strategies.
  • Managing customer and business relationships with a multi-channel architecture. Channel strengths and weaknesses. The process of building an integrated channel structure and response.
  • Digital media and customer communication and relationship building. Establishing the online/off-line channels.
  • Marketing metrics for evaluating customer recruitment and retention. Measuring marketing performance and shareholder value.
  • Financial metrics and their marketing implications.

Teaching and learning strategy

Classes will combine the study of theory with an application to real life examples, either via pre-prepared case studies, in-class practical exercises or through individual project work. Students will be expected to participate in all classes by presenting material for discussion and debate.

The module will be supported by Canvas where students can access teaching materials.

Breakdown of Teaching and Learning Hours

Definitive UNISTATS Category Indicative Description Hours
Scheduled learning and teaching Classroom teaching 32
Guided independent study 118
Total (number of credits x 10) 150

Assessment strategy

The assessment consists of two major elements: (i) a practical exam in the form of a group presentation, and (ii) coursework in the form of an individual assignment. The group presentation provides feed forward for the final individual assessment. The individual written assignment will draw on relevant literature and should integrate and make reference to additional material which has been addressed in class in the form of case studies, presentations and debate.

Mapping of Learning Outcomes to Assessment Strategy (Indicative)

Learning Outcome Assessment Strategy
1. Appreciate the key concepts involved in value creation Group work and individual assignment
2. Demonstrate familiarity with the defining elements and nature of customer relationship management Group work and individual assignment
3. Demonstrate an ability to segment markets on appropriate bases, define targets in the context of customer and business relationship marketing Group work and individual assignment
4. Critically appraise the factors to be considered when developing a multi-channel strategy Group work and individual assignment
5. Critically evaluate the relative strengths of digital media Group work and individual assignment
6. Appreciate the range and value of marketing and financial metrics in evaluating performance Group work and individual assignment

Elements of Assessment

Description of Assessment Definitive UNISTATS Categories Percentage
Group Presentation Practical Examination 30%
Management report Coursework 70%
Total (to equal 100%) 100%

Achieving a pass

It IS NOT a requirement that any major element of assessment is passed separately in order to achieve an overall pass for the module.

Bibliography core texts

Weinstein K. (2012), Superior Customer Value - Strategies for Winning and Retaining Customers, 3rd edition, CRC Press

Bibliography recommended reading

Buttle F. (2010) Customer Relationship Management, B &H: London

Chaffey D. et al (2014) Internet Marketing: Strategy, Implementation and Practice, Prentice Hall

Egan J,, Relationship Marketing 2Ed (2010). Prentice Hall

Journals

Admap, European Journal of Marketing, International Journal of Advertising, International Journal of Research in Marketing, Journal of Advertising Research, Journal of Business Research, Journal of Marketing, Journal of Marketing Management, Journal of Marketing Communications, Journal of Product and Brand Management, Journal of the Academy of Marketing Science, Harvard Business Review

Trade press

Campaign, Marketing Week, Marketing, Revolution, PR Week, Precision Marketing.

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