Customer Relationship Management
MK 8710: Customer Relationship Marketing (CRM)
Is customer loyalty always desirable? This course teaches students how to compute customer lifetime value (CLV) and discusses the scope of relationship marketing strategies and programs and business models that are suited for this purpose. Students will understand the metrics used in CRM, especially the concept of CLV and its linkage to various customer relationship forms including customer, partner, stakeholder, and employee relationship marketing. Emphasis will be placed on understanding the tools used to efficiently allocate marketing resources by pitching the right products to the right customers at the right time, enabling marketers to hold on to profitable customers, encourage multichannel shopping, increase brand value for customers, acquire potentially profitable customers, and identify customers who provide value through referrals. The knowledge obtained through implementing these strategies allows firms to maximize customer value, as well as manage loyalty and profitability simultaneously.