MARK 7397 - Selected Topics in Marketing: Prof. James D. Hess
Customer Relationship Management 375H Melcher
Off. Hrs. Tu&Th 3:00-5:00
COURSE DESCRIPTION AND OBJECTIVES
“Customer Relationship Management” (CRM) came into vogue in the mid 1990’s and refers to the selection or identification, acquisition, growth and retention of desired customers to maximize profit. CRM requires a shift in mindset from product-centric to customer-centric management and a new set of tools for understanding and predicting the behavior of current customers. This course focuses on analytical CRM: identifying good prospects and customer acquisition, customer development via up-selling, cross-selling and personalization, customer attrition, retention, and customer lifetime value.
Since the customer base is now treated as one of the most valuable assets of the organization, the customer database becomes the focus of analysis and the platform for developing and implementing CRM initiatives. The course focuses on analytical CRM (in contrast to operational CRM which focuses on managing customer touchpoints) and its applications for strategic marketing initiatives. The course will introduce issues, techniques and terminology associated with database marketing and data analysis. A major component of the course is hands-on analysis of customer databases using SPSS statistical software. Specific analyses will address the following: assessing lifetime valuation (LTV) of customers and identifying 'high potential' customers; estimating return on marketing investment; and building predictive models to estimate the probability of response to a marketing campaign.
• To build your knowledge of a rapidly emerging marketing arena - customer-centric marketing - which some claim is the beginning of a new business paradigm.
• To emphasize how analytical CRM can help accomplish strategic marketing...