| CODE | MRK5020 | ||||||||||||||||
| TITLE | Customer-Centric Marketing, CRM and Applied AI | ||||||||||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||||||||||
| MQF LEVEL | 7 | ||||||||||||||||
| ECTS CREDITS | 5 | ||||||||||||||||
| DEPARTMENT | Marketing | ||||||||||||||||
| DESCRIPTION | In this study-unit, you will develop the skills to understand customers and deliver personalised experiences that drive customer loyalty and business profitability. Using data-driven insights, you will learn to create strategies that impact customer retention and engagement, while improving the bottom line. You will build a strong foundation in CRM and CXM concepts, such as Customer Lifetime Value, segmentation, and customer lifecycle management. Practical applications, including analysing customer segments, tracking behaviour, and leveraging AI, will equip you to tackle customer management challenges across multichannel and omnichannel environments. To bring theory into practice, you will engage with industry experts, work through case studies, and participate in simulations that focus on real-world scenarios. These hands-on exercises will sharpen your ability to develop customer-centric strategies, optimise customer experiences, and present your insights effectively to stakeholders. Study-Unit Aims: The aim of this study-unit is to help you develop, implement, and evaluate customer-centric strategies. You will learn to apply key CRM principles to create value for different customer segments, integrate sustainability into customer management strategies, and address challenges in customer acquisition, retention, and engagement. You will also explore the role of AI in enhancing customer relationships, using data-driven techniques to drive business decisions. Additionally, the study-unit aims to improve your communication and analytical skills, enabling you to present strategic insights and actionable recommendations to stakeholders. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: LO1: Recall the principles of customer centricity and explain key concepts such as Customer Lifetime Value, Customer Lifecycle, Segmentation, CRM, multichannel vs. omnichannel strategies, and their importance in strategic management. LO2: Calculate customer lifetime value using various models and interpret its implications for customer relationship management and strategic decision-making. LO3: Create a comprehensive research plan using qualitative and quantitative data to develop customer profiles, and apply these insights to various industries and contexts. LO4: Evaluate how AI tools can enhance CRM in multichannel and omnichannel environments, and propose AI-driven solutions to improve customer engagement and management. LO5: Analyse challenges in acquiring, retaining, and developing customers across different channels, and evaluate strategies to overcome these challenges, including sustainability considerations. LO6: Explore metrics and methodologies to measure customer experience, assess the effectiveness of customer-centric strategies, and recommend improvements. LO7: Demonstrate how CRM systems, customer experience initiatives, and storytelling can be integrated to enhance customer engagement, loyalty, and brand perception. LO8: Design acquisition and retention strategies that align with customer-centric principles, and communicate strategic insights and actionable recommendations through clear and persuasive presentations or reports. 2. Skills: By the end of the study-unit the student will be able to: Analyse and Interpret Customer Data Responsibly: Collect, analyse, and interpret customer data to develop actionable insights while adhering to GDPR and ethical standards. Consider the potential for AI bias in customer segmentation to ensure fair and inclusive decision-making. (This objective builds on LO3, adding data privacy and ethical considerations to data interpretation.) Design and Implement Customer-Centric Strategies with Responsible AI: Develop customer-centric acquisition, retention, and engagement strategies that leverage CRM and AI-driven insights, addressing ethical considerations and AI bias to create fair and inclusive customer experiences. (This corresponds to LO4, LO5, and LO8, integrating CRM and AI with an emphasis on responsible use.) Evaluate and Improve Customer Experiences: Assess customer experiences using journey mapping, performance metrics, and feedback mechanisms, and propose improvements to optimise touchpoints and enhance customer satisfaction across multiple channels. (This skill complements LO6 by moving from theoretical understanding to practical application in customer experience evaluation and improvement.) Communicate Strategic Insights Effectively: Synthesise research findings and strategic insights into clear, persuasive presentations and reports, effectively communicating the value of customer-centric strategies to stakeholders. (This directly builds on LO8, applying the skill of clear communication and presentation of customer-centric strategies.) Integrate Sustainability into Business Practices: Develop customer relationship management strategies that incorporate sustainability, aligning business objectives with environmental and social responsibility goals. (This refines LO5, emphasising the skill of incorporating sustainability into CRM practices.) Main Text/s and any supplementary readings: Main Texts: Ascarza, E., Fader, P. S., & Hardie, B. G. S. (2017). Marketing Models for the Customer-Centric Firm. In Handbook of Marketing Decision Models (Vol. 254, pp. 297鈥�329). Switzerland: Springer International Publishing AG. https://doi.org/10.1007/978-3-319-56941-3_10 [Available via the Library: https://hydi.um.edu.mt/permalink/f/1rh358i/TN_cdi_springer_books_10_1007_978_3_319_56941_3_10] Barone, A. M., & Stagno, E. (2023). Artificial intelligence along the customer journey鈥�: a customer experience perspective (1st ed.). Palgrave Macmillan. [Available via the Library: https://hydi.um.edu.mt/permalink/356MALT_INST/7tps1/alma993950177003956] Bonacchi, M., & Perego, P. (2019). Customer Accounting鈥�: Creating Value with Customer Analytics (1st ed. 2019.). [Available via the Library: https://hydi.um.edu.mt/permalink/f/1b6nr0f/356MALT_alma5181332690003956] Fader, P. (2020). Customer Centricity: Focus on the Right Customers for Strategic Advantage. Wharton School Press. https://doi.org/10.2307/j.ctv2hdrfj0 [Not available via the Library.] Galitsky, B. (2020). Artificial Intelligence for Customer Relationship Management: Keeping Customers Informed (1st Edition 2020). Cham: Springer Nature. https://doi.org/10.1007/978-3-030-52167-7 [Available via the Library: https://hydi.um.edu.mt/permalink/f/1rh358i/TN_cdi_askewsholts_vlebooks_9783030521677] Kerkhove, L.-P. (2022). Data-driven retailing鈥�: a non-technical practitioners鈥� guide. [Available via the Library: https://hydi.um.edu.mt/permalink/f/hboaar/356MALT_alma51116973190003956] Walden, S. (2017). Customer Experience Management Rebooted: Are You an Experience Brand or an Efficiency Brand? (1st ed.). London: Palgrave Macmillan UK. https://doi.org/10.1057/978-1-349-94905-2 [Available via the Library: https://hydi.um.edu.mt/permalink/f/1rh358i/TN_cdi_scopus_primary_2_s2_0_85182756331] Supplementary Readings: Batat, W. (2019). The New Luxury Experience: Creating the Ultimate Customer Experience (1st ed.). Cham: Springer International Publishing AG. https://doi.org/10.1007/978-3-030-01671-5 [Available via the Library: https://hydi.um.edu.mt/permalink/f/1rh358i/TN_cdi_askewsholts_vlebooks_9783030016715] Fader, P., & Toms, S. (2018). The Customer Centricity Playbook: Implement a Winning Strategy Driven by Customer Lifetime Value. Wharton School Press. https://doi.org/10.2307/j.ctv2hdrfw5 Moin, S. M. A. (2020). Brand Storytelling in the Digital Age: Theories, Practice and Application (1st Edition 2020). Cham: Springer International Publishing. https://doi.org/10.1007/978-3-030-59085-7 [Available via the Library: https://hydi.um.edu.mt/permalink/f/1rh358i/TN_cdi_scopus_primary_2_s2_0_85146748611] Suwelack, T., Stegemann, M., & Ang, F. X. (2022). Creating a Customer Experience-Centric Startup: A Step-By-Step Framework (1st ed.). Cham: Springer International Publishing AG. https://doi.org/10.1007/978-3-030-92458-4 [Available via the Library: https://hydi.um.edu.mt/permalink/f/1rh358i/TN_cdi_askewsholts_vlebooks_9783030924584] Other papers, magazine articles and/or case studies as deemed appropriate by the lecturer. |
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| STUDY-UNIT TYPE | Lecture | ||||||||||||||||
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| LECTURER/S | Jirka Konietzny |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2025/6. It may be subject to change in subsequent years. |
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