module specification

The module introduces you to a range of quantitative methods useful for understanding and describing marketing data supporting decision-making. It provides you with the practical experience of using the latest version of Excel and/or SPSS software to describe and interpret marketing data of relevance to marketing and the creative industries. The module lays the foundation for level 5/6 modules as appropriate.

The module adopts an applied, problem-solving approach and aims to equip you with relevant quantitative and information management skills required by employers within the marketing and creative industries. The module also aims to enhance your employability  and provide you opportunities for developing a range of key skills including, but not limited to, analysing data, application of knowledge and presenting data, data interpretation and reporting, problem solving and decision making, self / time management, digital literacy and IT skills, and numeracy / quantitative skills.

 

No prerequisites.
Available for Study Abroad? YES

Understanding Marketing Information Needs (LO1)
An overview of information requirements to support B2C and B2B marketing decision making; sources of marketing data, information and intelligence; data collection methods, data types and scales of measurement.

Analysing and interpreting using descriptive statistics Excel and SPSS (LO2)
Using descriptive statistics associated with frequency distribution including measures of central tendency, measures of dispersion and measures of shape applied to marketing and creative industries. Correlation to measure the strength and direction of the association between marketing variables.  

Marketing data base analysis, segmentation techniques using Excel (LO3)
- Introduction to marketing data base, preparing charts and dashboards and reporting finding  
  to a given audience.
- The customer database: analysis and applications
- Geodemographic and psychographic segmentation using Acorn, Mosaic, VALS, etc.
- Targeting based on Pareto principle, percentile rank and Decile analysis, recency-frequency-monetary (RFM) analysis

Targeting profitable customer segment and developing loyalty programmes using Excel (LO4)
- Identify profitable customer segment based on retention rate, LTV, ROI and ROMI.
- Plan and develop an effective customer retention strategy and commercially viable loyalty programmes for a chosen segment of customers
  - Create targeted messages and managing relationships and building loyalty

 

This module will be delivered over a 12 week period and consists of 3-hour interactive learning/workshop sessions which will take place in the ICT labs to provide students with the practical experience of using Excel and/or SPSS as appropriate to describe, present and interpret market and consumer data.

The interactive sessions adopt an applied problem-based approach to learning and introduce students to a wide range of data base marketing concepts and methods of data analysis supporting marketing/business decisions. It will also focus on problem-solving and developing interpretation skills to meet specific marketing information requirements. Sessions are designed to facilitate learning through group-based practical activities, interpretation and reporting exercises, discussions, role-play and presentations, and student-tutor feedback. Students will be expected to actively contribute to the sessions
.
In order to ensure that students take more control of their learning and development, a ‘flipped classroom’ approach is adopted where students are provided with a topic and prepare well in advance of the date on which materials will be covered. The teaching team will lead a discussion on the role that each should play in the weekly sessions.

Students are advised to keep a journal of experiences and personal development to analyse and reflect on the effectiveness of their learning. There will be scope for each student to discuss with the teaching team how their personal goals in terms of their PDP can be addressed through the content of the activity week programmes. This teaching and learning approach is responsive to learner needs in that it offers flexibility for the identification and development of individual student learning needs and allows every student the opportunity to complete an assessment at which they have the potential to excel.

Independent and group learning is supported through the module's virtual learning environment hosted on WebLearn. Here students can access resources such as teaching materials, exercises and activities, study guides, data sets, videos, coursework briefs, guidelines and feedback, as well as links to further resources. Learners are also encouraged to actively engage with the subject, their peers, and the tutors through the module's online discussion threads and blogs, and chat room facility, as appropriate.

Upon completion of the module, the students will be able to:

LO1. Demonstrate knowledge and understanding of sources of marketing data and information requirements to support B2C and B2B marketing decision making

LO2. Apply their knowledge and understanding of descriptive statistics, and the means by which marketing data are transformed to inform marketing and business decisions.

LO3. Compute, interpret, and report on, a range of marketing data to improve customer understanding.

LO4. Identify profitable customer segment using appropriate techniques and devise
a profitable retention strategy and loyalty programmes for a chosen segment of customers.

Library reading links
https://rl.talis.com/3/londonmet/lists/DB85D5F9-C8A1-A837-43F4-A8D7C85EBA7D.html

Core reading

- Malhotra, N. K. (2019) Marketing Research: An Applied Orientation, 7th Edition, Pearson Education Available as an E-book).
https://catalogue.londonmet.ac.uk/record=b2034771~S1

-Hughes, A.M. (2012) Strategic Database Marketing: The Masterplan for Starting and Managing a Profitable, Customer-Based Marketing Program, 4th Edition, McGraw-Hill Education. (Available as an E-book).
https://catalogue.londonmet.ac.uk/search~S1/?searchtype=t&searcharg=Strategic+Database+Marketing%3A+The+Masterplan+for+Starting+and+Managing+a+Pr&searchscope=1&sortdropdown=-&SORT=D&extended=0&SUBMIT=Search&searchlimits=&searchorigarg=.b2034771

Additional reading

- Grigsby, M. (2016) Advanced Customer Analytics: Targeting, Valuing, Segmenting and  Loyalty Techniques, Kogan Page.
https://www.koganpage.com/marketing-communications/advanced-customer-analytics-9780749477158#contentgroupsection-toc

- Oakshott, L. (2020) Essential Quantitative Methods: For Business, Management and Finance, 7th Edition., Red Globe Press (Available as an E-book).
https://catalogue.londonmet.ac.uk/search~S1?/tEssential+Quantitative+Methods%3A+For+Business%2C+Management+and+Finance%2C/tessential+quantitative+methods+for+business+management+and+finance/1%2C1%2C4%2CB/frameset&FF=tessential+quantitative+methods+for+business+management+and+finance&4%2C%2C4

Levine D., Stephan, D., and Szabat,K. (2021) Statistics for Managers Using Microsoft Excel, 9th Edition, Pearson Publications.
https://www.pearson.com/en-us/subject-catalog/p/statistics-for-managers-using-microsoft-excel/P200000006244/9780136880981?srsltid=AfmBOopoi3BulO4wYJC9eCN_57BypA_9rSHqoQFpTU0ziaOibNH_5o6_&tab=table-of-contents

- Wilson, A. (2019) Marketing Research: Delivering Customer Insight, 4th Edition, Red Globe Press. (Available as an E-book).
https://catalogue.londonmet.ac.uk/search~S1/?searchtype=t&searcharg=Marketing+Research%3A+Delivering+Customer+Insight&searchscope=1&sortdropdown=-&SORT=D&extended=0&SUBMIT=Search&searchlimits=&searchorigarg=tThe+Business+Environment%3A+A+Global+Perspective+

- Wisniewski, M. and Shafti, F. (2019) Quantitative Analysis for Decision Makers. 7th Edition, Blackwells. (Available as an E-book).
https://catalogue.londonmet.ac.uk/search~S1/?searchtype=t&searcharg=Quantitative+Analysis+for+Decision+Makers&searchscope=1&sortdropdown=-&SORT=D&extended=0&SUBMIT=Search&searchlimits=&searchorigarg=tStatistics+for+Managers+Using+Microsoft+Excel

- Venkatesan, R., Farris, P.W., and Wilcox, R.T.  (2021) Marketing Analytics: Essential Tools for Data-Driven Decisions,  University of Virginia Press. (Available as an E-book).
https://catalogue.londonmet.ac.uk/search~S1?/tMarketing+Analytics%3A+A+Practical+Guide+to+Improving+Consumer+Insights+Using/tmarketing+analytics+a+practical+guide+to+improving+consumer+insights+using/-3%2C0%2C0%2CB/frameset&FF=tmarketing+analytics+essential+tools+for+data+driven+decisions&1%2C1%2C/indexsort=-

Online academic journals
Journal of Marketing Analytics
Journal of Targeting, Measurement and Analysis for Marketing
International Journal of Customer Relationship Marketing and Management
Journal of Consumer Marketing
Journal of Consumer Research
Journal of marketing Research

Electronic Databases/ Websites:

Resources for business assignments, projects-https://libguides.londonmet.ac.uk/business-school-subjects/eresources-companies

Industry and market research-
https://libguides.londonmet.ac.uk/business-school-subjects/eresources-companies

UK GDPR guidance and resources-
https://ico.org.uk/for-organisations/uk-gdpr-guidance-and-resources/

Data and Marketing Association
https://www.warc.com/partners/dmauk

Market research Society
https://www.mrs.org.uk/

emarketer - http://www.emarketer.com/
Smartinsights - http://www.smartinsights.com/

Clickz - http://www.clickz.com

Please note that during the semester, other books, articles and other resources would be recommended as need be.