MC7079 - Retail Management and Marketing (2021/22)
|Module specification||Module approved to run in 2021/22|
|Module title||Retail Management and Marketing|
|Module level||Masters (07)|
|Credit rating for module||20|
|School||Guildhall School of Business and Law|
|Total study hours||200|
|Running in 2021/22||
Retailing is a growing and dynamic industry which has significant impact on an economy. Some retailers in the market have annual turnover bigger than some countries, while others (SMEs) have a more modest turnover, but are essential in a growing economy.
The module is closely linked with core marketing modules and is one of two modules in the retail pathway of the MA Marketing course. It examines issues facing the dynamic retail sector and current trends. It is designed to provide students with knowledge of the meaning, role and application of marketing in the retail sector. It will cover the principles and practice of marketing and the industry specific application of marketing. The importance of the concept of retail service will also be explored.
The module aims to:
• Developa critical understanding of the importance and application of marketing in a retail context.
• Examine the marketing environment facing retailers.
• Critically explore and evaluate the drivers behind industry change.
• Evaluate and apply the key aspects of marketing, which presents challenges for retailers drawing on the experiences of the sector.
• Brief background/overview of the retail sector
o History and development of retailing in the UK
• The role of retail marketing management
• Evaluation and trends in the retail sector
o Developments affecting the retail environment
o Potential growth cycle
o New ways of retailing
o Changing nature of the high street
o International retailing
o Legislation, ethics and social responsibility in retailing
• Retail marketing planning
o Tools and theories available to retailers
o Shopping behaviour and consumption choices
o Use of marketing plans
o Service product life cycle
o Portfolio analysis
• New service product development process
o The service product concept and value creation process in retailing
o Creating customer value through product/service offers, relationships, store image attributes and brand image
o Crafting a compelling value proposition/formal statement of value
o Value assessment in retailing, e.g. conjoint (trade-off) analysis
• The marketing mix as applied to the retail sector (retail mix)
o Retail pricing: objectives and strategies
o Retail communication strategies (e.g. sales promotion, point-of-purchase, advertising, personal selling, public relations)
o Electronic service delivery
o Location decision making
o Store atmospherics and layout
• Multi-, cross- and omni-channel retailing concepts and applications
o Siloed multi-channel strategy
o Channel design to enrich customers’ shopping experiences
o Crafting integrated omni-channel strategy in retailing
• The management of service and quality in retailing
o Overlapping approaches to designing the service encounter
o Measures of service quality in retailing
o Retail service failure and recovery
• Analytical methods for measuring and evaluating customer retention and loyalty in retailing
o The customer database: analysisand applications in retailing
o Customer segmentation techniques using Excel
o Calculation of customer acquisition rate, retention rate, churn rate, LTV and ROI in a retail setting
o Geodemographic and psychographic segmentation using Excel
o Cross-sell analysis, market basket analysis, percentile and decile analysis, Pareto analysis using Excel
o RFM analysis, cohort analysis and cluster analysis in retailing
o Develop an effective retention strategy a chosen segment
• The future of retailing
Learning and teaching
The learning and teaching strategy is designed to develop knowledge and understanding of both theoretical and practical perspectives.
Delivery of the module is based on a mix of workshops, discussion/learning groups, class discussion, case studies and seminar exercises and quizzes, supported by web learn materials and directed learning activity. A flipped classroom will be used to support learning. Online collaborations will support the teaching.
External speakers will be invited to present to students both within and outside the class and linkages with the local chamber of commerce and professional bodies utilised to support the learning experience.
On successful completion of this module students should be able to:
1. Synthesise core marketing concepts and be able to apply to the retail sector.
2. Understand the nature of the marketing mix, and its application to the retail sector.
3. Critically discuss the nature of the competitive environment in which retailers operate and the drivers of change.
4. Broaden their appreciation of current developments in retailing and associated theories.
5. Design and effectively communicate marketing plans/campaigns which can be successfully implemented by a given retailer.
6. Develop a critical awareness of the ethical and international dimensions of retailing.
The assessment strategy has a strong focus on developing both academic skills such as problem solving, critical thinking and the development of diagnostic skills.
Students will be expected to submit a significant piece of course work to enable them to demonstrate achievement of the learning outcomes as well as a presentation.
The assessment has two components: Group presentation (30% weighting) and individual report (70% weighting).
Group presentation: 20 minutes, supported by 1000 word supporting report
Individual report (3000 words) which analyses a current retail trend/issue (using research and theoretical concepts) to offer appropriate responses to the identified trends/issues enable justified recommendations for change.
|Assessment||Learning Outcomes||Skills Development||Details|
presentation and supporting material (30%)
|1,2,3,4,5||Oral presentation (P, A); researching and analysing data (P, A) problem solving (P,A); creative skills (P,A); synthesis skills ( P,A) time management skills ( P,A)||
Group presentation and supporting material (presentation handout and supporting notes) (1,000 word limit for supporting notes)
Students will be required to work in small groups 3-5 for an oral presentation of 20 minutes. Each group will be required to undertake a specific role which critiques the current retailing activity for a given organisation
Individual Report (70%)
|2,3,4,5,6||Research skills (P, A) completing tasks and projects (P,A); develop the skills to analyse, synthesise and evaluate a large body of concepts both established and developing (P,A); Digital literacy and IT skills (P, A); Improve the ability to work independently (P, A).||
This report will offer students the opportunity to research current or emerging trends in the industry and suggest ways in which the industry could respond.
Students will assume the role of an external consultant offering advice and guidance to the industry professional body; The British Retail Consortium
A report of 3,000 words will allow afford the opportunity for students to demonstrate breath an understanding of the module,
• Goworek, H and McGoldrick, P (2015) Retail Marketing Management, Pearson.
• Kotler, P, Armstrong, G,. Harris, L and Piercy, N, (2017) Principles of Marketing, Pearson
• Varley, R (2014) Retail Product Management, Routledge
• Benson, J and Ugoli, L (eds) A Nation of Shopkeepers, Five Centuries of British Retailing
• Dunne, P. Carver, J. and Lusch (2013), Retailing, National Retailing Federation
• Fernie, J. Fernie, S and Moore, C.2003) Principles of Retailing Butterworth-Heinemann
• Gauri, D.K., Trivedi, M and Grewal, D (2008) Understanding the determinants ofretail strategy: an empirical analysis, Journal of Retailing, V 84, pages 256-267
• Shaw, C. (2007) The DNA of Customer Experience: How Emotions Drive Value, Palgrave Macmillan.
• Tsiptsis, K.K. andChorianopoulos, A. (2011)Data Mining Techniques in CRM: Inside Customer Segmentation, Wiley.
• Wilson, A., Zeithaml, V.A., Bitner, M.J. Gremler, D.D. (2016) Services Marketing: Integrating Customer Focus Across the Firm, 3rd European Edition, McGraw Hill Education.