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. You will critically explore issues facing the dynamic retail sector and current trends. The module will enable you to gain a substantial knowledge of the meaning, role and application of marketing in the retail sector. You will also examine the importance of the concept of retail service.
The module aims to:
• Develop a critical understanding of the importance and application of marketing in a
• 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.
Prior learning requirements
Brief background/overview of the retail sector
- History and development of retailing in the UK
The role of retail marketing management
Evaluation and trends in the retail sector
- Developments affecting the retail environment
- Potential growth cycle
- New ways of retailing
- Changing nature of the high street
- International retailing
- Legislation, ethics and social responsibility in retailing
Retail marketing planning
- Tools and theories available to retailers
- Shopping behaviour and consumption choices
- Use of marketing plans
- Service product life cycle
- Portfolio analysis
New service product development process
- The service product concept and value creation process in retailing
- Creating customer value through product/service offers, relationships, store image attributes and brand image
- Crafting a compelling value proposition/formal statement of value
- Value assessment in retailing, e.g. conjoint (trade-off) analysis
The marketing mix as applied to the retail sector (retail mix)
- Retail pricing: objectives and strategies
- Retail communication strategies (e.g. sales promotion, point-of-purchase, advertising, personal selling, public relations)
- Electronic service delivery
- Location decision making
- Store atmospherics and layout
Multi-, cross- and omni-channel retailing concepts and applications
- Siloed multi-channel strategy
- Channel design to enrich customers’ shopping experiences
- Crafting integrated omni-channel strategy in retailing
The management of service and quality in retailing
- Overlapping approaches to designing the service encounter
- Measures of service quality in retailing
- Retail service failure and recovery
Analytical methods for measuring and evaluating customer retention and loyalty in retailing
- The customer database: analysis and applications in retailing
- Customer segmentation techniques using Excel
- Calculation of customer acquisition rate, retention rate, churn rate, LTV and ROI in a retail setting
- Geodemographic and psychographic segmentation using Excel
- Cross-sell analysis, market basket analysis, percentile and decile analysis, Pareto analysis using Excel
- RFM analysis, cohort analysis and cluster analysis in retailing
- Develop an effective retention strategy a chosen segment
The future of retailing
Balance of independent study and scheduled teaching activity
This module will be delivered over a 12-week period and consist of 2-hour interactive learning sessions and 1-hour appreciation and critique of contemporary issues in retail management and marketing. 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 completion of the module, you will be able to:
- Synthesise core marketing concepts and be able to apply to the retail sector.
- Critically discuss the nature of the competitive environment in which retailers operate and the drivers of change.
- Broaden their appreciation of current developments in retailing and associated theories.
- Design and effectively communicate marketing plans/campaigns which can be successfully implemented by a given retailer.
- 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 coursework to enable them to demonstrate achievement of the learning outcomes as well as a presentation.
The assessment has two components: Individual presentation and supporting material (30% weighting) and individual written report (70% weighting).
Berman, B, Evans J. and Chatterjee, P. (2018) Retail Management: A Strategic Approach, 13th Edition, Pearson.
Varley, R (2014) Retail Product Management: Buying and Merchandising 3rd Edition, Routledge.
Goworek, H and McGoldrick, P (2015) Retail Marketing Management, Pearson
Grigsby, M. (2016) Advanced Customer Analytics: Targeting, Valuing, Segmenting and Loyalty Techniques, Kogan Page.
Pantano E. Nguyen B. Dennis C. Gerlach S. (2017) Internet Retailing and future Perspective 2nd Edition Routledge.
Fernie, J. Fernie, S and Moore, (2015) Principles of Retailing, 2nd Edition, Routledge.
Laseter, T. Rabinovich E. (2012) Internet Retail Operations Integrating Theory and practice for managers Taylor and Francis Group.
Levy, M., Weitz, B., and Grewal, B. (2018) Retailing Management,10th Edition, McGraw Hill.
Myerson, P. (2020) Omni-Channel Retail and the Supply Chain Working Together for a Competitive Advantage, Routledge.
Palmatier, R., Sivadas, E., Stern, L. and El-Ansary, A. (2019) Marketing Channel Strategy: An Omni-Channel Approach, 9th Edition, Routledge.
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.
Journal of Retailing, Journal of Retail and Consumer Services
International Journal of Retail and Distribution Management
Journal of Retailing and Consumer Services
International Review of Retail, Distribution and Consumer Research
Journal of Brand Management
Journal of Brand Strategy
Journal of Consumer Marketing
Journal of Database Marketing & Customer Strategy Management
Journal of Fashion Marketing Management