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Unit 38 Customer value management

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Unit 38 Customer value management HND Business Assignment UK

Aim of Unit 38 Customer value management

This unit emphasizes upon the marketers to gain knowledge about managing the values of customers using various concepts. Every organizations tend to create a relationship with the customers which is beneficial from both ends. This becomes a matter of importance when a new customer is considered for pricing. Gaining a new customer becomes quite harder than retaining an old customer. In addition to that a new customer cannot be held as a permanent customer and for that purpose organizations tend to create ways for retaining customers. In order to understand customers organizations create ways to understand them. This could be done by using data and research. Using correct data and proper research could create an enhancement in the values of customer and its longevity with the organization.

Learning outcomes

LO1 Demonstrate an understanding of the concept of customer lifetime value, how to calculate it and the different factors that influence it

LO2 Evaluate the different segments in a customer base and the appropriate opportunities for customer value creation

LO3 Analyze appropriate techniques and methods in order to increase customer lifetime value (e.g. cross-selling, loyalty and upselling)

LO1 Demonstrate an understanding of the concept of customer lifetime value, how to calculate it and the different factors that influence it

In order to understand customer lifetime values certain traditional concepts that are compared with attention and values could be used. This helps in understanding the values of the customer and ensure engagement with the organization for a lifetime. In addition to that Customer Lifetime values along with its merits and analysis could also be used to understand such concept. Measurement could be done with the data gained and analyzation of Customer Lifetime Values. In order to calculate the value rate of retention, transactions and cost of customer acquisition could be taken into account. This could help in figuring a sufficient value of customer lifetime. Lastly in order to create a balance in the model of business certain factors of CLV’s like customer’s experiences and business to customer relationship could be taken into account.

LO2 Evaluate the different segments in a customer base and the appropriate opportunities for customer value creation

In order to evaluate various segments that could influence the customer base certain perceptions could be taken into account. Such perception would positively rely upon customer’s perceptions such as motive, expectation section and many more. Moreover, imagery of consumer is simultaneously important which helps in building relationships and images. In addition to that identification and diagnosis for creating values could be attained by theories of involvement, determining the risk taken by customers, loyalty to the brand and recognition. Various models of Business to customer relationship and business to business decision making could also be used for such evaluation.

LO3 Analyze appropriate techniques and methods in order to increase customer lifetime value (e.g. cross-selling, loyalty and upselling)

Appropriate techniques and methods helps to increase the value of a customer. This could be done by proper analyzation of the methods and techniques. Business to customer and business top business contexts could be used to figure out various strategies of value creation. With the increase in technology, the use of digital strategies have also rapidly increased. Such strategies include communications by using mobiles and social media platforms. The Internet has also helped in creating loyalty and trust for the brand. Moreover various other strategies to contact and sell could also enhance the lifetime value of consumers.

Learning Outcomes and Assessment Criteria

Pass Merit Distinction
LO1Demonstrateanunderstandingoftheconceptofcustomerlifetimevalue,howtocalculateitandthedifferentfactorsthatinfluenceit       LO1,LO2andLO3 D1Provideevidenceofcriticalevaluationandsynthesis of thekeyconceptsofcustomerlifetimevaluemanagementinanorganisationalcontext.
P1Explainandanalysethevariouscomponentsthatenableanorganisationtodetermineandcalculateacustomer’slifetimevalue. P2Explainandjustifythebenefitsofcustomerlifetimevaluetoanorganisation. P3Evaluatethefactorsthatinfluencethecustomerlifetimevalue. M1Applytheconceptofcustomerlifetimevalueandtheuseof collatingcustomerdatawithinaspecificorganisationalB2CorB2Bcontext.
LO2Evaluatethedifferentsegmentsinacustomerbaseandtheappropriateopportunitiesforcustomervaluecreation
P4Determineandexplainthetypesofmarketsegmentationstrategiesthatcanbeappliedtoacustomerbase. P5EvaluateB2CandB2Bdecision-makingmodelsanddemonstratehowopportunitiesforcustomervaluecreationcanbeapplied. M2CriticallyevaluatevarioussegmentationmodelsinaB2CorB2Bcontexttogeneratekeyinsightsandmarketingintelligenceforcustomervaluecreation.
LO3Analyseappropriatetechniquesandmethodsinordertoincreasecustomerlifetimevalue
P6Analysethedifferenttechniquesandmethodsorganisationscanapplytoincreasecustomerrelationshipsandcustomerloyalty. M3Evaluatetheappropriatenessoftechniquesandmethodsappliedatdifferentstagesoftheconsumerdecision-makingprocessandCLV.

Links

This unit links to the following related units:

Unit 2: Marketing Essentials

Unit 23: Integrated Marketing Communications

Unit 24: Digital Marketing

Unit 29: Managing and Running a Small Business

Unit 37: Consumer Behaviour and Insight