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Market Leader Advanced – Unit 4: Marketing – Listening

A. Listen to the first part of an interview with Dr Jonathan Reynolds, Academic Director of the Oxford Institute of Retail Management and lecturer at the Said Business School. Complete this information with no more than three words in each gap.

Customer relationship management, CRM for short, refers to the systems and processes that companies use to …………. (1). Some people associate CRM with the software used to manage interactions, such as e-mails and …………. (2).

CRM is a way for organisations to create more …………. (3) businesses where the customer experience is …………. (4) of everything that the company thinks and feels about its market. Although CRM software seems systematic and mechanical, in a mass market it can help to record personal …………. (5). At the same time, it helps to manage interactions efficiently and provide a …………. (6) to the customer.

Đáp án:
1. interact with customers

2. telesales calling

3. customer-centric /customer centric

4. at the hear

5. differences and preferences

6. consistent service

B. Complete the extract below about customer-centric marketing with the expressions in the box.

customer experience customer loyalty direct mail multichannel relationship long-term customers market share word-of-mouth referrals intrusive marketing

CUSTOMER-CENTRIC MARKETING

Most retailers cling to product-focused and promotion-centric models. However, there is increased consumer resistance to …………. (1), such as unsolicited e-mails and …………. (2).

In response, some retailers are beginning to pay more attention to the …………. (3) and have adjusted their marketing practices so that they are delivering fewer, more relevant messages that reflect the …………. (4) they have with the customer, e.g. retail stores, website, and catalogs, or “brick, click, and flip”.

Switching to a customer-centric marketing approach helps to increase …………. (5) and as a result, customers will buy more from you over a longer period of time. Research by Bain and Harvard Business School shows that the longer a customer stays with you, the greater the annual profit generated from that customer. These increased profits come from a combination of increased purchases, cost savings in marketing, and …………. (6).

The majority of multichannel retailers do not design their marketing programs around acquiring new customers that have the best potential to become …………. (7) and rewarding existing high-value, loyal customers with special treatment in order to retain them. Instead, they wrongly focus on …………. (8) as the key measure of success.

Đáp án:
1. intrusive marketing

2. direct mail

3. customer experience

4. multichannel relationship

5. customer loyalty

6. word-of-mouth referrals

7. long-term customers

8. market share

C. Listen to the second part of the interview. What methods are retailers using to retain customers? Which does Jonathan Reynolds feel is the best, and which has the biggest drawbacks? Why?

Đáp án:
He mentions three methods:

· loyalty marketing schemes (e.g. Tesco supermarket’s Clubcard);

· companies investing in the customer value to find out why customers are using their brand;

· price promotion activity.

He says investing in the customer value, in the longer term, is a ‘better bet’ because companies then have a better chance of retaining customers over the longer term. He feels that price promotion activity has the biggest drawbacks because this retains customers whilst the price is low, but raises the question as to whether those companies can retain that low-cost position in the marketplace

D. Listen to the third part of the interview and answer these questions.

1. What exactly is ‘the glass consumer’?

2. What does Jonathan Reynolds say about the different attitudes to privacy?

3. Which attitude best describes you?

Đáp án:
1. The ‘glass consumer’ means that people are now more transparent to companies. (Companies can see through us and know exactly how we behave and how we think.) He describes three different attitudes to privacy:

• ‘privacy fundamentalists’: people who are concerned about the amount and quality of information that is held about them by companies, and want that to be legislated against;

• ‘privacy pragmatists’: those who accept the reality that companies collect data about us, and think it may even help us in terms of getting better offers in the long term;

• ‘privacy indifferents’: people who couldn’t care less about what information is collected about them, and are often very unaware of what is collected.

Writing Market Leader Advanced – Unit 4: Marketing – Tiếng anh thương mại – HocHay