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This unit is designed to enhance students’ knowledge and understanding of why it is important for marketers to enhance and manage the value of the customer interactions. Students will learn the underpinning theories and frameworks, and will also be expected to relate these to real-world examples, including their own personal experiences.Organisations ideally seek a mutually beneficial relationship between themselves and their customers. This is particularly important when considering the costs associated with acquiring a new customer. It has been suggested that it can cost five times as much to gain a new customer as it is to retain an existing one. Moreover, there is no guarantee that a new customer will be as loyal as a current one. Any organisation, whether for profit, NGO or a charity, seeks ways of retaining customers through enhanced customer experiences.In order to retain loyal (and profitable) customers, organisations seek to understand them better. By understanding customers through the capture of relevant data, organisations can enhance a customer’s lifetime value. They then aim to build a relationship with the customers where they remain loyal and continue to purchase a range of products/services.The knowledge, understanding and skill sets that students will gain on successfully completing this unit will enhance their career opportunities; whether setting up in business independently or being employed by an organisation.