What Is Meant by Customer Lifetime Value

question 63

Essay

What is meant by customer lifetime value?

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Definitions:

Co-Dependence

A relationship in which parties rely on each other to a detrimental extent, often undermining their independence and well-being.

Ockham's Razor

A principle suggesting that the simplest explanation is usually the correct one, often applied in various fields to eliminate unnecessary assumptions.

Ceteris Paribus

A Latin term that translates to "with all other conditions remaining the same," employed in economics to focus on the impact of changing a single variable.

Normative Economics

A branch of economics that examines the desirability of certain aspects of the economy, focusing on what should be rather than what is.