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Explain the Concept of Lifetime Value of a Customer

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Explain the concept of lifetime value of a customer.


Definitions:

Role Strain

The stress or tension experienced when the demands of a particular social role conflict with an individual's personal abilities, resources, or needs.

Adequate Time

The amount of time deemed sufficient to accomplish a task or meet a requirement, often based on subjective evaluation.

Responsibilities

Duties or obligations expected to be fulfilled by individuals or organizations.

Achievement Behavior

Actions aimed at accomplishing specific goals or meeting standards of excellence.

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