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Discuss the role of value in developing long-term customer relationships. In your discussion, explain the value formula and its component parts. How can the value formula help marketers design strategies to optimize customer value?
Psychological Safety
The belief that one can speak up, take risks, and be creative without fear of punishment or ridicule within a group or organization.
Effective Team
A group of individuals who work together seamlessly to achieve common goals, characterized by clear communication, cooperation, and mutual respect.
Flexibility
The quality of being adaptable or variable in response to changing conditions or circumstances.
Empowered
Having the authority, confidence, and freedom to make decisions or take actions autonomously, often aimed at self-improvement or achieving specific goals.
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