Discuss the Role of Value in Developing Long-Term Customer Relationships

question 9

Essay

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?

Understand the relationship between planning and organizational functions.

Grasp the concept of management by objectives (MBO) and its role in operational planning.

Recognize different types of planning and their importance in strategizing.

Understand the elements of a good plan and the concept of measurable objectives.

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Definitions:

Physical Activity

Any bodily movement produced by skeletal muscles that requires energy expenditure, including exercise and activities undertaken while working, playing, or performing daily chores.

Mental Activity

The operation of the mind through processes like thinking, learning, memory, perception, and problem-solving.

Goods

Tangible items that are produced, bought, or sold, serving as objects of commerce and economic transactions.

Services

Activities or functions that are provided by individuals or organizations to fulfill the needs or wants of others.