Explain the Concept of Customer Lifetime Value

question 40

Essay

Explain the concept of customer lifetime value.

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Definitions:

Substantially Performed

A legal principle recognizing that a contract has been completed enough to warrant fulfillment despite minor deviations.

Contract Breach

An instance in which one party fails to fulfill its obligations under a contract, whether partially or entirely.

Complete Compensation

Total financial restitution provided to cover all losses and damages incurred.

Sarbanes-Oxley Act

A U.S. federal law established in 2002 aimed at protecting investors from fraudulent financial reporting by corporations.