The Lifetime Value of a Customer Concept Emphasizes Cost Savings

question 59

True/False

The lifetime value of a customer concept emphasizes cost savings, revenue growth, profits and referrals from loyal customers.

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Definitions:

Maximize Profits

The primary goal of many businesses, which involves increasing the difference between the revenue generated and costs incurred by enhancing efficiency and market share.

Ergonomically Appropriate

Referring to designs or adjustments in the workplace that support the health and well-being of workers, aligning with principles of ergonomics to ensure safety and efficiency.

Corporate Social Action

Activities undertaken by businesses to further social goods beyond the interests of the company and that which is required by law.

Government Intervention

Actions taken by a government to affect or interfere with decisions made by individuals or organizations in order to correct market failures or achieve social goals.