Explain the Concept of Customer Lifetime Value (CLV)

question 56

Essay

Explain the concept of Customer Lifetime Value (CLV).Think of a product you have purchased (e.g.,toothpaste,soft drink,computer)and estimate your lifetime value to the manufacturer of a specific brand. What can the marketer of that brand do to ensure you remain loyal to that brand?

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Definitions:

Netiquette

A set of guidelines for proper behavior and manners on the internet.

Retail Florists

Specialized businesses that sell fresh and artificial flowers along with additional gift items.

Advertising

The nonpersonal communication of information paid for by an identified sponsor, for example, an individual or an organization.

Electronic Collection

The process of collecting payments, debts, or other obligations electronically, via online transactions or electronic payment systems.