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?

---

Definitions:

Gross Collection Ratio Formula

A financial metric used in healthcare to measure the percentage of total charges collected out of the total charges billed to patients and insurance companies.

Total Charges

The complete amount of money required or demanded for a service or goods, often including all additional fees and taxes.

Operating Information

The information that is needed on a day-to-day basis in order for a company to conduct business.

Day-To-Day Basis

Refers to the routine or daily activities and tasks that are performed regularly.