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:

Correlated

Describes a mutual relationship or connection between two or more things where one affects or depends on another.

Disappear

The act of vanishing or becoming invisible, often used metaphorically to describe the process of being ignored or erased socially and culturally.

Blaming The Victim

A phenomenon where the victim of a crime, accident, or any negative situation is held entirely or partially at fault for the harm that befell them.

Media Portray

involves the representation or depiction of events, people, or societies within various forms of media, often reflecting or shaping public perceptions.