Why Might a Company Try to Determine the Lifetime Value

question 88

Essay

Why might a company try to determine the lifetime value of a customer? What must a company do to determine this information?

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Definitions:

Person-Situation Controversy

The debate in psychology regarding the influence of personality versus situational factors on an individual's behavior.

Enduring Inner Influences

Long-lasting factors within an individual that shape their behavior, thoughts, and emotions.

Reciprocal Determinism

The interacting influences of behavior, internal cognition, and environment.

Multidirectional Influences

The concept that development is shaped by bidirectional interactions among various factors, including biological, psychological, and socio-cultural forces.