Some Companies Have Large Databases They Have Examined to Determine

question 90

Essay

Some companies have large databases they have examined to determine who their best customers are.Banks,in particular,have analyzed customer data and have learned that the top 5 percent of their customers are very profitable for the bank and the bottom 5 percent are very unprofitable.Name and describe the concept that many marketers are using to assess the value of customer loyalty.

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Definitions:

Function

A scheme relating a bundle of inputs with a spectrum of viable outputs, under the condition that each input is matched with one output exclusively.

Composition

In mathematics, composition refers to the application of one function to the results of another, denoted as \(f(g(x))\), where \(g\) is applied first and then \(f\).

Function

A connection framework between a pack of inputs and a slew of endorsed outputs, ensuring each input leads to a distinct output.

Composition

In mathematics, the operation of applying one function to the results of another, denoted as \((f \circ g)(x) = f(g(x))\).