Explain the Concept of Customer Lifetime Value (CLV)

question 78

Essay

Explain the concept of customer lifetime value (CLV).

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Definitions:

Close-Ended

Pertaining to questions or options that limit responses to a set of choices, offering no opportunity for open-ended answers.

Sales Call Planning

The process of organizing and preparing objectives, strategies, and key points to discuss during a sales call to maximize the likelihood of a successful outcome.

Customer Profile

A detailed description of a business's typical customer, including demographic, psychographic, and behavioral traits.

Marketing Audit

A marketing audit is a comprehensive, systematic analysis of a business's marketing environment, objectives, strategies, and activities with the goal of identifying opportunities and areas of improvement.