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:

Behaviour Therapy

A type of psychotherapy that focuses on changing undesirable behaviors through conditioning and other learning principles.

Client-Centred Therapy

A form of psychotherapy developed by Carl Rogers that emphasizes an empathetic, accepting, and genuine therapist-client relationship to facilitate personal growth.

Group Treatment

Psychotherapeutic or therapeutic interventions delivered in a group format, often utilized for efficiency and to exploit group dynamics and interactions for individual benefit.

Antipsychotic Drugs

Medications used to treat various symptoms of psychosis, including hallucinations, delusions, and disorders such as schizophrenia.