The Text States,"Viewing Customers with a Lifetime Value Perspective,rather Than

question 23

Essay

The text states,"Viewing customers with a lifetime value perspective,rather than on a transaction-by-transaction basis,is the key to modern customer retention programs." Create an example demonstrating a lifetime value perspective.Why is customer retention almost always a profitable marketing strategy?

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Definitions:

Variable

An attribute or characteristic that can vary among subjects in a study, often classified as dependent or independent.

Quantitative Variable

A variable that can be measured and quantified, often expressed in numerical terms.

Outlier

An observation in a data set that is significantly different from the majority of the data, potentially indicating an error or a unique phenomenon.

Cases

Instances or occurrences of a particular condition or category being studied or reported.