Define Lifetime Value of a Customer

question 92

Essay

Define lifetime value of a customer. How has Apple, with the development of the iPod product line and iTunes software, gained a competitive advantage over competitors? Will Apple experience a higher or lower lifetime value of a customer and why?

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Definitions:

Mammal

A class of warm-blooded vertebrate animals characterized by the presence of mammary glands, which females use to feed their young.

Necessary Condition

A condition that must be present for an event to occur, but alone may not be sufficient to cause the event.

Breathing

The process of inhaling and exhaling air, facilitating the exchange of gases (oxygen and carbon dioxide) in the respiratory system.

Dead

A state of biological cessation where an organism no longer exhibits any signs of life or metabolic activity.