Explain Share of Customer,lifetime Value of a Customer and Customer

question 116

Essay

Explain share of customer,lifetime value of a customer and customer equity and how these concepts relate to CRM.

---

Definitions:

Interactional Justice

The quality of the interpersonal treatment people receive when procedures are implemented, emphasizing respect and dignity.

Outcome Fairness

The perception among individuals that the outcomes of a decision or process are just, equitable, and appropriate.

Outcome Fairness

The perception that the results of a decision or process are distributed equitably among stakeholders.

Procedural Justice

The fairness and transparency of the processes that lead to outcomes or decisions, impacting the perceived legitimacy and acceptance of those decisions.