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:

Financial Circumstances

The condition of an individual's or entity's economic state, taking into account income, expenses, assets, and liabilities.

Social Connections

The relationships you have with the people around you, which can provide emotional support and a sense of belonging.

Personal Achievements

The accomplishments, successes, or significant milestones reached by an individual through effort and skill.

Self-esteem

A person's own perception of their value or importance.