Ultimately, our goal as marketers is to attract and retain profitable customers. Consider the concept of Customer Lifetime Value in chapter 5.
1. Why are businesses so concerned with Customer Lifetime Value (CLV)? How would a company change if it totally embraced the customer equity concept and maximized CLV?
2. Based on your marketing plan choice, explain how you would go about developing a formula that captures the concept. Talk through the process; what factors must you consider in developing CLV?
3. What are some specific tactics or methods to create CLV that you may consider in your marketing plan?
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