Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
Related questions
Question
How many years (t) can we expect to do business with a customer? The total number of years is denoted by T. |
Expert Solution
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Introduction
Customer lifetime value is the period for which a customer will stay with a brand. He will stay loyal to one brand according to this customer lifetime value period.
The company will try to increase the customer lifetime value so that they can earn higher profits from one single customer. This is because acquiring a new customer inccurs a cost on the company.
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