"Customer Lifetime Value" and "Customer Equity" are two vital concepts each company needs to understand. What implications do they have for building marketing plans and strategy?
-Losing a customer means losing more than a single sale
-Companies must aim high in building customer relationships
-Customer delight creates an emotional relationship with a brand, which keeps customers coming back
-The more loyal the firm's profitable customers, the higher its customer equity
-View customers as assets that need to be managed and maximized
-Butterflies, True Friends, Strangers, Barnacles (page 22)
-Customer Lifetime Value: the value of the entire stream of purchases a customer makes over a lifetime of patronage
-Customer Equity: the total combined customer lifetime values of all of the company's customers
Learn More :
Principles of Marketing
- Which of the following is a primary function of first-line managers:
- One of the reasons why it is important for employees to continue their education throughout their careers is to be prepared for
- Is it acceptable business practice to prepare a job resume without listing any references?
- Offering to provide additional information after a job interview is often the function of a(n)
- Before Clark's interview, he developed a list of questions to ask his potential employer. He wanted to know: Why is this job open? What are the benefits? What additional training will be required? Who will supervise my work? Which of the questions should Clark avoid asking?
- Which of the following is an appropriate response to the question on an employment application that asks the reason for leaving a previous job?
- Even when times are tough for Caitlin's business venture, she tends to remain positive- she looks at the glass as half full rather than half empty. What characteristic of entrepreneurship is Caitlin exhibiting?
- Which of the following is a source of career information that is available in most schools:
- In many types of businesses, joining a labor union is considered one of a worker's
- Which of the following is a true statement about developing self-understanding:
- If you have a problem and decide to "sleep on it," you're using the _____ method of problem solving.
- Which of the following is a benefit of putting your goals in writing
- One of the ways that being organized helps you to maintain good relations with coworkers is by
- Some businesses increase their productivity by using assembly lines, standardized parts, and division of labor. This helps achieve
- Jim works for a small department store. Each of the departments within the store is responsible for ordering its own merchandise. This is an example of
- How can an individual employee help protect company information on a daily basis?
- When Josh arrived at work this morning, he saw that the company safe was open, the office was in disarray, and his laptop computer was missing. Josh should immediately report the situation to the local
- A good way to prevent accidents in the workplace is to
- Carl wanted to show his coworkers how strong he is by trying to carry several cases while unloading a truck in the receiving area. He stumbled and dropped two of the cases, ruining the contents and hurting his back. What type of safety hazard should his evaluation reflect?
- An important reason why employees should follow instructions when using heavy machinery is to
- The primary reason that government develop workplace health and safety regulations is to
- An advantage to a business that uses collaborative computer software is that its employees can share information quickly, which increases their
- In which of the following situations would a business use a spreadsheet software program to estimate the effect of change on its financial situation:
- With the use of a presentation software program, Martin selects a standardized group of slides and enters the appropriate text and graphics in each slide. What is he using to design his presentation?
- Which of the following is the address of a website that a business might obtain by conducting a search on the web: