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- Define the concept of customer lifetime value (CLV). What are your thoughts on this concept? Is it sometimes more profitable for a company to invest more resources in retaining current customers than trying to attract new customers?Who buys half of all new cars every year? Who influences 80 percent of new-car buying decisions?) What are the outcomes of creating superior customer value? Why should companies pay attention to these outcomes?
- Buying Motives refer to the most important facts from the customer’s perspective in making a purchase decision. Buying motives motivate the buyer to make a purchase, and they may be rational or emotional or a combination of both. List the importance of buying motive?Satisfaction of consumer needs and wants is the focal point of the marketing philosophy and the customer is considered to be king.’ Comment on this statement and highlight the importance of the marketing philosophy to modern business organizations.Describe FOUR (4) options you might take if your customer believes your product did not fulfill their needs.
- Who is a consumer for a private middle school? Who is the customer? Generally, it is very difficult to make both consumers and customers happy. Think of scenarios where efforts by the private middle school to please the consumers will make the customers unhappy.What is the customer lifetime value (CLV)?Discuss the applicability of the General Electric Model in relation to market attractiveness and business and strength. Make your recommendations?
- Provide an original example of a product or service to which you are brand loyal, meaning no other brand can be substituted. How long have you been using this particular brand? Explain the reasons for your brand loyalty. Consider the four aspects of market segmentation, and describe how the company segments the market for this particular product or service.What is Market-Value Analysis?What is the acronym SMART and its importance to business viability?