Each company's marketing plan should focus on customer retention. Two examples of firms employing this strategy and an explanation are essential.

What is the process for researching customer needs and analysing and interpreting the outcomes to establish business options and opportunities.

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?

Using any organization for which you could work for, and examine how the organization approaches the acquisition of customers and the maintenance of customers differently. Given the importance of customer lifetime value on long-term profitability, is your organization investing sufficiently in customer relationship management? Explain.