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?
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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?
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- Increasing and optimising customer loyalty and retention is a major part of any successful business strategy. Please provide two examples of companies that use this strategy and explain why they do so.Review the Aldi case study on page 169 of your textbook. Assess your satisfaction with Aldi and make recommendations about how the company could modify its business-level strategy to both increase your overall level of satisfaction and to attract new customers. Provide specific examples to support your response. Analyze the five business-level strategies discussed in Chapter 4 to determine which strategy most likely applies to Aldi. Determine how a shopper's experience might change if it switched to one of the other four strategies (your choice). Explain your rationale. The Ripple Effect of Supermarket Wars: Aldi Is Changing the Markets in Many Countries Aldi started as a small, family-owned grocery store located in Essen, Germany, in 1913. Two sons, Karl and Theo, took over the store from their mother in 1946; soon after doing so, they began expanding the business. They emphasized low costs from the very beginning, allowing them to offer their products to customers at low prices…"What is the significance of customer service in the context of marketing, and how does it contribute to the overall success of a business?"
- In the chapter discussion about CRM, you read about four key characteristics of CRM: share of customer, lifetime value of a customer, customer equity, and customer prioritization. Each of these elements is discussed in the context of monitoring and assessing the effectiveness of a CRM initiative. Consider J.C. Penney's loyalty program, JCP Rewards. Go to their website (www.jcprewards.com) and review the infor- mation about their reward program. 5-17. In what ways could J.C. Penney expect to measure the four elements of CRM within the context of a reward program such as this? 5-18. How would data be collected for each element, and how might management at J.C. Penney use that data to provide loyal customers with a very strong relation- ship with the firm?In a business, how does consumers provide value to a product or service?What are some of the factors that led to the decline in general aviation aircraft sales? Why have the corporate and commuter segments of the general aviation industry done so much better than the personal-use segment? What is the outlook for helicopter sales?
- What is Customer Relationship Management (CRM), and why is it essential for businesses? Provide real-world examples.Describe is the difference of Subway Fast food chain from the competition in market. You may select an attribute important to the consumers and elaborate why you use this product or avail this service. Next, describe a main target market and discuss why they are the appropriate segment to target. Expound what you think is the value proposition of your chosen product or service.Consumer value can be defined as what the consumer feels they get as benefits in return for the resources they pay. Using the concept of the value equation (Value = what you get - what you give), show how customers evaluate the benefits with the cost of a purchase, explaining the types of value customers gain from a purchase.