How might a small business or entrepreneur find the Customer Lifetime Value concepts useful in making decisions?
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Q: Why is it important for the company to know the lifetime value of their customers?
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How might a small business or entrepreneur find the Customer Lifetime Value concepts useful in making decisions?
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- Compare and contrast the option to make or buy. What factors would one need to consider while making such a decision?How can the push-pull strategy be applied to marketing and sales management in a hypothetical business scenario, and what are the potential benefits and drawbacks of this approach in terms of attracting new customers, increasing sales revenue, and improving brand recognition and loyalty?How is the “thinking fast versus thinking slow” analogy likely to influence business decision-makers?
- Differentiate between problem avoiders, solvers and seekers.In your local area, identify a group of people with unsatisfied product needs who represent a market. Could this market be reached by a business organization? Why or why not?How can companies use this physiological information to help the purchasing process for consumers ?