Understand the meaning of marketing and the importance of management of customer relationships.
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Maintaining positive relationships with customers is crucial.
Relationship marketing is establishing long-term, mutually satisfying buyer-seller relationships.
Customer relationship management uses information about customers to create marketing strategies that develop and sustain desirable customer relationships.
Managing customer relationships requires identifying patterns of buying behavior and focusing on the most profitable customers.
Customer lifetime value (CLV) is a combination of purchase frequency, average value of purchases, and brand-switching patterns over the entire span of a customer's relationship with the company.
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