Customer lifetime value has three main components:
- The acquisition cost of customer
- The annual profit of customer
- And the lifetime of the customer to the firm
The annual profit of a customer
The main component of the customer lifetime … Read more...
Tag: services marketing
When to use customer journey maps?
Customer journey mapping is a visual technique designed to outline how:
- The brand reaches a consumer’s consideration (evoked) set
- How the consumer progresses through the buying decision process and selects a suitable brand, and
- The consumer progresses through consumption
Video example of the promotional era
The difference between the marketing concept and the promotional era
In a number of marketing textbooks, one of the topics that they address in chapter 1 is the discussion of different marketing philosophies or concepts – which some marketing … Read more...
Services Marketing versus Customer Service
What’s the Difference between Services Marketing and Customer Service?
When you study Services Marketing at university, essentially you are learning about firms that primarily sell a service as their core product. The whole essence of a services marketing textbook … Read more...