Author Question: Which step comes last in developing a marketing strategy? a. analyzing firm performance b. ... (Read 124 times)

Anajune7 · **on:** Jun 28, 2018

Which step comes last in developing a marketing strategy?
a. analyzing firm performance
b. identifying and evaluating market opportunities
c. selecting target markets
d. planning and implementing a marketing mix

Question 2

Explain the concept of customer lifetime value.

thall411 · **Reply #1 on:** Jun 28, 2018

Answer to Question 1

A

Answer to Question 2

This concept involves companies assessing customers in terms of their worth to the company. Some customers are more costly to acquire, while others might be more costly to retain. Approaches to computing CLV involve three kinds of components: (1) numbers about money, (2) numbers about time, and (3) a financing finesse. The money inputs required include: (a) estimates of acquisition costs, (b) estimates of retention costs, and (c) average contributions for the segment(s) under consideration. The time inputs include: (a) a decent guesstimate at the likely retention rate from year to year and (b) a sense of the average lifespan duration for the particular product or brand. If the estimates are to be useful in forecasting and budgeting, a simple financial adjustment of a discount rate is important.