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Customer Value Management

   

Added on  2020-10-22

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Customer Value Management
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different components that enable a business entity to determine customer’s lifetime value1P2 Justify the benefits of customer lifetime value to a business organisation............................2P3 Factors that influence customer lifetime value......................................................................4TASK 2............................................................................................................................................5P4 Determine the types of market segmentation strategies that can be applied to customer base.....................................................................................................................................................5P5 Evaluate B2B and B2C decision making models with opportunities for customer valuecreation........................................................................................................................................6TASK 3............................................................................................................................................7P6 Different techniques and models organisation can apply to increase customer relationshipand customer loyalty...................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
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INTRODUCTIONIn today’s business environment changing needs and requirements of customers oncontinuous basis become a major challenge for firms. Various efforts are done by businessorganisation to retain their customers for a long time period and for this satisfy their needs isvery essential (Hammer, 2015). Create and maintain a good relationship with customers is alsovery significant for keep them for a long time period. Customer lifetime value increase profits ofenterprise and increase customer base of entity. It is very difficult a firm to predict to how longthe customer will stay with a firm. It is very essential for business entity to adopt effective andinnovative customer relationship management strategies to manage customers and manage thenumber of its profits. Various components that help business enterprise to determine customer’slifetime value and the major elements that influence customer lifetime value is all detailed in thisreport.TASK 1P1 Different components that enable a business entity to determine customer’s lifetime valueCustomers are the one which used to drive business in any direction. This aspect need tounderstand better and effective by managers of a company so that they could maintain andmanage their customer lifetime value in a determined manner. A customer lifetime value defineand describe as the prediction and estimation of net profit ascertain by a business in order tomaintain and manage future relationship with clients so that effective and beneficial gain couldbe presented (Hollensen, 2015). Thus, managers need to assess and understand all major aspectsand attribute of customer lifetime value so that a design working get presented whose profitcould be estimated in long period of course. Thus, in order to facilitate long term profit of acompany customer lifetime value is an essential and beneficial concept which need to understandand determine properly. Henceforth, this attribute will lead to enhance profitability of a companyso that effective and determined outcome could be resource in a design framework. This project is based on Homebase company whom used to deal n retail sector whichused to introduce a loyalty card system in their organisation. Homebase is one of a major homeenhancing retailer and garden centre with appropriate components which enable an organisationto demonstrate about CLV:1
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