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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

What are the benefits of retaining customers?

Summary Introduction

To determine: The benefits of retaining customers.

Introduction: Customer is any individual or group who may have curiosity for purchasing, or has purchased goods or services from an organization. Every time while paying a bill or purchasing something from a store an individual is considered as their consumer.

Explanation

The benefits of retaining customers are as follows:

The customer lifetime value (CLV) is a measure of a consumer’s value to a business amid one's lifetime. Though, there are likewise impalpable advantages of holding lifetime-value customers, for example, the...

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