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, "The purpose of the customer life cycle is to define and communicate the stages through which a customer progresses when considering, purchasing and using products, and the associated business processes a company uses to move the customer through the customer life cycle." [2]
Customer lifetime value: The present value of the future cash flows attributed to the customer during his/her entire relationship with the company. [2] Present value is the discounted sum of future cash flows: each future cash flow is multiplied by a carefully selected number less than one, before being added together.
Richard B. Chase is Professor Emeritus of Operations Management Marshall School of Business, University of Southern California Ph.D., MBA, B.S., UCLA.. Chase specializes in service operations management, which involves applying concepts from OM, organizational theory, and services marketing to the design of service processes.
Bottom of the funnel (BOFU) corresponding to latter life-cycle stages (i.e. decision, conversion, purchase) Re-engagement paths – strategies and techniques meant to recover lost prospects/leads, usually through retargeting ads or email marketing
Problem/Need-recognition is the first step in the buying decision. Without knowing what the customer needs, they will not be enticed to purchase the product. The need can be triggered by internal stimuli (e.g. hunger, thirst) or external stimuli (e.g. advertising). [14] Maslow held that needs are arranged in a hierarchy.
Products have a limited life and thus every product has a life cycle. Product sales pass through distinct stages, each posing different challenges, opportunities, and problems to the seller. Products require different marketing, financing, manufacturing, purchasing, and human resource strategies in each life cycle stage.
To understand this “great customer resignation,” SugarCRM’s report includes a survey of 1,600 sales and marketing professionals from both business-to-consumer and business-to-business ...
Crossing the Chasm: Marketing and Selling High-Tech Products to Mainstream Customers or simply Crossing the Chasm (1991, revised 1999 and 2014), is a marketing book by Geoffrey A. Moore that examines the market dynamics faced by innovative new products, with a particular focus on the "chasm" or adoption gap that lies between early and mainstream markets.