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Customer Lifetime Value to Managing Marketing Strategies in the Financial Services

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Abstract:

The more a marketing paradigm evolves, the more long-term relationship with customers gains its importance. Nowadays most of corporations and firms in the world, including manufacturers and servicers, increasingly gain their incomes and profits through constructing and maintaining long-term relationship with customers. The move towards a customer-centered approach to marketing, coupled with the increasing availability of customer transaction data, has led to an interest in understanding and estimating customer lifetime value (CLV). Furthermore as marketing endeavors to be more accountable, the need of tools and models for measuring and evaluating efforts and investments that accomplish in marketing extent, is felt. In the other hand strategic planning and management is one of the vital issues of the present organizational context. In this paper the position of CLV in the marketing strategies and strategic planning and management, are recognized. Also based on this study a new conceptual model for the position of CLV in Strategic marketing Planning will be presented. The applied and theoretical recommendations in the end of the paper will be presented.

Info:

Periodical:
International Letters of Social and Humanistic Sciences (Volume 42)
Pages:
164-173
DOI:
10.18052/www.scipress.com/ILSHS.42.164
Citation:
M. Safari "Customer Lifetime Value to Managing Marketing Strategies in the Financial Services", International Letters of Social and Humanistic Sciences, Vol. 42, pp. 164-173, 2015
Online since:
Oct 2014
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