Identify and describe the three primary types of data coding processes

What will be an ideal response?

1. Lifetime value–which represents the amount of profit an individual will generate in his/her lifetime with a firm. It is normally calculated for a market segment, but can be calculated for an individual.
2. Customer clusters–can be based on a wide variety of criteria.
3. Location-data tracking — uses cell phone GPS data to track the consumer's location then ties the location with demographic data available