What are the four phases of the customer life cycle? Briefly describe each phase
What will be an ideal response?
The four phases of the customer life cycle include: marketing, customer acquisition, relationship management, and loss/churn. Marketing sends messages to the target market to attract customer prospects. When prospects order, they become customers who need to be supported. Additionally, relationship management processes increase the value of existing customers by selling them more product. Inevitably, over time the organization loses customers. When this occurs, win-back processes categorize customers according to value and attempt to win back high-value customers.
You might also like to view...
Compute the new balance on a credit card assuming that: ? Beginning balance = $450 ? Purchases during the month = $300 ? Payments made within the grace period = $250 ? Interest rate = 18%
A) $550 B) $503 C) $516 D) $1,000
What are the implications for marketers given that users spend almost half their total digital time using smartphone apps and that on average, users only use about 27 apps a month?
What will be an ideal response?