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STRATEGIC MARKETING FOR HOSPITALITY AND TOURISM
(HTM 705)

Review question chapter 4 & 5

Zeiti binti Muhamud@tan

Review question chapter 4 : strategic customer relationship management
Question 3. What is involved in estimating customer lifetime value (CLV) ? Customer lifetime value is used to indicate the potential achievement of a business in the future. It is used to examine and analysis customer purchase behaviour which is from before, during and past purchase of the product or service offered. It is a tools that helps business able to predict the future spending that will be made.
This CLV also estimate the lifetime of the relationship between customer and the business. The customer feedback about the service and product offered also show level of thier interest to continue or discontinue purchase in the future. The business can take precaution and implement strategy to retain the customer to achieve long term purchase or repetitive purchase intention.
To estimate the lifetime value, the business can analyze the pattern of customer purchase on thier product. This consist of several factor such as amount of purchase made. The higher amount of purchase show that the customer is satisfied and enjoy the service or product of the business, and the decrease of amount purchase made show that the business must take action to overcome from losing customer.
Next factor that involve in estimating customer lifetime value is frequency of customer purchase of product or service provided. the indicatioin of purchase intention show by higher frequency of purchase made bycustomer. It is different depend on type of product offered by the business.
The customer record is very important for a business to predict thier future performance, the record of customer must properly ingested to produce report that will help business operator understand and estimate

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