Quantitative Marketing (Subject) / 2. Customer Value Assessment als Valuing Customers (Lesson)

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• Definition: product / offering A product or offering is a set of designed attributes that satisfy specific needs of specific customers.  > The closer the fit between an offering and needs, the greater is the value!
• Definition: Objective customer value (utility) Value = Benefits - Price Customer value is the realization (what customers get our of their purchases) compared to sacrifice (what they pay for the product). It describes the perceived "worth of the product". 
• Definition: Customer Lifetime Value (CLV) Customer lifetime value (CLV) is the net present value of all future profits attributable to a customer over a lifetime of patronage.  Through direct transactions of said customer oder indirect referrals. > Focus on a long-term relationship, not a single transaction!
• Definition: Customer Equity Customer equity is the total combined customer lifetime values of all of the company's customers. > Build the right relationship with the right customers!
• Definition: Customer Relationship Management (CRM) Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.    > Target fewer, more profitable customers! > Incorporate more interavtive two-way relationships!

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