Explain what is meant by Customer Lifetime Value. How do marketers apply this formula to determine the effectiveness of their direct marketing programs? What are some advantages and disadvantages to direct marketing? There are some pundits that believe that direct marketing is in the decline stage of its product life cycle, while others believe that it will continue to be a successful means for marketing products. Discuss both of these positions. Explain the role that direct marketing can play in the IMC program. Can direct marketing be used for anything other than a behavioral response? If so, give examples.