Question: What is a Customer Resource management (CRM) database, and how do marketers use this tool? What is a loyalty program, and how does lifetime customer

What is a Customer Resource management (CRM) database, and how do marketers use this tool?

What is a loyalty program, and how does lifetime customer value enter into the planning for creating such a program?

Here is the calculation for Lifetime Value of a Customer:

Customer Lifetime Value = Average Total Order Amount * Average # Purchases Per Year * Retention Rate.

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