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Chapter 1: Introduction and Scope.
Chapter 1 of the book "Choice Models in Marketing: Economic Assumptions, Challenges and Trends" is presented. It examines the developments in the modeling of choice for marketing such as the variables that ultimately lead to demand in marketplace. It also aims to lay out the foundations of choice models and on the aspects of choice that can be quantitatively modeled.
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Chapter 1: Introduction.
Chapter 1 of the book "Customer Lifetime Value: The Path to Profitability," by V. Kumar is presented. It focuses on the importance of customer lifetime value (CLV) as a metric which helps managers in making business decisions. It also discusses the definition and approaches to compute CLV and the concept of customer equity (CE). Moreover, the implementation of CLV strategies in various settings is also discussed.
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Chapter 2: Basic Assumptions.
Chapter 2 of the book "Choice Models in Marketing: Economic Assumptions, Challenges and Trends" is presented. It examines the dependent variable in all marketing models such as aspect of consumer behavior. It also explores the statistical models that are employed in dealing with zero responses such as Bernoulli, multinomial and Poisson distributions.
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Chapter 2: Why is Customer Lifetime Value Relevant and Important?
Chapter 2 of the book "Customer Lifetime Value: The Path to Profitability," by V. Kumar is presented. It focuses on the importance of Customer Lifetime Value (CLV) in an organization's profitability. It also mentions that CLV helps the company in treating each customer differently base on his or her contribution rather than treating them all the same. Moreover, it discusses various behavioral measures used by managers including proportion and probability of purchase and purchase frequency.
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Chapter 3: Economic Models of Choice.
Chapter 3 of the book "Choice Models in Marketing: Economic Assumptions, Challenges and Trends" is presented. It examines the economic models of choice such as the existence of a scalar measure of consumer utility. It also explores the static choice problem in which the choice is made given the current state of the system.
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Chapter 3: Traditional Metrics for Managing Customer Loyalty.
Chapter 3 of the book "Customer Lifetime Value: The Path to Profitability," by V. Kumar is presented. It focuses on the traditionally used metrics by managers in managing customer loyalty in comparison with customer lifetime value (CLV), as a metric to manage customers. It details the traditional approach in customer management to the CLV way of managing customers, which include recency, frequency, monetary value (RFM) approach, past customer value and share-of-wallet.
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Chapter 4: Beyond Economics.
Chapter 4 of the book "Choice Models in Marketing: Economic Assumptions, Challenges and Trends" is presented. It explores the concept of economic theory as well as the behavioral decision theory (BDT). This chapter further examines the economic models that usually begin with the assumption that a scale value of utility exists.
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Chapter 4: Measuring CLV.
Chapter 4 of the book "Customer Lifetime Value: The Path to Profitability," by V. Kumar is presented. It focuses on the measurement of customer lifetime value (CLV) in managing customers. It also details the approaches to measure CLV, its components, and the various models available for modeling CLV. Moreover, these approaches include the aggregate approach and individual approach.
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Chapter 5: Concluding Thoughts.
Chapter 5 of the book "Choice Models in Marketing: Economic Assumptions, Challenges and Trends" is presented. It presents the conclusion of the book which explores the properties of a simple logit model and a series of equations that arise from its formulation. It also identifies a number of areas for future research that begin at the boundaries of economic models.
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Chapter 5: Drivers of CLV.
Chapter 5 of the book "Customer Lifetime Value: The Path to Profitability," by V. Kumar is presented. It focuses on the typical drivers of customer lifetime value (CLV) wherein these factors determine customer-firm relationship. It also cites that the factors which drive profitable customer loyalty are classified into exchange characteristics and customer heterogeneity. Moreover, it presents an equation which illustrates the profitable lifetime duration.
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Chapter 6: How Can CLV Measure be Used for Developing Customer-Centric Strategies?
Chapter 6 of the book "Customer Lifetime Value: The Path to Profitability," by V. Kumar is presented. It discusses various strategies used by companies which help them in maximizing customer lifetime value (CLV). It also mentions that managers would have to determine the revenue of each customer in the future and subtract the expected costs of acquiring, serving and keeping the customer in order to maximize the lifetime value of every customer.
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Chapter 7: Implementing CLV Framework in a B2B and B2C Scenario.
Chapter 7 of the book "Customer Lifetime Value: The Path to Profitability," by V. Kumar is presented. It focuses on the implementation of customer lifetime value (CLV) framework in a business-to-business (B2B) and business-to-consumer (B2C) scenario. It also mentions that data needs several characteristics for developing customer level strategies including availability of customer-level, the longer period of collected data and marketing touch information.
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Chapter 8: Organizational Challenges in Implementing a CLV-Based Framework.
Chapter 8 of the book "Customer Lifetime Value: The Path to Profitability," by V. Kumar is presented. It focuses on the challenges faced by organizations while implementing the customer lifetime value (CLV) framework. It also stresses that before starting to collect the information, firms should address relevant issues to manage the data more effectively. Moreover, it asserts that the challenge of most marketing managers is to achieve convergence between marketing actions and relations.
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Playing the Changes on the Jazz Metaphor: An Expanded Conceptualization of Music-, Management-, and Marketing-Related Themes.
A metaphor based on the nature of jazz as a musical genre in general and on the sociopsychological process of jazz improvisation in particular has frequently surfaced in recent accounts of product innovation, brand positioning, team coordination, and organizational leadership from various areas of research on management and marketing strategy. As typically applied, this "jazz metaphor" appears unnecessarily limited in its scope. In this light, the author suggests a need for refining, extending, and enlarging the jazz metaphor to cover a broader range of music-, management-, and marketing-related themes. Toward this end, the author "plays the changes" on this perspective by developing a typology of jazz musicians based on different kinds of musical offerings and by elaborating this typology to propose a classification of management and marketing styles based on parallels with the jazz metaphor.ABSTRACT FROM AUTHORCopyright of Foundations &Trends in Marketing is the property of Now Publishers and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.
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References.
The sources cited within this issue are presented including "Similarities in choice behavior across product categories," by A. Ainslie and P. E. Rossi, "The Statistical Analysis of Time-Series," by T. W. Anderson and "The multinomial, multiattribute logit choice model," by D. H. Gensch.
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References.
References for the articles published in the book "Customer Lifetime Value: The Path to Profitability," by V. Kumar are presented.
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