Ecosystem Approach for Assessing the Socio-economic Development of Industrial and Regional Systems in the Context of Digitalization

2023

Companies should focus on customer lifetime value, its management, and on profitable customers for company growth. The objective of the study is to analyze customer lifetime value and to manage it effectively. The methodology adopted is a conceptual analysis of various aspects of customer lifetime value and its management. Companies should appreciate the importance of customer lifetime value and the connections among customer lifetime value, brand equity, and customer equity. They should develop and build customer lifetime value through various measures (viz., improvement in customer services, customer engagement, enhancing the growth potential of customers, management of unprofitable customers, rewarding profitable customers, and developing customer touch points). They should develop customer loyalty through trust and measure customer lifetime value. Academicians may suggest models that are effective in measuring customer lifetime value and identifying profitable customers. Managers may suggest effective strategies and initiatives for better management of customer lifetime value.

Section: Business Ecosystemsmentioning

confidence: 99%

Management of Customer Lifetime Value in Organizations

2023

“…However, the field has become vibrant and has expanded to other domains in the past few years. Economic ecosystems generate insights which prove helpful in understanding the economic environment and economic development (Tolstykh, Shmeleva, Alpeeva, Boboshko, & Malkova, 2022).…”

Section: Business Ecosystemsmentioning

confidence: 99%

The New Marketing Realities and the Major Marketing Forces

2023

Companies and businesses operate in a competitive environment. Market forces are shaping new marketing realities for companies. The objective of the study is to conduct an analysis of the various aspects of the market forces viz. technology, globalization, physical environment, and social responsibility, and how these forces are shaping the new marketing realities. The methodology adopted is a conceptual analysis of the various aspects of the market forces and the new marketing realities. Companies adopt initiatives and strategies to convert the challenges into opportunities. Academicians may analyze and suggest effective ways to understand the market forces and the new marketing realities. Companies and practicing managers may analyze how the market forces are shaping the marketing realities and the marketing landscape. They should adopt strategies and initiatives which help them to achieve business excellence in the long run.

“…Also, it has become vibrant and has expanded to other domains. Economic ecosystems generate insights which prove to be helpful in promoting economic development (Tolstykh, Shmeleva, Alpeeva, Boboshko, & Malkova, 2022).…”

Section: Business Ecosystemsmentioning

confidence: 99%

Engaging Customers and Managing Customer Relationships

2023

Marketing is about engaging customers and managing profitable customer relationships. Marketers aim to create value for customers in order to capture value from customers in return. The objective of the study is to discuss customer value, customer engagement, building customer relationships, and the various strategies and initiatives adopted by companies. Customer relationship levels and roles of digital and social media in customer engagement are discussed. Customers themselves generate substantial content nowadays. Again, companies should develop relationships not only with customers but also with partners like suppliers, distributors, and retailers to succeed in the long run. The roles and importance of consumer-generated marketing and partner relationship management are discussed. The discussions will help practitioners to understand the strategies and initiatives to be adopted to engage customers, manage customer relationships, to succeed in the competitive business environment, and to achieve business excellence in the long run.