Customer Life Cycle
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Description
The customer life cycle is made up of four phases: marketing, customer acquisition, relationship management, and loss/churn. Marketing sends messages to the target market to attract customer prospects. When prospects order, they become customers who need to be supported. Additionally, relationship management processes increase the value of existing customers by selling them more products. Inevitably, over time the organization loses customers. When this occurs, win-back processes categorize customers according to value and attempt to win back high-value customers.
Concept Prerequisite
Wikipedia Reference
Learning Material
Covered in Topic(s)
| Organizations and Information Systems |