Essay Assignment
Part I
In Chapter 5, the text discusses the concept of "Maximizing Customer Lifetime Value" ("CLV").
1. Explain in detail what this concept means.
2. Describe how a company or organization might perform the process of actually measuring "CLV". In other words, how can I determine which are my most valuable versus least valuable customers? (For example "RFM")
3. Situation: You are a member of the Management Committee at NetFlix. Provide at least three legitimate recommendations as to how NetFlix can Maximize CLV in 2021 given the current competitive environment. Provide outside reference sources to support your answer.
Part II
In Chapter 9, the text discusses the concept of "Identifying Market Segments & Targets".
1. Explain in detail what this concept means - And why it is important is to you as a marketer.
2. Using the four bases for segmentation discussed in the text, how would you define the ideal market segment(s) for a targeted marketing campaign for NetFlix?
3. We have discussed the foundational concept of "Database-Driven Marketing" ("DBM") several times in the first half of this course. Situation: Again, you are a member of the Management Committee at NetFlix. How does database-driven marketing fit into NetFlix's strategy to compete successfully in 2021? Provide outside reference sources to support your answer.
Format your assignment according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.