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Marketing • The activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Copyright © Cengage Learning. All rights reserved 12 | 1 Managing Customer Relationships • Relationship marketing: Establishing long-term mutually satisfying buyer-seller relationship • Customer relationship management (CRM): Using information about customers to create marketing strategies that develop and sustain desirable customer relationships • Customer lifetime value: a combination of purchase frequency, average value of purchases, and brandswitching patterns over the entire span of a customer’s relationship with a company Copyright © Cengage Learning. All rights reserved 12 | 2 Major Marketing Functions Copyright © Cengage Learning. All rights reserved 12 | 3