![]() ![]() ![]() Expert Systems with Applications 26 (2): 181–188. (2004) An LTV model and customer segmentation based on customer value: A case study on the wireless telecommunication industry. (2010) Risk uncertainty and supply chain decisions: A real options perspective. Upper Saddle River, New Jersey: Prentice Hall. (2002) Fundamentals of Futures and Options Markets. Working Paper, School of Management, Boston, MA: Boston University. (2002) A Real Options-Based Framework for Valuing Business Relationships as Strategic Assets. European Management Journal 25 (3): 221–234. (2007) A model to determine customer lifetime value in a retail banking context. (2006) Valuing the real option of abandoning unprofitable custorners when calculating customer lifetime value. Journal of Service Research 9 (2): 139–155. Cambridge, MA, Massachusetts Institute of Technology. MSc Thesis, Department of Urban Studies and Planning. (2008) A real options analysis of a vertically expandable real estate development. Expert Systems with Applications 36 (2): 2062–2071. (2009) A modified pareto/NBD approach for predicting customer lifetime value. (2007) The role of channel quality in customer equity management. BT Technology Journal 23 (3): 24–29.Ĭopeland, T.E. Journal of the Operational Research Society 55 (2): 860–868.Ĭollings, D. (2004) Customer lifetime value: Stochastic optimization approach. (2011) Incorporating technical risk in compound real option models to value a pharmaceutical RandD licensing opportunity. Management Science 42 (9): 1364–1381.Ĭassimon, D., De Backer, M., Engelen, P.J., Van Wouwe, M. (1996) Mailing decisions in the catalog sales industry. Journal of Service Research 9 (2): 156–167.īitran, G.R. (2006) From customer lifetime value to shareholder value: Theory, empirical evidence, and issues for future research. Omega: International Journal of Management Science 29 (1): 49–62.īerger, P.D., Eechambadi, N., George, M., Lehmann, D.R., Rizley, R. (2001) The allocation of promotion budget to maximize customer equity. Journal of Interactive Marketing 12 (1): 17–30.īerger, P.D. (1998) Customer lifetime value: Marketing models and applications. International Journal of Production Economics 74 (1): 213–224.īenninga, S. (2001) Manufacturing flexibility and real options: A review. Journal of Petroleum Science and Engineering 44 (16): 67–82.īengtsson, J. (2004) Incorporating technical uncertainty in real option valuation of oil projects. (2011) A robust optimization approach to allocation of marketing budgets. Journal of Strategic Marketing 12 (1): 3–11.Īlbadvi, A. (2004) Real options and customer management in the financial services sector. Results show the classical models of CLV measurement ignore the value of options despite the fact that sometimes these options have considerable values and are decisive in managers’ decision making.Īdams, M. The applicability of the models is demonstrated by numerical illustrations. Each model is useful when the following options are available: option to market penetration, option to customer development through add-on selling and option of stage investment. In this research, we develop three models based on real options. Then, we focus on development of models to measure options’ values for better estimation of CLV. The research firstly aims to identify major options a seller has in relationship with its customers. This article aims to provide models to measure CLV using real options valuation. Real options valuation is the approach in such situations. Most CLV models cannot consider the management flexibility in uncertain situations. ![]() As the concept of Customer Lifetime Value (CLV) is gaining a growing acceptance to achieve superior efficiency and effectiveness of marketing plans, development of more accurate models to measure CLV is becoming an important issue. ![]()
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