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Managing Customers for Value

An Overview and Research Agenda

University of Connecticut

Katherine N. Lemon

Boston College

A. Parasuraman

University of Miami

This article provides an introduction to and overview of this special issue on "Managing Customers for Value." The field of customer management has grown rapidly in recent years, with significant research examining approaches with which firms can manage customers as key assets. Starting with the notion that firms seek to maximize customer lifetime value and customer equity, the authors identify eight key challenges that firms and researchers face in understanding, managing, and implementing successful customer management strategies. The authors then present an organizing framework and use it to offer an overview of the rest of the special issue, outlining how each of the remaining articles in the special issue (each addressing one of the key challenges) fits into the framework. Based on a synthesis of the overall insights from the articles, the authors conclude with a research agenda that highlights potentially fruitful avenues for further investigation.

Key Words: customer management • customer lifetime value • customer equity

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