customer-centric marketing is defined as looking at a customer’s lifetime value and focusing your marketing efforts on the high-value customer segment in order to drive profits (Dr. Peter Fader, author of Customer Centricity). Basically, customer-centric marketing puts the customer at the center of a marketing strategy to gain as much return as possible.
customer-centric marketing means asking yourself, “What more
can we get out of them?” When customers experience your brand, they’ll always
ask the question, “What’s in it for me?” before they purchase or engage
The monetary unit assumption
requires that
companies include in the accounting records only transactions data that can be
expressed in terms of money. This assumption enables accounting to
quantify(measure) economic events. The monetary unit assumption is vital to
applying the cost principle. This assumption prevents the inclusion of some
relevant information in the accounting records. For example, the health of the
owner, the quality of service, and the morale of employees are not included.
The reason: Companies cannot quantify this information in terms of money.
Though this information is important, only events that can be measured in money
are recorded."