1. Lifetime value of a customer is defined as
   1. the percentage of an individual customers purchase of a product that is a single brand
   2. the financial value of a customer throughout the lifetime of the relationship
   3. the potential profit that a single customers purchase of a firms products generates over the customers lifetime
2. An oligopoly is
   1. a market structure in which a relatively small number of sellers, each holding a substantial share of the market, compete in a market with many buyers
   2. a market situation in which one firm, the only supplier of a particular product , is able to control the price, quality and supply of that product
   3. a market structure in which many firms, each having slightly different products, offer unique consumer benefits
3. Brand loyalty is defined as
   1. the overall feelings or attitude a person has about a product after purchasing it
   2. a pattern of repeat product purchases, accompanied by an underlying positive attitude toward the brand, based on the belief that the brand makes products superior to those of its competition
   3. a mental rule of thumb that leads to a speedy decision by simplifying the process