This paper presents a series of mathematical models for determining customer lifetime value (CLV). The models are based on a systematic theoretical taxonomy and assumptions grounded in customer behavior. The paper also offers selected managerial applications of these general models of CLV. CLV is defined as the excess revenues over costs of attracting, selling, and servicing a customer over time. The paper discusses various customer behavior models, including customer retention and migration models, and provides mathematical formulations for calculating CLV in different scenarios. The paper also explores the application of CLV models in marketing decisions, such as allocating promotional budgets between acquisition and retention. The paper emphasizes the importance of CLV in marketing, as it helps in identifying profitable customers and making informed decisions about marketing strategies. The paper also discusses the limitations of previous research on CLV and highlights the need for further research in this area.This paper presents a series of mathematical models for determining customer lifetime value (CLV). The models are based on a systematic theoretical taxonomy and assumptions grounded in customer behavior. The paper also offers selected managerial applications of these general models of CLV. CLV is defined as the excess revenues over costs of attracting, selling, and servicing a customer over time. The paper discusses various customer behavior models, including customer retention and migration models, and provides mathematical formulations for calculating CLV in different scenarios. The paper also explores the application of CLV models in marketing decisions, such as allocating promotional budgets between acquisition and retention. The paper emphasizes the importance of CLV in marketing, as it helps in identifying profitable customers and making informed decisions about marketing strategies. The paper also discusses the limitations of previous research on CLV and highlights the need for further research in this area.