Final answer:
LTV stands for Life Time Value, a business metric that estimates the long-term revenue contribution of a customer, accounting for the costs of acquisition and service.
Step-by-step explanation:
LTV stands for Life Time Value, which is a concept used in business to estimate the total revenue a business can reasonably expect from a single customer account throughout the business relationship. It considers the customer's revenue contribution over time minus the costs of acquiring and serving that customer. For businesses, especially those operating on a subscription model or with repeat purchase patterns, LTV is a critical metric for understanding the value a customer brings and helps in strategizing marketing, sales, and customer service efforts.