Most Direct Marketers Apply the RFM Formula to Select Customers

question 19

Essay

Most direct marketers apply the RFM formula to select customers. Explain this formula and how it is used to select customers.

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Definitions:

United States

A country located in North America, known for its diverse culture and strong economic and political influence globally.

Short-Term Orientation

A cultural viewpoint that emphasizes immediate outcomes and gratification, rather than long-term goals.

Czech Republic

The Czech Republic is a Central European country known for its rich history, cultural heritage, and its capital, Prague.

Cultural Value

The commonly held standards of what is acceptable or unacceptable, important or unimportant, right or wrong within a particular community or society.