An RFM Analysis Is a

question 96

Multiple Choice

An RFM analysis is a

• A) data-mining system.
• B) way of recording an individual customer's spending habits.
• C) way of analyzing and ranking customers according to their purchasing patterns.
• D) way of recording a customer's most recent purchases.
• E) way of analyzing a customer's most recent purchases.

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Definitions:

Four Steps

A general process or procedure that involves four distinct stages or phases, often used in a variety of contexts such as problem-solving or project management.

Market Segmentation

The process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics.

Importance

The relevance or significance of something in a given context, often determining the priority or attention it receives.

Segmenting

The process of dividing a broad consumer or business market into subgroups with similar characteristics, needs, or behaviors.