RFM Analysis Is Used to Analyze and Rank Customers According

question 14

Multiple Choice

RFM analysis is used to analyze and rank customers according to their ________.

• A)purchasing patterns
• B)propensity to respond to marketing stimulus
• C)socio-economic status
• D)motivation and needs

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Definitions:

Mean of a Sample

The average value obtained by dividing the sum of all observations in a sample by the number of observations.

Mean of a Population

The average value derived from adding all the values in a population and then dividing by the number of values.

Null Hypothesis

A default hypothesis that there is no effect or no difference, used as a starting point for statistical significance testing.

One-sample Z-test

A statistical test used to determine if the mean of a single sample differs significantly from a known or hypothesized population mean.