BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The recency, frequency, monetary value (RFM) model assigns a firm’s customer base a particular trait, which can be used to improve marketing analysis. For each attribute (recency, frequency, and monetary value), customers are given a score from 1 (lowest) to 5 (best) based on their observed purchasing behavior.

Detailed explanation-2: -The “RFM” in RFM analysis stands for recency, frequency and monetary value. RFM analysis is a way to use data based on existing customer behavior to predict how a new customer is likely to act in the future.

Detailed explanation-3: -What is RFM (recency, frequency, monetary) analysis? RFM analysis is a marketing technique used to quantitatively rank and group customers based on the recency, frequency and monetary total of their recent transactions to identify the best customers and perform targeted marketing campaigns.

Detailed explanation-4: -RFM is a strategy for analyzing and estimating the value of a customer, based on three data points: Recency (How recently did the customer make a purchase?), Frequency (How often do they purchase), and Monetary Value (How much do they spend?).

Detailed explanation-5: -RFM stands for recency, frequency, and monetary value.