A Review: RFM Approach on Different Data Mining Techniques

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Provided by: International Journal of Emerging Technology and Advanced Engineering (IJETAE)
Topic: Data Management
Format: PDF
Data mining is a well-known technique, which can be used to extract hidden information about customers' behaviors. It is used to improve the customer relationship management processes by various Organizations. Previous researches in constraint based pattern mining emphasis only on the concept of frequency. But the changes in the environment may occur frequently, so the frequently occurring pattern in past may not happen again in the future. To deal with these issues, in this paper the concept of recency, frequency, and monetary is consider. Based on the RFM value, customers can be clustered into different groups and the group information is very useful in market decision making.
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