You have identified those customers who have purchased "any" product from your firm within the last six months. Additionally, you have identified those customers who have spent at least "$100" and those customers who purchase something from your firm three to six times a year. What formula are you using to select customers for your mailing?

Question

Quizplus · Accepted Answer

The formula being used is recency (within last 6 months), frequency (3 to 6 times a year), and monetary amount ($100 or more). This is known as RFM (Recency, Frequency, Monetary) analysis and is commonly used in customer segmentation for targeting specific groups for marketing or outreach efforts.

You Have Identified Those Customers Who Have Purchased "Any" Product