The availability of Big Data allows the decision maker to use the RFM approach successfully by:
A) Incorporating other metrics such as response rate.
B) Creating iso-profit lines.
C) Relating RFM with the concept of customer lifetime value.
D) All of the above

Question

Quizplus · Accepted Answer

The RFM approach, which stands for Recency, Frequency, and Monetary value, benefits from Big Data by allowing for the incorporation of additional metrics like response rate, the creation of iso-profit lines to optimize marketing strategies, and the integration with the concept of customer lifetime value to better understand and predict customer behavior over time.

The Availability of Big Data Allows the Decision Maker to Use