LRFMP model for customer segmentation in the grocery retail industry: a case study
MARKETING INTELLIGENCE & PLANNING, vol.35, no.4, pp.544-559, 2017 (SSCI, Scopus)
- Publication Type: Article / Article
- Volume: 35 Issue: 4
- Publication Date: 2017
- Doi Number: 10.1108/mip-11-2016-0210
- Journal Name: MARKETING INTELLIGENCE & PLANNING
- Journal Indexes: Social Sciences Citation Index (SSCI), Scopus
- Page Numbers: pp.544-559
- Keywords: CRM, Marketing strategy, Customer relations, Customer segmentation, Grocery retail industry, RFM model, DATA MINING TECHNIQUES, MARKET-SEGMENTATION, CLUSTER-ANALYSIS, RFM ANALYSIS, MANAGEMENT
- Middle East Technical University Affiliated: Yes
Abstract
Purpose - The purpose of this paper is to propose a new RFM model called length, recency, frequency, monetary and periodicity (LRFMP) for classifying customers in the grocery retail industry; and to identify different customer segments in this industry based on the proposed model.