• January 31st, 2016

Recency, Frequency, Monetary (RFM) Analysis

Paper, Order, or Assignment Requirements

Weekly tasks or assignments (Individual or Group Projects) will be due by Monday, and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

 

The design of your online analytical processing (OLAP) structure should now be completed, and you are ready for the next step in the development of your Business Knowledge Systems Strategy, which is the recency, frequency, monetary (RFM) analysis. RFM analysis provides valuable information about your existing and potential customers to help decision makers improve their results. Planning for regular RFM analysis will play an important role in your Business Knowledge Systems Strategy.

 

For this assignment, you will continue your work on the Business Knowledge Systems Strategy document with the execution of a RFM analysis for your organization to quantitatively determine whom to target for marketing in your organization. You will also show how the OLAP design from Week 2 can provide the necessary information for the RFM analysis.

 

The project deliverables are as follows:

 

Update the Business Knowledge Systems Strategy document title page with the new date and project name.

Update the previously completed sections based on instructor feedback.

Project execution

RFM analysis plan

Design an RFM analysis for your organization that will show how a specific marketing decision will be made.

The marketing problem or scenario should be identified.

The RFM analysis should provide attribute categories and demonstrate how the OLAP design developed in Week 2 can provide the necessary information for the analysis.

Identify any necessary information for the analysis that is not provided by the OLAP design, and prepare strategies for acquisition of the missing information.

RFM analysis execution

Conduct the RFM analysis based on the plan created in the first step of this assignment.

Include data from both the OLAP design and the other information requirements.

It is understood that actual data may be difficult to obtain, so it is acceptable to provide hypothetical information, but this information should be developed for all identified attributes.

Summarize the results of the analysis, and discuss the decisions that would be made based on the results.

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