Authors: Archana Singh; Ajay Rana; Jayanthi Ranjan
Addresses: Amity University, Sector-125, Noida(U.P), India ' Amity University, Sector-125, Noida(U.P), India ' IMT Ghaziabad, Raj Nagar Hapur road, Sector 10, Raj Nagar, Ghaziabad(U.P), India
Abstract: Research practitioners have contributed extensively in maximising the customer value using different models. It has been realised that customer lifetime models are industry dependent. The analysis of customer lifetime value is done with different customer value models. Recency, frequency, and monetary (RFM) model is traditional used for market segmentation to detect patterns customers/buyers. In this research paper, a new customer centric analytical model has been proposed for an automobile industry. The paper explores new dimensions in the proposed model to determine the customer value and further by using data mining approach helps the management to build new strategic customer relationship model. The data mining technique association rule mining, direct hashing and pruning is used to generate rules and market patterns for the market management which in turn facilitates in effective and efficient decision making.
Keywords: customer lifetime value; CLV; data mining; market segmentation; recency frequency monetary; RFM model; association rules mining; customer centric models; automobile industry; customer value; modelling; strategic customer relationships; direct hashing; pruning; market patterns; automotive markets.
International Journal of Data Mining, Modelling and Management, 2015 Vol.7 No.4, pp.314 - 330
Published online: 24 Dec 2015 *Full-text access for editors Access for subscribers Purchase this article Comment on this article