You would need to work on the ‘purchase’ dataset of a retail store (we have used this dataset extensively in MKTA class) to come out with other interesting segments (using RFM) and recommend marketing actions
There will be two primary tasks:
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Based on R, F, M variables, build a 4-segment solution (using K-Means), whichever is more meaningful and actionable to you. Define each of these segments and select the one most important segments for this business to act upon. Why do you think this segment is important? What Marketing actions do you propose to take, to target and derive more business from this segment?
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Using R, F, M try building segments which are more from the managerial implementation angle and common-sense-led actionable. For example, (i) by giving scores based on R, F, M and creating a score for each customer and then segmenting them OR (ii) by creating two groups High / Low for each of the variables R, F and M and then looking at the all possible 222 = 8 segments. Select the two most important segments for this business to act upon. Why do you think these two segments are important? What Marketing actions do you propose to take, to target and derive more business from these two segments?
ANANDA CHATTERJEE, HRISAV BHOWMICK, RAJARSHI CHAKRABORTY, SANKALPA SAHA, SIDDHARTH DWIVEDI