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| Author: | Liu, D-R. Shih, Y-Y. |
| Title: | Integrating AHP and data mining for product recommendation based on customer lifetime value |
| Journal: | Information & Management
2005 : MAR, VOL 42:3, p. 387-400 |
| Index terms: | Marketing Customers Products Data mining Methodology |
| Language: | eng |
| Abstract: | For attracting customers, product recommendation (henceforth as: p-rec.) is a critical business activity. In very competitive environments, improving the quality of a p-rec. to fulfill customersÂ’ needs is important. Generally, customer lifetime value (CLV) is evaluated in terms of recency, frequency, monetary (RFM) variables. Few of various recommender systems have addressed the CLV to a firm. This paper develops a novel p-rec. methodology combining group decision-making and data mining techniques. The analytic hierarchy process (AHP) was applied to determine the relative weights of RFM variables in evaluating CLV or loyalty. Clustering techniques were used to group customers according to the weighted RFM value. The experimental results demonstrated that the approach outperformed one with equally weighted RFM and a typical collaborative filtering (CF) method. |
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