@article{MAKHILLIBM201610626193,
    title = {“Market Segmentation for Marketing of Banking Industry Products
Constructing a Clustering Model for Bank Pasargad’s E-Banking Customers
Using RFM Technique and K-Means Algorithm”},
    journal = {International Business Management},
    volume = {10},
    number = {6},
    pages = {1106-1119},
    year = {2016},
    issn = {1993-5250},
    doi = {ibm.2016.1106.1119},
    url = {https://makhillpublications.co/view-article.php?issn=1993-5250&doi=ibm.2016.1106.1119},
    author = {Arvin,Elham and},
    keywords = {Market segmentation,E-banking customers segmentation,RFM, K-means,database marketing,market segmentation for internet banking services},
    abstract = {Development of new business concepts like customer satisfaction, loyalty and relationship marketing
obliged organizations to segment their market into smaller homogenous groups in order to have more precise
marketing, advertising and product development strategies. Within present research, the importance of
segmentation considering financial services sector is discussed with the emphasis on database marketing. A
segmentation model for retail banking internet-based services is applied upon RFM and some demographic
variables aiming to go more accurate through e-services market, in order to enable the marketers’ establishing
new strategies and a sample of 1478 E-banking customers is clustered via K-Means algorithm. Finally, based
on the clustering results recommendations and suggestions is offered to enhance customer relations and
developing services.}
    }