making a repeat purchase; (2) F (Frequency): number of purchases made within a certain period; higher frequency indicates greater loyalty; (3) M (Monetary): the money spent during a certain period; a higher value indicates that the company should focus more on that customer.

Numerous studies have discussed the evaluation of CLV. Goodman [10] suggested that the RFM method avoided focusing on less pro?table customers, allowing resources to be diverted to more pro?table customers. Hughes [13] proposed a method for RFM scoring that involved using RFM data concerning to sort individuals into ?ve customer groups. Different marketing strategies could then be adopted for different customers. Stone [35] suggested that different weights should be assigned to RFM variables depending on the characteristics of the industry. In analyzing the value of customers who used credit cards, he suggested placing the highest weighting on the Frequency, followed by the Recency, with the lowest weighting on the Monetary measure. However, he  determined the RFM weightings subjectively, without employing a systematic