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MNM3712 ASSIGNMENT 1 SEM 2 2023 (1ST FOR WOMEN CASE)
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MNM3712 ASSIGNMENT 1 SEM 2 2023 (1ST FOR WOMEN CASE)
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0717513144 MNM3712 ASSESS 1 SEM 2 2023 muzavazi47@gmail.comDISCLAIMER
The MNM3712 assignment 1 semester 2 2023 is a guide that help students to
answer their 1st assessment. Therefore, students can use as the document
contains different pools of questions. Those who need further assistance may
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muzavazi47@gmail.com
, 0717513144 MNM3712 ASSESS 1 SEM 2 2023 muzavazi47@gmail.com
QUESTION 1
Advise 1st for Women on two practical retention strategies they can use at each
stage of the relationship development ladder of loyalty to ensure that a
customer such as Ms Lebogang Mkhize remains with 1st for Women and
progresses to the next stage of the relationship. (2 marks per stage of the
relationship ladder of loyalty) [12]
The relationship development ladder of loyalty typically consists of several stages,
each representing a different level of customer loyalty and engagement. For the case
of 1st for Women and Ms. Lebogang Mkhize, here are two practical retention strategies
for each stage:
Awareness
Strategy 1: Personalized Onboarding Process
When a potential customer like Ms. Lebogang Mkhize becomes aware of 1st for
Women, it's crucial to provide a seamless onboarding experience. This can be
achieved by collecting relevant information about her needs and preferences and
using it to tailor the communication and offerings. The goal is to make her feel valued
and understood from the beginning, increasing the likelihood of her staying with the
company.
In the awareness stage, personalization and informative content are key. By providing
a smooth onboarding experience and engaging Ms. Mkhize with relevant and valuable
content, the company can capture her interest and lay the foundation for a lasting
relationship.
Strategy 2: Informative Content and Engagement
Engaging Ms. Mkhize with informative content can help establish 1st for Women as a
trustworthy and reliable insurance provider. This could include educational articles,
videos, or webinars on topics related to insurance and financial security for women.
By providing valuable content, the company can build a connection with Ms. Mkhize
and strengthen her interest in their services.
Moving into the consideration stage, customization and transparency become vital.
Tailoring product recommendations to her needs and preferences shows that 1st for
Women cares about her individual requirements. Transparent pricing and benefits
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