MNM3709 Assignment 2 Semester 2 2024 (Detailed Answers)

The Question QUESTION 1 [10 MARKS] As the market becomes increasingly competitive, Ocean Basket must develop strategies to retain customers and increase customer loyalty. Recommend one pure loyalty, push loyalty, pull loyalty, purchase loyalty and purge loyalty marketing strategy each to Ocean Basket (so a total of five loyalty marketing strategies) by explaining how Ocean Basket can apply each of these strategies to improve customer satisfaction, loyalty and retention. Provide specific practical examples relating to Ocean Basket to support your discussion. No marks will be awarded for AI-generated content. Keep your explanation of each loyalty strategy under 100 words. Note that, for this question, you are not required to reference but you are still not allowed to copy from any source, including the prescribed material. Think of your own examples. Turnitin will flag copied examples and AI-generated content. Copied examples from any other sources will receive zero. MARKING RUBRIC QUESTION 1 Loyalty strategies 0 Marks 1 Mark 2 Marks Per loyalty strategy Only theoretical discussion. Did not apply to Ocean Basket. The incorrect theory used to apply practically. Copied examples from other sources, including but not limited to, websites/other students/AIgenerated examples. Did not show evidence of thinking critically or applying knowledge. The example provided explains the loyalty strategy but not how it can improve customer satisfaction, loyalty and or retention. Example is related to Ocean Basket but lacks detail or is not clear. Attempted to connect the loyalty strategy to Ocean Basket but the connection is weak. Shows some critical thinking but is limited. The explanation is too long (more than 100 words). A clear but brief example is provided of the loyalty strategy and how it can improve customer satisfaction, loyalty or retention for Ocean Basket. Demonstrates critical thinking and application of practical knowledge in a clear, concise manner. QUESTION 2 [8 MARKS] Use practical examples to indicate how Ocean Basket could employ the following strategies to improve consumers' willingness to buy and use their products and convert potential buyers into actual buyers: Related products or services Usage problems Value or experience compatibility Perceived risk MNM3709/103/2/2024 8 Provide specific practical examples relating to Ocean Basket to support your discussion. No marks will be awarded for theory discussion and AI-generated content. Keep your explanation of each strategy under 100 words. Note that, for this question, you are not required to reference but you are still not allowed to copy from any source, including the prescribed material. Think of your own examples. Turnitin will flag copied examples and AI-generated content. Copied examples from any other sources will receive zero. MARKING RUBRIC QUESTION 2 Per strategy 0 Marks 1 Mark 2 Marks Related products or services Usage problems Value or experience compatibility Perceived risk Only theoretical discussion. Did not apply to Ocean Basket. The incorrect theory used to apply practically. Copied examples from other sources, including but not limited to, websites/other students/AIgenerated examples. Did not show evidence of thinking critically or applyin