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D.NUMBER: 10084474

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PHYSI GS-
0066-
7019

1
 Quest
ion1

1.
Mar
ket
ingmi
xisast
rat
egyusedbybusi
nessest
oenabl
ethem meetneedsoft
hei
rcust
omer
s

andachi
evet
hei
robj
ect
ives.
Mostser
vicecompani
esar
efal
l
ingasar
esul
toft
heCov
id-
19

pandemi
c.Theext
endedser
vicemi
xst
rat
egi
est
hatEXI
MUShot
elcani
mpl
ementt
omi
ti
gat
ethe

ef
fectoft
hepandemi
ctoachi
evebusi
nessobj
ect
ivesar
e;

I
. Peopl
e

Peopl
ear
ethosei
nvol
vedi
naser
vicedel
i
ver
ypr
ocess,
sinceaser
vicei
sinsepar
abl
efr
om

t
heper
sonpr
ovi
dingi
t.Manager
sshoul
dtr
aint
heser
vicepr
ovi
der
stomi
ti
gat
etheCov
id19

t
oachi
evebusi
nessobj
ect
ives.

I
I. Pr
ocess

Mostcompani
eshav
easer
vicebl
uepr
intwhi
chpr
ovi
dest
hedet
ail
soft
heser
vicedel
i
ver
y

pr
ocess,
oft
engoi
ngdownt
oev
endef
ini
ngt
heser
vicescr
iptandt
hegr
eet
ingphr
asest
obe

usedbyt
heser
vicest
aff
.

I
II
.Phy
sicalev
idence

Si
nceser
vicesar
eint
angi
ble,
mostser
vicepr
ovi
der
sst
ri
vet
oincor
por
atecer
tai
ntangi
ble

el
ement
sint
othei
rof
fer
ingt
oenhancecust
omerex
per
ience.I
nor
derf
orEXI
MUShot
elt
o

mi
ti
gat
etheef
fectofCov
id19,
theyshoul
dinv
estmor
eint
oint
eri
ordecor
ati
ont
oensur
e

mor
etangi
bli
ty.

2.Cust
omer
sex
pect
ati
onsencompassesev
ery
thi
ngt
hatacust
omerex
pect
sfr
om apr
oduct
,

ser
viceoror
gani
sat
ion.

I
.Impl
ici
texpect
ati
ons

Someser
vicescannotbef
ull
yexpr
essedbycust
omer
ssoi
t'
supt
omanager
stoensur
e

t
hoseexpect
ati
onsar
emet.
2
 I
I.Expl
ici
texpect
ati
ons

Cust
omer
sexpectt
heser
vicesbeenpr
ovi
dedt
othem i
squal
i
ty.Qual
i
tyser
vicesi
nter
msof

secur
it
yandsaf
etyandsooni
swhatcust
omer
sexpect
.

I
II
.Int
erper
sonalexpect
ati
ons

Cust
omer
sexpectser
vicepr
ovi
der
soft
hehot
elt
obecour
teous,pat
ient,
fr
iendl
yandhel
pful

aswel
l
.Managershoul
densur
ether
eissuchbehav
iourt
osat
isf
ycust
omer
s.

I
V.Technol
ogi
calexpect
ati
ons

Manager
sshoul
dal
soensur
ethatdev
icessuchasmobi
l
ephones,
WIFI,
andI
nter
netar
e

av
ail
abl
etocust
omer
stoandcommuni
cat
ion.

V.Dy
nami
cexpect
ati
ons

Manager
sshoul
dal
soensur
ethatser
vicesshoul
dev
olv
eov
ert
imebypr
ovi
dingmor
eval
ue

ori
ncent
ivest
othei
rser
vice.Forexampl
e,t
hehot
elcanpr
ovi
depi
ckupanddr
opofser
vices

f
orf
reet
ocust
omer
s.

3.
Ser
vicedi
mensi
onst
hatmanager
sshoul
dbemi
ndf
ulofi
nor
dert
oachi
evet
hei
robj
ect
ivesar
e

asf
oll
ows;

I
. Tangi
bil
it
y

Appear
anceofphy
sical
faci
l
iti
es,
equi
pment
sandcommuni
cat
ionmat
eri
alsi
ster
medas

t
angi
ble.I
tcanal
sobedef
inedaswhatwesee,
touchandf
eel
.

I
I.Rel
iabi
li
ty

Rel
i
abi
l
itysi
mpl
ymeanst
heabi
l
ityt
opr
ovi
dequal
i
tyser
vicet
oguest
s.Ser
vicequal
i
tycanbe

i
nthef
orofsecur
it
y,f
oodandot
herst
uff
.

I
II
.Responsi
veness

Wi
l
li
ngnesst
ohel
pcust
omer
sandpr
ovi
desol
uti
onst
othei
rpr
obl
em asqui
ckl
yast
heycan
3
 i
soneoft
heser
vicequal
i
tydi
mensi
onsmanager
sshoul
dbemi
ndf
ulof
.

I
V.Assur
ance

Anot
heri
mpor
tantdi
mensi
onofser
vicequal
i
tyi
stheabi
l
ityoft
heser
vicepr
ovi
der
sto

conv
eyt
rustandconf
idencef
ort
hei
rcust
omer
s.

V.Empat
hy

Car
ingandgi
vi
ngcust
omer
sat
tent
ioni
soneoft
hedi
mensi
onsmanager
sshoul
dtakenot
e.

I
tver
yimpor
tantf
orev
eryor
gani
sat
iont
ocar
eabouti
tcust
omer
s.

4.Theser
vicedi
mensi
oncanser
veasat
ool
incust
omerr
etent
ionby;

I
. Pr
ovi
dingcust
omer
swi
thqual
it
yser
vices

Whenqual
i
tyser
vicesar
ebei
ngpr
ovi
dedt
ocust
omer
s,t
heywi
l
lal
way
swantt
owor
kwi
th

t
hecompany
.Cust
omerr
etent
ioni
sthebestmeasur
eofser
vicequal
i
ty.

I
I. Ensur
inggoodr
elat
ionshi
pwi
thcust
omer
s

I
II
.Cust
omerr
elat
ionshi
pisv
eryessent
ialt
oev
eryor
gani
sat
ion.Howhotr
elat
ewi
thy
our

cust
omer
shel
pthem deci
deast
ost
aywi
thy
ouornot.Goodcust
omerr
elat
ionshi
phel
ps

r
etai
ncust
omer
s.

I
V.Wi
ll
ingt
ohel
pcust
omer
swi
tht
hei
rpr
obl
ems

Whencust
omer
sar
ebei
nggi
vet
hecar
etheywantandal
sowhent
hei
rpr
obl
emsar
esol
ved,

t
heybui
l
dsomeconf
idencei
nthecompany.Thi
shel
pthecompanyr
etai
nthosecust
omer

4
 Quest
ion2

I
.Ser
vicequal
i
tyasi
stheabi
l
ityofaser
vicef
ir
mtohangont
oit
scust
omer
s.Thati
s,i
nthei
r

opi
nioncust
omer
sret
ent
ioni
sbestmeasur
edbyser
vicequal
i
ty.Ser
vicecanbei
mpr
ovedwhen

pr
oducti
sint
angi
bleandnonst
andar
dizedt
hrough;

1.Get
ti
ngf
eedbackf
rom cust
omer
s

Theser
vicepr
ovi
der
sort
heagent
sthatr
enderser
vicest
ocust
omer
sget
sfeedbackaboutt
he

ser
vicer
enderandt
heyt
heyal
sohav
eknowl
edgeaboutwhatcust
omer
swant.Toi
mpr
ovet
he

qual
i
tyofser
viceswhenpr
oducti
sint
angi
bleandnonst
andar
dized.
UPSAi
nsur
anceshoul
densur
e

t
heygetf
eedbackf
rom t
hef
ront
li
newor
ker
sorser
vicepr
ovi
der
sinor
dert
oaddmor
eincent
ives

andv
aluet
otheser
vicet
osat
isf
ycust
omer
sneeds.

2.Ser
vicebl
uepr
int

Abl
uepr
inti
sat
ool
usedt
odesi
gnnewser
vicesort
oredesi
gnex
ist
ingonesandi
tspeci
fi
esi
n

somedet
ail
showt
heser
vicepr
ocessshoul
dbeconst
ruct
ed.Toenr
ichser
vicei
nnov
ati
onand

ser
vicedev
elopmentser
vicebl
uepr
intmustbecust
omer
scent
ri
c.UPSAi
nsur
anceneedt
o

i
mpl
ementt
hist
ool
soast
oimpr
oveser
vicequal
i
ty.

I
I.
UPSAi
nsur
ancecancer
tai
niti
scommuni
cat
ingaconsi
stentandr
elev
antmessaget
hrough;

I
. Posi
ti
veandcont
inuousFeedback

Feedbacki
snecessar
yinev
eryor
gani
zat
ion.I
nor
derf
orUPSAi
nsur
ancet
oknowi
ftheyar
e

communi
cat
ingaconsi
stentandr
elev
anti
nfor
mat
ioni
sget
ti
ngposi
ti
veandcont
inuosf
eedback

f
rom ser
vicepr
ovi
der
stomanager
sthr
oughupwar
dcommuni
cat
ion.Ser
vicepr
ovi
derar
ethe

f
ront
li
newor
ker
soft
heser
viceor
gani
zat
ions.Theyar
ethosewhogetf
eedbackdi
rect
lyf
rom

cust
omer
s.Soencour
agi
ngf
eedbackf
rom ser
vicepr
ovi
der
swi
l
lhel
pUPSAi
nsur
anceknow

whet
hert
heyar
ecommuni
cat
ingconsi
stentandr
elev
anti
nfor
mat
ion.

5
I
II
.Usual
l
ypr
icesar
esetbasedont
hecostofpr
oduct
ion.I
tsi
sal
sodi
ff
icul
ttodet
ermi
net
hecost

ofpr
oduct
ionf
oraser
viceor
gani
sat
ionhencemaki
ngi
tdi
ff
icul
ttosetpr
ices.Pr
icescanbeset

wheni
tisdi
ff
icul
ttodet
ermi
net
hecostofpr
oduct
ionf
orUPSAi
nsur
ancet
hrough;

I
. Pol
ishi
ngnew-
busi
nesspr
ici
ng.

I
nit
ial
l
y,i
nsur
erst
endedt
oof
ferdeepdi
scount
stocl
i
ent
sint
hehopet
hatt
hiswoul
dease

t
hepai
noft
hei
nev
itabl
epr
icei
ncr
easeatr
enewal
time.Butt
hismet
hodhaspr
oven

i
nef
fect
ive.Thei
ndust
ryhasl
ear
nedf
rom t
hedat
agat
her
ednotonl
yfr
om t
hei
rown

cust
omerbasebutal
sof
rom buy
inghabi
tsf
rom ot
heri
nsur
ancebuy
ersot
herf
rom t
hei
rown.

Asar
esul
t,somebi
ginsur
ersnowar
eopt
imi
zi
singt
hei
rpr
ici
ngofnewbusi
ness.

I
I.I
mpr
ovepor
tfol
iopr
icemanagement
.

Toof
ewi
nsur
ershav
ereachedt
hei
rpot
ent
ial
int
ermsofmax
imi
zi
ngr
etent
ionoft
hemost

pr
ofi
tabl
ecl
i
ent
sandi
mpr
ovi
ngt
hepr
ofi
tabi
l
ityofl
ow-
val
uecl
i
ent
s.Thi
sgoal
canbe

achi
evedonl
ybygai
ningadeeperunder
standi
ngofone’
sowncl
i
entbaseandbydev
elopi
ng

i
ncr
easi
ngl
ygr
anul
arsegment
ati
on.Theabi
l
ityt
ogener
atedeepcl
i
enti
nsi
ghtf
rom

compr
ehensi
vedat
acol
l
ect
ioni
scr
it
ical
,par
ti
cul
arl
yfori
dent
if
yingpr
ospect
sforcr
oss

sel
l
ingandf
oraddi
nghi
gher
-mar
ginauxi
l
iar
ycov
erageal
ongsi
depr
inci
pal
pol
i
cies.

I
II
.Addi
ngcust
omerv
aluedr
iver
sandcompet
it
ori
nsi
ght
sint
opr
ici
ng.

Mosti
nsur
erssett
hei
rcost
-or
ient
edpr
ici
ngst
ruct
uresoncl
aimsexper
ience.Toi
mpr
ove

t
hei
rpr
ici
ngst
rat
egy
,theymusti
ncor
por
atecl
i
entpr
icesensi
ti
vi
tyandpr
evai
l
ingmar
ket

pr
icest
hati
sthei
rcompet
it
orsi
ntot
hei
rownpr
ici
ngt
oo.Somewoul
dcompl
aint
hat

r
egul
ati
onspr
eventt
hem f
rom al
l
owi
ngdemand-
basedpr
ici
ngort
hatt
hei
ragent
sdonotl
i
ke

i
t.Howev
er,
ther
ear
eal
readyi
nsur
anceor
gani
zat
ionsf
indi
ngi
nnov
ati
veway
stowor
kwi
thi
n

t
her
egul
ator
yst
ruct
ure,
giv
ingt
hem anear
ningr
etur
nofupt
o5percentofgr
osswr
it
ten

pr
emi
ums.

6
 Quest
ion3

Case:
Lasty
eari
nGhanasomebanksandot
herf
inanci
ali
nst
it
uti
onsl
i
ket
hemi
crof
inance

compani
escol
l
apsedasar
esul
tofpoorcor
por
ategov
ernance,
nonper
for
mingl
oanandcr
edi
t

r
isk.
Thecont
inuedandsust
ainedgr
owt
hofanyeconomyi
sdependentonast
rongandr
obust

f
inanci
alsect
or.TheBankofGhanai
nabi
dtor
efor
m andensur
est
abi
l
ityoft
hesect
or,
wit
hdr
ew

t
hel
i
censesofni
nebanksi
nGhana.

Bel
owr
ecommendat
ionshel
psf
inanci
alser
vicesr
emai
npr
ofi
tabl
eandbecompet
it
ivei
npr
ici
ngi
t

ser
vices;

I
..Expansi
on

Mov
ingi
ntonewmar
ketar
eascant
ransf
orm abusi
nessand,
handl
edcor
rect
ly,
can

si
gni
fi
cant
lyi
ncr
easey
ourpr
ofi
tabi
l
ity
.Expandi
ngi
ntonewmar
ket
scanber
iskyand

mi
stakescanpr
ovev
eryexpensi
ve.
Newcust
omer
scanhel
pgr
owt
hebusi
ness.Howev
er,

t
hiscansomet
imesbet
hemostexpensi
vest
rat
egyf
orgener
ati
ngaddi
ti
onal
rev
enue.On

av
eragei
tcost
sei
ghtt
imest
heamountofmoneyt
oacqui
reanewcust
omerasi
tdoest
o

r
etai
nacur
rentcust
omer
.Thesi
mpl
estandmostcostef
fect
ivewayt
ogetnewcust
omer
sis

t
oexpandt
hebusi
nessandal
sodi
ver
sei
ntonewpr
oductpr
oduct
ion.Fori
nst
ance,Access

bankhasmanybr
anchesi
nGhanaandal
lregi
onswhi
chhasenabl
ethem boostcust
omer
s

andpr
ofi
t.

I
I. Focusonpr
ofi
tabl
emar
ket
s

Focusi
ngonwher
eanor
gani
sat
iongai
nmor
erev
enueorpr
ofi
twi
l
lhel
pthem r
emai
n

pr
ofi
tabl
e.Thi
swi
l
lal
sohel
por
gani
zat
ionsachi
evebet
teroper
ati
onopt
imi
zat
ion.For

exampl
e,t
her
ear
emor
ebr
anchesofaccessbanki
nAccr
aascompar
edt
oot
herr
egi
ons

si
mpl
ybecauset
heymakemor
epr
ofi
tinAccr
a.
7
 I
II
.Reduceov
erheadsorexpenses

Whenser
vicespendmor
ethant
her
evenuet
heygener
ate,
itwi
l
lleadt
oal
oss.Hencef
inanci
al

ser
vicesshoul
dreducet
hei
rov
erheadsi
nor
dert
ogai
npr
ofi
tremai
npr
ofi
tabl
e.Formany

busi
nessesov
erheadexpenseshav
eawayofcr
eepi
ngupov
ert
ime.Regul
arr
evi
ewofy
our

ov
erheadex
pensesi
sasi
mpl
eandef
fect
ivewayofr
emai
ningpr
ofi
tabl
e.

Fact
orst
oconsi
derwhendet
ermi
ningpr
ici
ngaser
vice;

. Cos
I t
s

Bef
orey
ousety
ourpr
ici
ng,
wor
koutt
hecost
sinv
olv
edwi
thr
unni
ngy
ourbusi
ness.These

cost
scanbet
heexpensesorov
erheadsmadebyt
heser
vicecompany.

I
I. Cust
omer
s

Knowwhatt
hecust
omer
swantf
rom t
heser
vices.Thi
sinf
ormat
ionwi
l
lhel
pyoudet
ermi
ne

i
fthepr
icei
sri
ght
,whatl
evel
ofser
viceori
ncl
usi
onsy
oushoul
dbeof
fer
ingandl
ast
lyi
fyou

ar
etar
get
ingt
her
ightmar
ket
.Itmaybet
haty
ouneedt
ochanget
hemar
kett
omakey
our

busi
nessmor
epr
ofi
tabl
e.

I
I.Compe
I t
it
ors

I
nor
derf
oraser
vicecompanyt
osetpr
ices,
itneedst
ocompar
eit
sser
vicet
othatofi
ts

compet
it
or'
stodet
ermi
net
hepr
iceofi
tser
vice.