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ACURA Strategy Development
ACURA Strategy Development
ACURA is an acronym that represents variant customer-related strategies including acquisition, cross selling, up selling, retention, and advocacy (Biswas, 2014). It is an important strategy in ensuring that both consumers and firms are able to find value through approaches within each of the five strategies in ACURA. It allows firms to design a variation of related approaches including promotional deals, offers on products, bundling, attractive alternatives, and many other strategies to not only acquire but also retain consumers and win them back in case of loss.
Cross-selling and Up-selling Strategy
For the low budget young customer segment, Raiz Invest Limited should cross selling will be among the most effective means to increase revenue. For instance, Raiz could provide bundled products in an attractive package for example enabling mobile payments on its digital lending and credit platform. It could also provide insurance on mobile loans as a way to increase revenue for a market segment that is focused on the product and its benefits while remaining consciously sensitive of price. In light of this, the most applicable cross-selling strategy that Raiz can use on the low budget young consumers is promoting products that other people bought, including any available offers and related items for the same.
Ghoshal, Mookerjee, and Sarkar (2021) advocate for recommending related items in a cross-selling strategy as one of the most effective ways to get price sensitive consumers to purchase. Similarly, offering discounts on bundled products is noted by Jayalath and Premaratne (2021) to rapidly increase sales for young consumers. Other strategies that apply to Raiz’s cross-selling strategy would include promoting products that are essential to another product’s performance. For example, if a customer takes a mobile loan, Raiz could offer an insurance package against delayed payments as a way of adding value to the original product. In this way, revenue is generated and the customer sees value in both products. Therefore, a cross-selling strategy is recommended for the low budget young segment of Raiz’s market. Bundling, recommending products, recommending related products, offering discounts on products and bundles, and promoting products essential to another product’s performance are the most effective approaches.
Retention Strategy
Retention is defined by Mahmoud, Hinson, and Adika (2018) as the ability to get an acquired customer to buy a product again. For example, when a customer renews their insurance package every year with the same agency for five years. To increase customer loyalty among existing low budget young customers, Raiz will need to employ excellent customer service on its platforms, offer bundled discounts and surprise gifts, and have a personal relationship strategy. Other strategies proposed by Gomber et al. (2018) include fast support, personalized interactions, meeting customers where they are, incentivizing loyalty. And gathering feedback on a regular basis. The idea is to boost loyalty through creating buyer relationships.
Raiz will also need a win-back strategies for lost customers. It will encompass a “we fixed the issue” campaign that addresses the reason why customers stopped buying a product or switched to a rival organization. There will also be incentives provided to win back customers. For example, discounted prices on previous bundled purchased over a period of time. Lastly, social media personalized campaigns will target interactions with consumers (Renjith, 2017). Recovery strategies in the case of product or service failure for the low budget young consumers will include free products for a trial basis, discounts, apologies, and coupon. For the unprofitable customers, no action will be taken, but instead products will be bundled up to ensure that they are either able to move up their spending curve or exit altogether.
Objectives
The objectives are focused on attaining the following objectives as well as key performance indicators (KPIs)
Enable Raiz to increase its market share by 25% in the target segment including the low budget young group
Reduce the churn rate by 4% for the first quarter of operations
Raise the customer loyalty rate by 10% by converting current passives to promoters
Time-Scheduled Roadmap
For cross-selling and retention strategies for the low budget young segment, the following time schedule is recommended for Raiz to apply.
Phase Activity Timeframe
Phase 1 Bundling products in an attractive package In the next 12 months
Review and update of bundled products every 2 months
Phase 2 Promoting products that other people bought
Recommending related items Continuously for the next 12 months
Phase 3 Offering discounts on bundled products For the next 12 months
Weekly reviews
Phase 4 Promoting products that are essential to another product’s performance For the next 12 months. Review every month based on uniquely bundled products and highest moving products
Phase 5 Excellent customer service
Fast support
Personalized interactions
Meeting customers where they are
Incentivizing loyalty Continuous for the next 12 months
Phase 6 Surprise gifts Every week
Key Performance Indicators
The metrics for the low budget young segment is as follows
Cross-Selling Metrics
KPI Composition Sources Frequency
Sales effort spent Amount of time spent on the right products by sales representatives Time logged on phone calls and customer engagement Weekly
Activities per opportunity New pipeline generated efficiency Amount of time used to make interactions leading to new business Weekly
Win rate New business generated out of each cross-sell strategy Conversion rates leading to business Monthly
Attach rate Accurate forecasting of cross-sell and net new more accurately Higher numbers per period Quarterly
Renewal rate Selling products with a long term value Amount of repeat business per period Annually
Retention Metrics
KPI Composition Sources Frequency
Customer retention rate Calculated through getting number of customers at end of time period minus the number of new customers acquired during time period (divided by number of customers at the beginning of a time period) New customer entries Monthly
Churn rate The percentage of lost customers over a given time period Customer accounts Monthly
Existing customer revenue growth ratio Revenue generated from customer success, retentions, and loyalty effort Higher numbers of monthly revenue from retention efforts Monthly
Net incremental revenue Changes in net revenue earned Higher numbers per period Quarterly
Repeat purchase rate Percentage of customers returning to make repeat purchases Amount of repeat business per period Monthly
References
Biswas, S. (2014). Relationship marketing: concepts, theories and cases. PHI Learning Pvt. Ltd..Ghoshal, A., Mookerjee, V. S., & Sarkar, S. (2021). Recommendations and Cross-selling: Pricing Strategies when Personalizing Firms Cross-sell. Journal of Management Information Systems, 38(2), 430-456.
Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the fintech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services. Journal of management information systems, 35(1), 220-265.
Jayalath, J. A. R. C., & Premaratne, S. C. (2021). Analysis of Key Digital Technology Infrastructure and Cyber Security Consideration Factors for Fintech Companies. Analysis of Key Digital Technology Infrastructure and Cyber Security Consideration Factors for Fintech Companies, 84(1), 8-8.
Mahmoud, M. A., Hinson, R. E., & Adika, M. K. (2018). The effect of trust, commitment, and conflict handling on customer retention: the mediating role of customer satisfaction. Journal of Relationship Marketing, 17(4), 257-276.
Renjith, S. (2017). B2C E-Commerce customer churn management: Churn detection using support vector machine and personalized retention using hybrid recommendations. International Journal on Future Revolution in Computer Science & Communication Engineering, 3(11), 34-39.
Case study Australia’s 2day radio station prank call
Case study: Australia’s 2day radio station prank call
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What is the radio station going to do?
Due to the mounting pressure by individuals and organizations to close down the stations and fire the presenters, the station has decided that the djs will not air the show until further notice. The company decided to suspend all its advertisements until investigations about the tragedy are carried out (The Age. com.au, 2012). Rhys Holleran, Southern Cross Austereo CEO emphasized that their priority was to support the family and not judge whether the company should lose its broadcasting license or not (The Age. com.au, 2012).
What do you think they should do?
It is best that the company puts the two presenters out of limelight until things cool down. The presenters themselves should apologize to the public and the deceased person’s family. The presenters are definitely shocked by the experience and should be supported by the station and not criticized. However, the company should not try to portray the innocence of the presenters and itself before the heat reduces and conclusive investigations are conducted. The station should understand the reason why advertisers chose to suspend their commercials.
This event has become what we call, & quote; A Media Circus
Since the controversy, Many media houses in Australia and oversees have aired the story. Some include, Daily Mail, London Evening Standard, The Times, The Guardian, Daily Star, The Daily Telegraph and The Independent (The Age. com.au, 2012). Social networking sites like twitter and Facebook have been used to conduct opinion polls on the issue and seek public opinion over the matter.
If the radio station management does not take certain steps to make the situation better, the radio station might go out of business – what happened? What should they do now?
Advertisers who have suspended their commercials may retrieve them completely due to fear. There is need for the station to win back the trust of these advertisers lest the company stands to loses them. The station should also thrive to maintain its fun base intact by not justifying themselves. The station should also agree to any consequences bestowed upon them. A nice recovery effort would be to train its employee on ethics.
Are there media theories that apply (or should be applied) here? What mistakes were made?
The station broadcasted a private phone conversation without the participant’s acquaintance which is illegal according to ACMA Code of Conduct for Talkback and Interviews (Commercial Radio Australia Limited, 2011). The station abused person’s right to privacy by broadcasting Kate Middleton’s hospital detail on air. The nurse also violated the professional code of conduct by releasing private information of a patient’s condition though without consent this was a breach of professional ethics (Australian Nursing & Midwifery Council, 2008).
How people were hurt and then and what you think the Radio station SHOULD do in order to minimize the damage?
Kate Middleton was hurt by the exposure of her hospital detail to the public. Jacintha was hurt on realizing she had publicly denounced ethics. The family was hurt after the nurse committed suicide. The two djs who made the prank as well as the station were hurt and face the risk of being fired or losing the broadcasting license. The criticizers of the hoax call are also people hurt by the incidence. The hospital where the nurse worked suffered the loss of a qualified nurse. The radio station should support the victim’s family and publicly apologize.
Reference
The Age. com.au (2012) Global reaction after nurse who took prank call from Australian DJs found dead. Retrieved January 15th, 2013 from file:///C:/Users/Kirugi/Downloads/Prank%20call%20nurse%20found%20dead%20_%20Duchess%20of%20Cambridge%20Pregnancy.htmlAustralian Nursing & Midwifery Council (2008) code of professional conduct for nurses in Australia. Retrieved January 15th, 2013 from http://www.amsantmanual.com/proforma/hr/Code%20of%20Ethics%20for%20Nurses%202008.pdfCommercial Radio Australia Limited (2011) Codes of Practice & Guidelines. Retrieved January 15th, 2013 from http://www.acma.gov.au/webwr/aba/contentreg/codes/radio/documents/commercial_radio-codes_and_guidelines_5sept2011.pdf
Acuity-Driven Gigapixel Visualization
Acuity-Driven Gigapixel Visualization
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Institution
Introduction
Acuity-Driven Gigapixel Visualization is a project that makes to compensate for the flaws that have been presented by advanced visual technology. The realization that advanced visual technology has limitations on user navigation as a result of the alternating user-surface distance between optimal and suboptimal is acutely projected in the study. Deriving basis on tests run on a Reality Deck with a gigapixel display of 1.5, a 3600 Horizontal FoV and a 33′ * 19′ * 11′ workspace, the project is a presentation of optimized visualization process of gigapixel data (Papadopoulos, 2013). The project also employs the use of tracking data gathered from the study to formulate synthetic usage scenarios to conduct an evaluation of performance of the proposed system. It is termed so because it uses an approach of guiding optimizations by analytically formulated visual acuity (Papadopoulos, 2013).
Methodology
The study projects the use of a shader based on local data in determining the appropriate LoD for implementation of the virtual texture on a GPU. Such determination is made by the virtual texture pipeline on the basis of spatial derivatives of the texture coordinates of the of the image plane:
The study proposes that decrease of the user’s retina’s visual angle directly affects its texture space.A geometry tessellation based on the F + C lens curvature and viewer’s proximity from the display is further proposed in the study. The factors enable the calculation of gigapixel adaptive parametrization comprised of both a view based and a lens based metric.An integration of the LoD selection that is acuity driven in a gigapixel visualization pipeline that is based on virtual texturing is then conducted for implementation. The tessellation scheme is also GPU implementable (Papadopoulos, 2013).
Results
The algorithm had a linear projection between the resulting tessellation and the proximity to the screen and also accurately captured the F + C lens structure (Papadopoulos, 2013). The participants as such achieved an average vision enabled through the use of either corrective glasses or lenses. This is confirmed by their ability to successfully pick out similar survey target pictures after being subjected to queries on demographic information. Comprehending the data and the participants’ reaction is simplified by the head-tracking props that they wear.
The Article’s Flaws
In its experimentation, the article projects the participants used for the study as bearing an average of 26 years, all of whom are graduate and undergraduate students (Papadopoulos, 2013). The study thus fails to examine the children whose visual ability is very significant for their conception of the concepts of the universe, considering that their retinas are immature and subject to changes of development. Moreover, elderly persons also have their visual ability on a constant reduction. The study should hence offer the flexibility to cover for all generations with visual impairment.
Well Presented Points
The post-hoc analysis of the positional tracking makes it possible to rate the reaction of the participants and easily comprehend their ADGV image quality in comparison to SVG. The analysis is quite detailed and gives a fine explanation for the results.
Project Revelation
The project presents a scheme that improvises technology to further improve visual capacity in a great dimension (Papadopoulos, 2013). The use of vertex shaders to displace the underlying mesh by utilizing OpenGL tessellation that enables the F lens to be stored and precumpted in a lookup texture is an interesting concept (Lewis and SPIE, 2013). As such, the system supports execution that is distributed and synchronized (Porter, 2006).
Significant Conclusions
The projects take to simplify the complex mesh by refining the image based on proximity to the object. The process makes its distinct from the more basic mechanisms that that uses perceptual criteria to achieve the same and as such presents comparison to work in the LoD field.
Future Focus
The project aims to focus on varied mage data and a larger sample size. However, they should also aim to include more variation of the ages of the participants to establish the reaction levels (Lewis and SPIE, 2013). Not only would such focus make it easier to comprehend the eye and head the correlation movement, but also make it more comprehensive in analyzing the reaction rates based on age (Seymour and Britton, 1989).
References
In Lewis, K. L., Fraunhofer-Gesellschaft,, & SPIE (Society),. (2013). Emerging technologies in security and defence: And Quantum security II; and Unmanned sensor systems X : 23-26 September 2013, Dresden, Germany.
Papadopoulos, C. (Dec, 2013). Acuity-Driven Gigapixel Visualization in IEE Transactions in Visualization and Computer Graphics (Vol 19, 12).
Porter, C. (2006). Tessellation quilts: Sensational designs from simple, interlocking patterns. Newton Abbot: David & Charles.
Seymour, D., & Britton, J. (1989). Introduction to tessellations. Palo Alto, Calif: Dale Seymour Publications.