2. Provide a practical example of how to use the monitoring strategy for each described scenario below to monitor progress in achieving product and/or service targets and standards: Scenario Practical example of the monitoring strategy A competitor has just entered the Australian market, selling the same product with an aggressive discount strategy (10% discount for each product). Three new team members have joined the customer service team. Innovative Widget has just launched a new product (Product Alpha) with a target to achieve one million dollars in sales in 6 months since launch by advertising to existing customers only. The board would like to achieve the following target: 60% of existing customers re-ordered with Innovative Widgets 4 times every three months