As a product manager you are reviewing the Customer Lifetime Value (CLV] of 1000 newly acquired customers over 3-year period. The CLV was calculated using historical data from similar products as a basis of assumption. Below are the assumptions for the CLV calculation: Customer retention rate is expected to be 80% in the 1" year, 70% in the 2" year and 60% in the 3" wear. . On average each customer purchases twice in the 1" year, 3 times in the 2" year, 4 times in the 3" year. . Average spending per person per transaction is $20 in the 1" year, $30 in the 2" year, and $40 in the 3" year. . Operating cost per customer is expected to be $40 in the 1" year, $30 in the 2nd year, and $30 in the 3m . Cost to acquire the 1000 new customers was $20,000. Using the above assumptions you estimate that the CLY for the 3 year period is $58,000 for the 1000 customers, or $58 per customer. You are looking for ways to improve the CLY and are considering Introducing a loyalty program to improve retention rate. Additional cost for promoting and maintaining the loyalty program is estimated $10 per customer per year. The loyalty program is expected to improve retention rate to 90% in the 1" year, 20% in the 2" year and 70%% in the 3" year. The loyalty program is also expected to increase the average spending per customer per transaction by 30%% over the 3-year period. Discount rate is assumed to be 10%. a. 20 points. Calculate the new Customer Lifetime Value (after Implementing the proposed loyalty program] over the 3-year period. Show your calculation. b. 10 points. Based on your calculation in question (a), should the management implement the proposed loyalty program? Explain your answer. C 10 points. What other CRM retention strategies can be implemented by the management to improve the CLV? Your answer should explain at least 2 relevant retention strategies