Your company Colesworths manufactures gym and personal fitness equipment which is sold to numerous retail chains and individual stores. A new competitor has entered the market and is taking away some of your company’s market share. As there is no discernible difference in quality or price of your products compared to your competitor’s products higher management believe it is a customer service issue. They have asked you to complete report detailing how these customers can be won back.Include the following in your report:What strategies would you use to monitor product & service targets and standards?Develop a strategy to obtain customer feedback in regards to the above.Explain how you will use the following resources effectively to promote quality service to customers:a. Equipmentb. Financec. Peopled. Technology4.What records and reports would be maintained by management? How would they be stored?