XYZ work in a small electric business in Basrah city. He had asunshine controller device. He had to decide how to market hisidea, and in the short term, his options could be summarised asselling the device locally, selling nationally through a website,entering a partnership with an existing company or selling thepatent. His returns depended on demand, which he describedas high, medium, or low.Using this simple model, he developed the matrix of potentialannual gains shown below:OptionsDemandHighMediumLowMarket locally609045Use website239078Partnership122589Sell patent303030Identify the decision taken underthe following approaches:(1) Equal probability(2) Regret(3) Hurwicz criterion.Note: The decision maker's degree of Pessimistic (a) is 0.3.

Here, in the question, there are four alternatives or options, these options are market locally, use…

Answered: Identify the decision taken under the…

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter14: Pricing Strategies

Section14.2: Forecasting Demand

Problem 1LO

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Identify the decision taken under the following approaches: (1) Equal probability (2) Regret (3) Hurwicz criterion. Note: The decision maker's degree of Pessimistic (a) is 0.3.