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Rational Decision-Making in Business Organizations - Essay Example

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Summary
The paper "Rational Decision-Making in Business Organizations" tells that toasters are commonly used items and generally, most households are aware of the product. As a result, introducing a new item into the market will not be very challenging compared to a scenario where this is not the case…
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Rational Decision-Making in Business Organizations
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Extract of sample "Rational Decision-Making in Business Organizations"

Households look for items that meet their toasting needs. This depends on the nature of the households in terms of size and structure. This presents an opportunity to come up with an item that is able to cater to the need of both small and large families (Reid & Bojanic, 2009).

 

Threats

  1. Other toaster brands and companies are well-known in the market. Some have been operating for over thirty-five years and this in itself presents a challenge when marketing a new product to the market.
  2. Currently, there are a variety of toasters from several manufacturers and this gives consumers many options to choose from and increases the intensity of competition in the market.
  3. The low brand awareness of the new toasters will make it difficult to penetrate the already competitive and dynamic kitchenware market

Estimated Market Size

Total market demand will be: (P x R x C) x L x A, where;

P:  the population of the United States

R: the population that can buy a toaster

C: is the number of toasters bought

A: is the average price of the toaster.

According to the 2015 Statistic Brain, there are 115,227,000 households in the nation.

P = 115,227,000

R = 80% of the population

C =1

D = avg (60 and 75) = 67.5

Market = (318,900,000 x 255,120,000 x 67.5

=1.75x 1018 units

 

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