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*Include all calculations and no excel please* A buyer for National Sports must place orders with...
*Include all calculations and no excel please*
A buyer for National Sports must place orders with Saucony prior to the time the shows will be sold as they are manufactured overseas and shipping takes several months. The buyer must decide on November 1 how many pairs of the latest model Saucony’s to order for sale during the coming summer season. Saucony’s ordering policy requires retailers to purchase shoes in lots of 100 pair. Saucony charges National Sports $45 per pair. National retails them at $70 per pair. Any pairs remaining unsold at the end of the summer season will be sold at a 50% closeout sale next fall ($35 per pair). Market research by Nielsen suggests the following probabilities of demand for the new shoes:
| Demand (100s of pairs) | Probability |
| 3 | 0.10 |
| 4 | 0.20 |
| 5 | 0.35 |
| 6 | 0.30 |
| 7 | 0.05 |
- Draw and solve a decision tree for this problem. How many shoes should National order?
- How much profit will they actually earn?
- Compute the value of perfect information regarding demand for the new style.
- Ipsos is offering additional market research to help National refine the probability of demand. The price of the market research is $5000. Should you: (a) snatch it up because the price is below the value of perfect information, (b) draw and solve a value of sample information tree to determine how much the information is really worth in light of its accuracy since the price is below the value of perfect information, or (c) laugh in their face because the price is more than the value of perfect information and the offer is therefore overpriced.
Solutions
milcah answered 5 months agoRelated Solutions
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