In Calcutta Business School, as part of its teaching pedagogy, students are exposed to various situations where managerial decision making is involved. One such case is where a company has come out with a polymer that has properties like being stain resistant and wrinkle-proof, and yet feels like cotton. The product has not been tested in the market yet and a decision has to be taken as to whether to go ahead with full scale production. The decision is important as setting up production facility will require large investment, and the returns are not certain. Pricing is an issue and so is marketing strategy.
Through this situation, we were taught the importance of market survey and demand forecasting, pricing under different market structures, and the importance of probability theory.
PGDM Batch 2019-21