A petrol station owner is considering the effect on his business (Superpet) of a new petrol station. 1 answer below »

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A petrol station owner is considering the effect on his business (Superpet) of a new petrol station (Global) which has opened just down the road. Currently (of the total market shared between Superpet and Global) Superpet has 80% of the market and Global has 20%. Analysis over the last week has indicated the following probabilities for customers switching the station they stop at each week: To Superpet Global From Superpet 0.75 0.25 Global 0.55 0.45 •What will be the expected market share for Superpet and Global after another two weeks have past? •What would be the long-run prediction for the expected market share for Superpet and Global?

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