Cambridge Ltd is currently suffering from a depression in the market for its products and needs to decide which of three products it should continue produce, so that it can maximise its profits. They have recently employed the services of Research It Ltd who have researched Cambridge Ltd and their products and have produced the following information:

Research It Ltd. have provided information for three levels of demand, low, medium and high and a probabilities for each level of demand as 10%, 50% and 40% respectively.

The net incomes for each product are: Product A: 50,000, 110,000, 145,000 Product B: 120,000, 175,000, 220,000 Product C: 180,000, 200,000, 230,000

Required: a. Construct the payoff table for the three products. b. Produce, where needed, information which will allow you to state which product you would recommend that management produce, if using the following decision rules: (i) The maximin rule (ii) The maximax rule (iii) The minimax regret rule (iv) Expected value of profit c. Desk and Field research have been discussed, especially which approach would benefit Cambridge Ltd the most. Briefly explain the 2 types of research.

I would really appreciate if you explain widely part c of the question.