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Market Share: Your firm can't expect to achieve 15% market share immediately after opening an office. Suppose that your firm will open the office with
Market Share: Your firm can't expect to achieve 15% market share immediately after opening an office. Suppose that your firm will open the office with few agents as initial agent staffing size. You can assume that your firm can achieve 5% market share in the first year with this initial agent staff size {this initial size would be same as the minimum bound you are setting on the agent staff size}. Your firm has set an aggressive target and wants to exceed 30% market share in your chosen neighborhood by the end of 2025, and in the first three years (2022-2024) it wants to achieve at least 11%, 15%, 20% respectively. Toward this, the firm will pursue two-pronged strategy: Agents Staffing Size {Cost to the firm}: the firm will recruit local real estate agents who will add to their initial agents size. How many real estate agents to hire to achieve or exceed the target market penetration each year. Assume that hiring each extra agent above the minimum threshold will result in increasing the market penetration by 2% (independent of marketing budget). You should set a minimum limit on the number of agents hired (e.g., 2, 3, or 4 or
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