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A new company is planning to make and sell new cheap smart phones in America. They will sell the phone at $99.99 in a market that potentially buys 1 million smart phones every year. They hope to get 1% of the market share in the first year. To achieve that goal they estimate to spend 17% on promotion and 12% on commission to motivate the salespepople. They estimate to pay $100000 salary and $50000 in annual rent. There are some other costs that are about $2000 monthly. The cost of goods is about 20%. Hint: Net Income= Revenue - Total Cost Revenue= Market share*market size*Price

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