Part II: Strategic Response $(30$ points$)$Directions: Respond to the scenario presented below. Use the sheet$($s$)$ provided to you.Scenario: After some analysis, Maughts Mule Barn $($MMB$)-$ a retailer that sells outdoor gear andaccessories, has decided to develop a new market in Thibodaux, LA$.$ Though MMB deals in a variety ofsports, recreation, and leisure products, the company is looking to expand its presence within thehunting and fishing market. Horace Maught, the companys CFO has been tasked with collecting thenecessary data in order to develop an accurate budget and sales forecast. After a few weeks, Horacepresents his findings to the CEO. Below are his findings.DATA:Population of Thibodaux $($city limits and surrounding area$)$: $30,000$Percentage of residents that engage in outdoor activities: $78\%$Percentage of residents who purchased hunting$/$fishing licenses: $35\%$Direct $($brick and mortar$)$ competitors: Academy Sports, Cabellas, Walmart, Hibbett SportsDirect Competitors percentage of local market share: $62\%$Maughts Mule Barn expected percentage of market share: $22\%$DO THIS: Using the data above, identify the market potential and sales potential numbers for MaughtsMule Barn. How did Horace $($the CFO$)$ arrive at these numbers? Clearly explain the differencebetween these two concepts? Identify the sales potential and a sales forecast. What influences or factors did Horace and histeam consider to generate an accurate sales forecast? Make sure to explain the method used to calculate the sales potential $-$ in this case,market factor derivation. Provide calculations for your estimates as you work down from market potential to asales forecast. Based on your analysis, what is your recommendation for entering the new market? ShouldMMB enter the Thibodaux market? Explain the reasons behind your recommendation.