Payoff tables and decision trees are valuable tools for decision-making in real-world scenarios. Choose either the former or the latter tool.

Let's consider a practical application in the context of launching a new product. As a manager, you need to decide whether to introduce a new product to the market. You can construct a payoff table that outlines the potential outcomes and associated payoffs for different scenarios, such as high demand, moderate demand, or low demand.

How would you construct and interpret a payoff table for this decision problem? What factors and variables would you consider when assigning payoffs to each outcome? How can a payoff table assist in evaluating the best course of action? Furthermore, how would you construct and interpret a decision tree to visualize the decision problem? What information would you incorporate into the decision tree, and how can it help in assessing the optimal decision strategy?