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Activity 3: Compute for the total market size and the market share of the competitor/s. Show your solution. Mr. Antonio, a budding entrepreneur, wants to establish a rice retailing business in his area in Barangay San Isidro. He wants to know if this business is worth his capital and effort. He dug and found out that there are approximately 500 families in barangay San Isidro with an average of five members per family. He did a survey and found out that only 475 farnilies eat rice; they consume an average of 1 kilo of rice per day. There are four other rice retailers in the area that have been there for 10 years already, and they have equal market shares of 20% each. The other 20% is buying in bulk (per sack) from groceries. The average net profit per kilo of rice is Php10.00. The objective of Mr. Antonio in the first year is to capture 20% of the market by implementing marketing strategies in pricing (reduced markup of Php 2.00) and promotion (free delivery of rice for 5 kilos & up) through text message or phone call