Question: Please USE EXCEL/SOLVER TO ANSWER THE QUESTION, THANK YOU! A company has established targets for its market share of two of its products, 1

\ Please USE EXCEL/SOLVER TO ANSWER THE QUESTION,\

Please USE EXCEL/SOLVER TO ANSWER THE QUESTION, THANK YOU!

A company has established targets for its market share of two of its products, 1 and 2. Specifically, it wants product 1 to capture at least 15 percent of its market and product 2 to capture at least 10 percent of its market. Three advertising campaigns are being planned to try to achieve these market shares. One of these is targeted directly on product 1 and the second is focused directly on product 2. The third campaign is intended to enhance the overall reputation of the company and all its products. Letting X1, X2 and x3 be the amounts of money (in millions of dollars) allocated to these campaigns, respectively, the resulting market shares (expressed as percentages) of the two products are estimated to be Market share for product 1 = 0.5X1 +0.2X3 Market share for product 2 = 0.3x2 +0.2x3. A total of $55 million is currently budgeted for the three advertising campaigns and the company wants to allocate at least $10 million to the third campaign. If both market share goals cannot be achieved, management considers each 1 percent decrease from the target to be equally undesirable for these two products. As a secondary goal, it is desired that the total amount currently budgeted for these campaigns is not exceeded. (a) Formulate an appropriate linear optimization model (i.e. write the objective function and all constraints in algebraic format) for finding a satisfactory solution to this problem. (b) Solve your model in part (a) using Excel/Solver and clearly indicate whether each of the company's goal is satisfied. To achieve your satisfactory solution, how much money should be allocated to each of the three campaigns? If all goals cannot be satisfied, state explicitly the amounts by which the targets of such goals are not achieved

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