The local economic development corporation (in your current community or hometown) recently had a business close on its main business district. It leaves a big void next to existing businesses. The development corporation is trying to determine what kind of business the community needs to desire. Options during discussions have also focused on some type of youth center to attract children to a fun, positive, safe, nurturing environment, especially when school is done for the day, on weekends and during the summer. The community has been impacted by a recession as have all other surrounding communities. However, it should be noted that the local economic development corporation has two incentives for new businesses wanting to start: 

1) a two-year abatement and

2) a 0% interest loan for $100,000 for up to five years. You have been asked to do research on potential needs of the community with respect to what citizens of the community and surrounding area see as a need or want. 

Define the management decision problem and the marketing research problem. Include research questions and hypothesis.

Answer rating: 100% (QA)

Management Decision Problem Determine the most viable business or service to fill the void left by the recently closed business in the main business d... View the full answer