A firm displeased with its projected steady-state market share may try to improve the situation by taking steps which hopefully will:
A)extend the number of stages.
B)alter the transition matrix.
C)better its transient state standing.
D)reduce the number of recurrent states.

Question

Quizplus · Accepted Answer

Altering the transition matrix is a strategy that can be used to improve the steady-state market share. The transition matrix represents the probabilities of moving from one state (market share) to another over time. By altering these probabilities, the firm can increase its chances of transitioning into more desirable states, ultimately leading to a higher steady-state market share. The other choices (extending the number of stages, bettering transient state standing, reducing recurrent states) may also have some impact on market share, but they are not as directly related to the steady-state as altering the transition matrix.

A Firm Displeased with Its Projected Steady-State Market Share May