A food products company is contemplating the introduction of a revol duct with new packaging to replace the existing product at much higher pr derate change in the composition of the existing product with a new packagi rease in price (S2) or a small change in the composition of the existing exc ew with a negligible increase in price (S3). The three possible states of na re () high increase in sales (N1), (i) no change in sales (N2) and (iii) decr 3). The marketing department of the company worked out the payoffs in t et profits for each of the strategies for these events (expected sales). ted in the following table: e of nature Frategies Payoffs N3 S, 7,00,000 3,00,000 1,50,00C S2 5,00,000 4,50,000 S3 3,00,000 3,00,000 3,00,000 strategy should the executive concerned choose on the basis of _ximin Criterion. _ximax Criterion. nimax Regret Criterion. place Criterion.

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