1. Tom Jackson has been running a successful steakhouse that specializes in serving upscale steak dinners. His current marketing campaign targets residential households. Recently, it was announced...

Extracted text: 1. Tom Jackson has been running a successful steakhouse that specializes in serving upscale steak dinners. His current marketing campaign targets residential households. Recently, it was announced that a new conference hotel was to open near his steakhouse, bringing in many potential business customers. Speculation followed that Morton's steakhouse-an upscale steakhouse chain currently marketing to business customers nationallywas considering opening one of its restaurants near the new hotel and would therefore compete with Tom's restaurant. In light of the potential threat from Morton's, Tom began considering the possibility of making a significant investment to change his marketing campaign and target businesses rather than households. In doing so, he estimated the following profit outcomes (in thousands of dollars) resulting from the strategies that he and Mortons might implement: Morton's Marketing Target Enter Don't Enter -$200, -850 $50, $100 $105, $0 Businesses $90, $0 Тоm Households a. When analyzing this situation, Tom quickly noticed that his dominant strategy was to continue marketing to households and was disappointed in the resulting profits. Is this Toms only option, or could he adopt another strategy that could result in much higher profits? Explain.