Ketchup ExerciseAs an engineering student in college, you have invented a new plastic ketchup bottle top which, whenattached to a bottle of ketchup helps create a vacuum, enabling customers to recover the last 10% ofketchup in a bottle which is usually thrown away because it gets stuck. Although there are other novelways for getting ketchup out of the bottle like letting the bottle sit upside down, putting in somewater/shaking the bottle, and using a knife; this new top is much more effective in capturing 100% ofthe ketchup in the bottle. A ketchup bottle top can typically last for 3 years if it is properly cleaned.1) Using research and assumptions, estimate the U.S. market size for the ketchup bottle top in 2017and 2021. Keep in mind this bottle top would NOT be placed on the bottle by manufacturers butwould be used by consumers, restaurants, food trucks, etc.
2) Using research and assumptions, estimate the total value saved by a customer using the ketchupbottle top. Given this amount of money saved, what is your pricing strategy? Explain your reasoning.
3) Assuming the initial idea is successful, how would you expand the market for the bottle top? Pleasedevelop additional strategies for the bottle top.