Yougurt Ice-cream stall

You are considering between going to university or to set up a Yoghurt Ice cream store at Ang Mo Kio (AMK).3 different competitors : Ice cream from Andersen’s Ice cream , Ice cream at My dessert house Ice cream from MacDonald.unique only stall selling Yoghurt Ice cream, Singaporean has been earning higher income relative to the previous year Singaporean is getting wealthier and more affluence.Unfortunately, milk, which is one of the main raw materials in making yoghurt, has been in high demand recently. This has contributed to a higher price for milk.1) lain the concept of scarcity, choice and opportunity cost when you are deciding whether to set up the Yoghurt ice cream stall

Scarcity

Consumers would like to enjoy a unique taste of ice-cream

2% ice cream and 98% yogurt.

Hard to make and takes time and effort to discover the right recipes.

Do not have the money to purchase such expensive equipments.

Would not make much proft if we were to include 98% yogurt in the ice-cream

Man power

Research and development of new recipes

Advertising

Run more than one outlets/ shift to maximise revenue

Inofficiency

Unable to maximise revenue and generate maximum profit.

Nutricious

Rich source of protein

Demand higher.

Unable to meet the demand of people

Opportunity Costs and Trade Offs

Making a trade off by not attending university

Incur oppotrunity cost

Giving up the experience to aquire new knowledge and a chance to attend university

Making a risk that your buisness may fail and you end up wasting your time when you could have went to university ( scholarship) and created a much better career path for yourself.

Making a trade off by not running other business

Could have made more revenue

Toy store

Food catering

Retail

Resource Availability

Labour

Hire singapreans

Most expensive( pay for CPF etc)

Hire Foregin Workers

Relalitvely more expensive than students

Lack of approprate skills

Training

Hire part time students

Cheap source of labour

Temporary

No experience

Training a new pool of people everytime.

Land

Rent a shop in AMK Hub

Costs

Limited Space

Space is small

Not prominent/conspicous

Hard to be spotted as compated to other stalls

Rental Fees

Relatively higher as compared to renting it in neigbourhood estates.

Rent a place in Polytechnics.

Renting in AMK estate.

Rent a place under AMK MRT station

Capital

Equipments

Yougurt machines

Ice cream blenders

Money

Low, can only afford to rent equipments

Entrepreneurship

Taking risks

Chances of failing

Other ice cream shops around

Rivals and competiveness.

Mac donalds, Anderson, dessert house

Will it be popular?

Choices

prioritize

What to produce

Proucing mainly Yogurt ice creams rather thatn iicre creams

How to produce

Mixing 70% yogurt with ice cream

For whom to produce

Brochures will be destributed

Attract customers from different walkks tof life

Students

Adults

Elderly

yogurt has a rich source of protein.