Yougurt Ice-cream stall.

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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

Choices

prioritize

For whom to produce

Attract customers from different walkks tof life

Elderly

yogurt has a rich source of protein.

Adults

Students

Brochures will be destributed

How to produce

Mixing 70% yogurt with ice cream

What to produce

Proucing mainly Yogurt ice creams rather thatn iicre creams

Resource Availability

Entrepreneurship

Taking risks

Will it be popular?

Rivals and competiveness.

Mac donalds, Anderson, dessert house

Chances of failing

Other ice cream shops around

Capital

Money

Low, can only afford to rent equipments

Equipments

Ice cream blenders

Yougurt machines

Land

Rent a place under AMK MRT station

Renting in AMK estate.

Rent a place in Polytechnics.

Rent a shop in AMK Hub

Costs

Rental Fees

Relatively higher as compared to renting it in neigbourhood estates.

Limited Space

Not prominent/conspicous

Hard to be spotted as compated to other stalls

Space is small

Labour

Hire part time students

Temporary

No experience

Training a new pool of people everytime.

Cheap source of labour

Hire Foregin Workers

Lack of approprate skills

Training

Relalitvely more expensive than students

Hire singapreans

Most expensive( pay for CPF etc)

Opportunity Costs and Trade Offs

Making a trade off by not running other business

Could have made more revenue

Retail

Food catering

Toy store

Making a trade off by not attending university

Incur oppotrunity cost

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.

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

Scarcity

Nutricious

Rich source of protein

Unable to meet the demand of people

Demand higher.

Man power

Inofficiency

Unable to maximise revenue and generate maximum profit.

Run more than one outlets/ shift to maximise revenue

Advertising

Research and development of new recipes

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

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

Do not have the money to purchase such expensive equipments.

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

2% ice cream and 98% yogurt.