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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
Attract customers from different walkks tof life
Elderly
yogurt has a rich source of protein.
Adults
Students
Brochures will be destributed
Mixing 70% yogurt with ice cream
Proucing mainly Yogurt ice creams rather thatn iicre creams
Will it be popular?
Rivals and competiveness.
Mac donalds, Anderson, dessert house
Chances of failing
Other ice cream shops around
Low, can only afford to rent equipments
Ice cream blenders
Yougurt machines
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
Temporary
No experience
Training a new pool of people everytime.
Cheap source of labour
Lack of approprate skills
Training
Relalitvely more expensive than students
Most expensive( pay for CPF etc)
Retail
Food catering
Toy store
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
Unable to meet the demand of people
Demand higher.
Unable to maximise revenue and generate maximum profit.
