Economics report2222

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

1

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Q:
How
much
capital
is
required
to
start
this
business?

A:
RM200k
approximately

Q:
Generally,
do
you
feel
it
is
easy
or
hard
to
enter
this
market?
Why?

A:
It
is
quite
hard
because
we
are
new
in
this
market
and
have
no
experience
in

it.
In
addition,
we
also
need
to
make
sure
that
we
provide
the
best
services
to

our
customer.

Q:
Where
do
you
see
your
business
in
the
next
year?
In
the
next
five
years?

The
next
ten
years?

A:
As
we
have
not
deciding
to
open
any
branches
at
the
moment
therefore
we

will
just
focus
on
this
shop.
We
were
hoping
that
we
will
become
best
of
all

desserts
shop.

Q:
What
do
you
most
attribute
your
success?
What
would
say
are
the
five
key

elements
for
starting
and
running
a
successful
business?

A:
I
think
it’s
time
that
matters
the
whole
succession.
We
dedicate
lots
of
time

for
the
preparation
of
our
honey
toast.

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

2

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Transcript
(Sweet
Hug
House):
Ng
Kam
Wai
and
Cheong
Phooi
Leng

Q:
When
was
the
business
founded?

A:
started
since
November
18th
,
2012

Q:
Who
are
the
key
founders?

A:
Ng
Kam
Wai
and
Cheng
Phooi
Leng

Q:
What
type
of
business
plan
did
you
employ
to
operate
your
business?

A:
We
use
our
own
recipe
to
produce
our
desserts

Q:
What
prompted
the
founder
to
start
this
business?

A:
I
used
to
work
in
a
6-‐star
hotel
in
Genting
Highland
before
that
and
I
move

back
to
Kampar
recently
to
take
care
of
my
children.
Therefore,
I
decided
to

start
this
business
to
earn
a
living.

Q:
What
are
your
main
products
or
services
provided?

A:
Our
signature
dessert
is
cheesecakes,
chocolate
lava,
and
fondue.
For
main

course,
we
have
honey
chicken
chop
and
black
pepper
lamb
chop.

Q:
Who
are
your
customers?
(Age,
group,
income
level,
education
level)

A:
50%
of
his
customers
are
families,
30%
of
them
are
students
and
the
20%

are
mostly
Malays
and
Indians.

Q:
What
is
your
annual
revenue?

A:
About
RM100k

Q:
How
many
employees
do
you
have
currently?

A:
5
full
time,
1
supervisor
and
4
waitress

Q:
What
is
your
estimated
current
number
of
customers?

A:
about
100
people
for
normal
season
and
200
during
peak
season.

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

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Q:
Your
recent
development?
(What
has
the
business
accomplished,
what

changes
had
occurred?)

A:
We’ve
makes
some
new
changes
to
our
menu
and
collecting
customers’

feedback.

Q:
Why
do
you
choose
to
sell
desserts?

A:
Because
I
have
experience
in
this
field
by
what
I
observe
when
I
was
working

in
the
hotel
before
that.
Moreover,
we
have
less
competitor
in
selling
desserts

in
Kampar
too.
Another
reason
is
there
are
many
students
living
in
this
area.

Q:
What
is
the
uniqueness
between
your
desserts
and
many
others?

A:
What
special
about
us
is
that
we
use
homemade
recipe.
In
addition,
we
will

change
our
recipe
every
2
to
3
months
according
to
the
customers’
need
and

liking.

Q:
What
is
your
Future
development?

A:
We
plan
to
open
another
branch
if
possible.

Q:
What
difficulties
you
had
face
running
this
business?

A:
Since
we
are
not
franchise
therefore
we
lack
of
publicity.
We
need
to
work

really
hard
to
attract
more
customer.

Q:
Who
are
your
competitors?

A:
We
don’t
have
much
competitors
as
our
food
taste
differently
compared
to

other
shop.
Therefore,
it
is
based
on
the
customers
liking.

Q:
How
do
you
compete
with
your
competitors
(what
strategies
do
you
employ

to
divert
customers
away
from
your
competitor?

A:
What
we
different
from
other
desserts
shop
is
that
we
produce
our
recipe

on
our
own.

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

4

|
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Q:
How
much
capital
is
required
to
start
this
business?

A:
Approximately
RM100k

Q:
Generally,
do
you
feel
it
is
easy
or
hard
to
enter
this
market?
Why?

A:
It
is
not
easy
as
it
needed
a
lot
of
time
and
effort
in
order
to
make
it
succeed.

Q:
Where
do
you
see
your
business
in
the
next
year?
In
the
next
five
years?

The
next
ten
years?

A:
As
the
economy
now
is
not
good
due
to
the
falling
of
currency.
I
hope
that

there
will
be
an
increasing
number
of
customer
each
year.

Q:
What
do
you
most
attribute
your
success?
What
would
say
are
the
five
key

elements
for
starting
and
running
a
successful
business?

A:
Time
and
effort.
We
spend
lots
of
time
and
effort
in
our
recipe.

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

5

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Appendix
3:
Comparative
Analysis
Summary
Table

Competitive Traits Sweet Hug House Haraju Cube
1. Number of Competitors 4-‐5 3
2. Barrier to Entry Weak. This means that many
competitors can enter the market
easily.
-‐No legal barrier which is regulated by
the government.
-‐No strategies barrier because most of
the businesses will not adopt aggressive
strategic moves to prevent new
competition.
Weak, which means that many
competitors can enter the
market easily.
-‐ No strategies barrier because
most of the business adopt
aggressive strategic moves to
prevent new competition.
3. Differentiated or
Standardized Products (if
differentiated provide 2 to
3 examples)
Differentiated products (dessert, main
course)
Differentiated products
(dessert, main course, drinks)

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

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4. Pricing Power (Price
Maker or Taker? Why?)
Low.
-‐According to law of demand,
quantity of demand will decrease
when price increases. Customers will
switch over to other dessert shop if the
business raises the price of the
products. Pricing decision will also be
affected by the competitors. So
business should not simply adjust
their prices.
-‐The business has high price elasticity of
demand, which means that a small
percentage of price difference will
lead to a big percentage change of
quantity demanded.
-‐Generally speaking, if a business
doesn't have much pricing power
then an increase in their prices
would lessen the demand for their
products.

Low.
-‐According to law of demand,
quantity of demand will
decrease when price increases.
Customers will switch over to
other dessert shop if the
business raises the price of the
products. Pricing decision will
also be affected by the
competitors. So business should
not simply adjust the prices.
-‐The business has high price
elasticity of demand, which
means that a small percentage
of price difference will lead to a
big percentage change of
quantity demand.
5. Other Characteristics
(e.g. Any close product
substitutes, mutual
dependence, constant
advertising)
Constant advertising could really
boost up their products.
Their products are quite unique
where there is less close product
substitutes, but there are also
similar products outside which is
cheaper.
6. Verdict (Monopoly?
Oligopoly? Perfect
Competition?)
Monopolistic competition
-‐Large amount of small firms
-‐Each selling products that are
differentiated from one another.
-‐Weak barriers to entry

Monopolistic competition
-‐ Large amount of small firms
-‐ Weak barriers to entry

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

7

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Appendix
4:
Photos

Following
are
the
photos
taken
in
the
interviews
and
document
related
to
the

related
businesses.

Sweet
Hug
House

The
interior
design
of
Sweet
Hug
House

The
exterior
design
of
Sweet
Hug
House

We
ordered
a
pandan
lava

cake.
The
dessert
is
designed

in
a
Christmas
theme
as

Christmas
season
is
closed
that

time.

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

8

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Interview
notes

Name
card
taken
from
Sweet
Hug
House

Details
are
as
follow:

Name:
Cheng
Phooi
Leng

Job
position:
Promotion
&
Event
Planner

Phone
number:
016-‐441
7760

Email
address:
pl.cheng1@hotmail.com

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

9

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Sweet
Hug
House
Facebook
homepage

Link:
https://www.facebook.com/sweethughouse

Group
photo
with
Ng
Kam
Wai
and
Cheong
Phooi
Leng

Haraju
Cube

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

10

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Interior
design
of
Haraju
Cube

Exterior
design
of
Haraju

Cube

Haraju
Cube’s
menu

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

11

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Interview
notes

Photos
of
our
group
member
interviewing
the
interviewee

Haraju
Cube’s
Honey
Toast

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

12

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Haraju
Cube
Facebook
page

Link:
https://www.facebook.com/harajucube103/?fref=ts

Details
are
as
follow:

Name:
Daichi
Fukuzato

Job
position:
General
Manager

Phone
number:
0377335973

Email
address:
harajucube@gmail.com

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

13

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Appendix
5:
Minutes
of
Meeting

DATE : 1st
December 2015
TIME : 10am-12pm
VENUE: Library , Event Hall (2nd
Floor)

NAME OF GROUP MEMBERS TUTORIAL GROUP ROLE

Loh Mun Tong TUESDAY (11.30am-1.30pm) Chairman
Calvin Wong Ping Ket TUESDAY (11.30am-1.30pm)
Secretary
Tan Jia San TUESDAY (11.30am-1.30pm)
Member
Kiew Chee Yuan TUESDAY (11.30am-1.30pm)
Member
Adele Lu Khai Syn TUESDAY (11.30am-1.30pm)
Member

NO. ACTIVTIY ACTION TAKEN BY
1. Introduction

i. Discussed the details of brief and understandwhat
we were assign to
ii. Figured out what type of business to research
All members
2.
Discussion

i. Decided two locations of business which is in
Klang Valley and one is in outside of Klang
Valley
ii. Did some research on how to make an interview
with proper English
iii. Listed out some of the interview questiond.
iv. Minutes of meeting will be recorded by Calvin
Wong Ping Ket
All members

3.
Conclusion

i. We decided to use desserts shop for business
research
ii. Briefly draft for interview questions
iii. Next meeting will be on 4th
December 2015 (after
showing progress)
All members

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

14

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DATE : 4th
December 2015
TIME : 11am-2am
VENUE: Library (2nd
Floor)


Secretary
Member
Member
Member
Secretary

1. Introduction

i. Role of group members during interview
ii. Preparation for interview
All members
2.
Discussion

i. Decided locations for both desserts shop
( Kampar & Damansara)
ii. Finalized the interview questions
iii. Distribution of roles of members during
interview : (Kampar)
1. Loh Mun Tong : Interview
2. Calvin Wong Ping Ket : Record notes
for interview
3. Kiew Chee Yuan: Videographer
4. Tan Jia San : Photographer/Record notes
for interview
5. Adele Lu: Brief Description/ Appendix
iv. Equipment needed for interview :
1. Camera
All members

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

15

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DATE : 15th
December 2015
TIME : 2pm-5pm
VENUE: Library Event Hall


Secretary
Member
Member
Member
Secretary

1. Introduction

i. Analyze interview answers and
information
ii. Plan for next interview for Haraju
Cube
All members
3.
Conclusion

i. Interview session for Sweet Hug in
Kampar will be at 11th
of December
2015
ii. We will be having meeting after the
interview to analyse the answers
and information of interview
iii. Only some of the group members will
be doing the first interview
All members

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

16

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2.
Discussion

i. Roles of group members for report
assignment
1. Loh Mun Tong : Cover page ,
content, key summary , Comparison
2. Adele Lu :Brief Description
3. Tan Jia San : Appendices ,
Bibliography
4. Kiew Chee Yuan : Competitors,
strategy, Comparison
5. Calvin Wong Ping Ket: Obstacle
Faced , recommendation
All members

3.
Conclusion

i. Compile interview questions and
answers for first interview by 23th
of December 2015
ii. Next interview session will be on 23th
of December, 2015
All members

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

17

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DATE : 12th
January 2016
TIME : 12:00 pm-3:30pm


Secretary
Member
Member
Member
Secretary

1. Introduction

i. Finish incomplete information and data need
to be compiled
All members
2.
Discussion

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

18

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i. History of both business shops:
- Done
Brief description :
- Done
Video editing :
- Video for second interview not
complete yet
Comparative analysis:
- Not Complete
Competitors, strategy:
- Strategy part will be done in this
meeting
Artistic cover :
-Finalize draft
Obstacle faced , recommendation :
- will be done in this meeting
Appendices, bibliography, references
- Not complete
All members

3.
Conclusion

i. Complete the tasks above and compile
together by 15th
of December 2015
All members

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

19

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DATE : 14th
January 2016
TIME : 1pm-4pm


Secretary
Member
Member
Member
Secretary

1. Introduction

i. Finalization of compiled research report All members
2.
Discussion

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

20

|
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ii. History of both business shops:
- Done
Brief description :
- Done
Video editing :
- Done
Comparative analysis:
- Completed
Competitors, strategy:
- Completed
Artistic cover :
- Finalization stage
Obstacle faced , recommendation :
- Done
Appendices, bibliography, references
- Will be completed in this meeting
All members

3.
Conclusion

I. Complete all the compilation and submit
hardcopy of the report with a CD of
interview videos on 15th
of January 2016
All members

LOH
MUN
TONG
(0323680)
l
TAN
JIA
SAN
(0322406)
l
ADELE
LU
KHAI
SYN
(0323151)
l
CALVIN

WONG
PING
KET
(0322481)
l
KIEW
CHEE
YUAN
(0323297)

21

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References

A brief History of Desserts ( Irtiqa RSS) Retrieved from http://www.irtiqa.co.za/a-brief-history-of-
desserts. Accessed on 2 January 2016.
History of Baking and Pastry Cooking (History of Baking and Pastry Cooking)
Retrieved from http://www.pfisterconsulting.com/history.htm. Accessed on 2 January 2016.
Harajuku (Urban Dictionary) Retrieved from
http://www.urbandictionary.com/define.php?term=Harajuku .Accessed on 30 December 2015.
Haraju Cube (Time Out Kuala Lumpur) Retrieved from
http://www.timeout.com/kuala-lumpur/restaurants/haraju-cube . Accessed on 30 December 2015.
Sweet Hug House (Foursquare) Retrieved from
https://foursquare.com/v/sweet-hug-house/50ba1aece4b04656297d6f0d . Accessed on 30 December
2015
10 Spots Not To Be Missed in Empire Damansara | OpenRice Malaysia (OpenRice Malaysia)
Retrieved from http://my.openrice.com/klangvalley/article/10-spots-not-to-be-missed-in-empire-
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Cups & Epique, Empire Damansara, Damansara Perdana (The Garden NOM)
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JJ Cafe @ Ipoh, Malaysia (Always Travelicious)
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Bread Espresso Dessert
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dessert.html. Accessed on 3 Jan 2016.

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