Microeconomics

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SUBJECT NAME : MICROECONOMICS
SUBJECT CODE : BEC1001
ACADEMIC YEAR : AY 2012/2013, OCT SEMESTER

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Name of Student Matriculation No. Signature

Tutorial Class : ___________________

Tutor : ___________________

Diploma : ___________________

Date of Submission : ___________________
CONTENT PAGE

PAGE

INTRODUCTION OF RETAIL OUTLET 3

PRODUCTS AND CUSTOMERS 5

DEMAND AND SUPPLY 7

PRICING AND PROMOTION12

COMPETITION14

SUGGESTIONS AND CONCLUSIONS19

APPENDICES AND REFERENCES22

1. INTRODUCTION OF RETAIL OUTLET
Our group have decided to focus McDonald’s in Tampines Mall as our retail outlet. The location is as follows:
No. 4 Tampines Central 5 #01-33 Tampines Mall, S(529510)

The retail outlet operates from 6am to 12am from Sundays to Thursdays, and 6am to 1am on Fridays and Saturdays. McDonalds is famous for its tasty, affordable food it provides at the ease of convenience. McDonalds is also the largest fast food chain in the world. In Singapore alone, there are more than 120 outlets located across this island. 2.

PRODUCTS AND CUSTOMERS
The products sold at McDonald’s can be divided into different categories, namely, an Ala Carte and Value Meals, Sides, Desserts, Beverages, Happy Meals, Promotion & Bundle Meals. In general, McDonald’s provide breakfast items, food products for lunch and dinner, as well as sides. These can be illustrated by the pictures found in the Appendix A. Items on the Lunch/Dinner menu can be bought as meals at value price from 12 noon to 3 pm, or on Ala Carte. In addition, sides such as Fries, Corn Cup, and Apple Slices can be purchased at any time of the day. Beverages are also provided for its customers, such as Heaven and Earth Green Tea, Coke, Iced Lemon Tea, to name a few. Desserts such as the strawberry and hot fudge ice cream sundae are also available too. shown on the next 2 pages. More of the examples are provided in Appendix A.

Customer Segments
The retail outlet targets customers of different groups, such as families with children, teenagers ranging from 13 -19 years old and urban customers. This is evident McDonalds provides “Happy Meals”, which include a free toy as for the younger age groups, specifically below the age of 12. Teenagers can also visit the outlet since the food products are sold at affordable prices and provide a pleasant atmosphere for them to hang out or study in. Here, we can also see that McDonald’s also targets customers who are budget-conscious. Meals are also available for takeaways, and with the implementation of drive-thrus in different outlets, urban costumers can consume fast food with great taste without affecting their heavy work schedule. In the psychographic segmentation we can also see that McDonald’s in Singapore has adopted itself through the convenience and lifestyle of the consumers situated in the country. As Singaporeans are increasingly becoming more health conscious, the retail outlet introduced items like the Salad Chicken McGrill which provides healthier alternative choices. Delivery services have also been made available across all outlets in Singapore in the name of convenience. McDonald’s has also reached out more to its consumers at the fast paced of globalisation with the use of social networking sites such as Facebook or Twitter....
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