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Microeconomic Group Assignment

Added on - 03 Dec 2020

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ECO3101INTRODUCTION TO MICROECONOMICSGROUP ASSIGNMENTFresh Milkyz EnterpriseSubmitted to:DR. ZURAINI ANANGSubmitted by:GROUP: 14 (K4)SEMESTER I SESI 2020/2021BACHELOR OF MANANGEMENT(MARKETING) IN HONOURGROUP MEMBERSNO.NAMEMATRIC NUMBER1.PUSPITA SREE A/P BALAKRISHNANS600222.NUR ADLINA FARHANA BINTI YUSHIZA HAMLYS598663.CHONG YEE KEIS600184.AISHAH SYAFIQAH BINTI RADUANS599925.FATIN AMIRA BINTI ROZAIMIS59939TABLE OF CONTENTS1
CONTENTSPAGE NO1.0 INTRODUCTION3-52.0 MICROECONOMICS ANALYSIS6-203.0 CONCLUSION21-22REFERENCES23APPENDICES241.0INTRODUCTION2
Fresh Milkyz product is a brand name under Uni-M Enterprise. This company wasfounded in 2020 by a group of student University Malaysia Terengganu. Is an agriculturecompany that provides milk to a consumer base in Malaysia. We decided to produce a milkproduction because milk product is a product with various benefit. In the industry, they werea lot type of milk like whole milk, low-fat milk, fat-free milk (skim milk), organic milk, lactose-free milk, flavoured milk and raw milk. Uni-M Enterprise had decided to produce Semi-skimmed milk and whole milk which is in high demand milk product in the industry. As ourname promises, Fresh Milkyz means dairy from our farms, delivered to the consumers asfreshly and naturally as possible. We believe that’s the way Fresh Milkyz should be just asnature intended with no preservatives, colourings or any other foreign substances are addedinto our products from the moment our cows are milked to the time it reaches to consumers.We have started the company basic on the farmer’s market. Our headquarter are atSemambu, Pahang.This Fresh Milkyz Enterprise is one type of business organisation in Malaysia isformation bound by the Registration of Business Act. Our company is an enterprise entitywhich is a partnership. Uni-M Enterprise has more than one partnership involving in thisbusiness entity which are Nur Adlina Farhana, Fatin Amira, Puspita Sree, Chong Yee Keiand Aishah Syafiqah; together they created this Uni-M Enterprise with the brand nameproduct of Fresh Milkyz. We also believes that the key to the company’s success isproducing dairy products without chemical preservatives, colouring matter orstabilisers.“Processed milk has a lot of added sugar, which causes obesity, diabetes andother sicknesses. Formulated milk also causes children to become addicted to sugar. Thus,we have opted for the traditional way and we’re going for natural products.1.1VisionOur vision is to deliver quality, value and more satisfaction to our customer, employees andcommunities that all our operation are run in a way that economically, socially andenvironmentally sustainable.1.2MissionFresh Milkyz seeks to create and promote the great-tasting, healthier, organic beverage. Westrive to grow our business with the same honesty and integrity we use to craft our products,with sustainability and great taste for all andto become the number one produce store inmain street by selling the highest quality , freshest farm produce, from farm to customer inunder 24 hours on 75% range and with 98% customer satisfaction.3
LOGO1.3Description Of ProductAll our products are made from fresh milk, contain no preservatives and colouringsand are freshly bottled before being transported to your local supermarket. We offer ourpasteurised, farm-fresh milk in full flavour and low-fat varieties. The economic resources ourcompany use is labour. We hired a few employees to get some physical and human effortused in the process of production of the milks. The employees will take the milk from thecows that we kept on our farm. It will be taken to the factory where we process the milk. Wealso use other economic resources which is capital. We use our machinery as an asset tohelp the process in the production of milk become faster. This is to make sure that we canprovide enough supply for the demand for milk in the consumer’s market. The machine isused for pasteurisation of milk, packaging and labelling the product. By using theseeconomic resources in the production of our product which is milk, we can maintain thesupply of milk according to the demand needed in the market.4
1.4Potential Customer And Customer Base :A market consists of all the potential customers sharing a particular need or wantwho might be willing and able to engage in exchange to satisfy that need or want. FreshMilkyz has targeted its potential customer. Their potential customer will be at the age of 5 to18 years old. This is because, at this age, they consume more quantity of milk for theirgrowth and health. They also drink flavoured drinks. Fresh Milkyz also produces milk in fewflavours so this will attract more attention for them to buy this product. We also targeted atthe age of 40 to 60 years old. This is because at this age they need to consume milk for theirbones to strengthen it. They also need to consume it daily. As a conclusion, the demand formilk from this potential customer will be more.The customer base is the group of customers who repeatedly purchase the goods orservices of a business. These customers are the main source of revenue for a company.The customer base may be considered the business's target market, where customerbehaviours are well understood through market research or past experience. The FreshMilkyz product will be launch at supermarkets and the nearest store in the city and it alsocan be located near the housing area. This is to make sure that the customer is able to findand buy the products easily. This will increase the sales of milk. As a conclusion, thetargeted customer will find it easier to get the product at their nearest store.5
2.0MICROECONOMICS ANALYSISThe microeconomic analysis attempts to explain the behaviour of individuals andorganizations in a given economy. Microeconomics fills this purpose by providing analysis ona smaller scale. Simplified models and key definitions will help to understandmicroeconomics. Microeconomics analysis can include production amount, number ofworkers, necessary equipment, operation cost, revenue and more.2.1Determine The PriceDetermining the price of milkis essentially a model where in prices for a concernedgood or service are determined within a given market. The prices of milk are determinedbased on the balance of demand and supply in a market. While the demand related curve inthis particular bread production is set on the basis of consumers making an attempt toenhance their utility on the basis of their budget, the supply related curve is determined byentities making an attempt to increase profits, in view of bread production costs and theintensity of demand of the bread manufactured by Fresh Milkyz Enterprise. In order toincrease profits, the price of milk related by designed on the basis of manufacturing quantityof milk as per sale which the total revenue when deducted from total cost is maximum.Following this, it is on the basis of supply and demand, within a market that helps indetermining who will be setting the prices goods. In a market that is competitive in the mostperfect way, like farming, entities have not many options but milk have to give acceptance tothe existing market prices due to many competitors, in case they really want to sell off theirproducts or goods.Supply and demand is an economic model of price determination in amarket. It concludes that in a competitive market, the unit price for a particular good will varyuntil it settles at a point where the quantity demanded by consumers (at current price) willequal the quantity supplied by producers (at current price), resulting in an economicequilibrium of price and quantity.6
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