Principle of Economics - A Tale of Two Businesses

In this assignment, we travelled from Kuala Lumpur to Johor to visit two optometrists. We were required to do a comparative analysis of two similar businesses in different geographical locations.

These were the two businesses we chose, the first one is Mi-Wah Superior Optical Centre in Kuala Lumpur:

This one below is Teo Optometry in Pontian, Johor.

After an interview with the owners of these two businesses, we did an extensive research and prepared a report and a video:

After accomplishing this report, we concluded that these two businesses are facing

MONOPOLISTIC COMPETITION

This assignment was very interesting as we were required to go outside Klang Valley to interview business owner. I have never done such interviews before, especially one outside of Kalng Valley. As it was easier to interview someone we knew, our group ended up in Pontian, Johor. It was a long drive there but we finally got things done in a day.

Our group had to gear up for the interview. Our preparation included the interview questions and the tasks to be done at the business location such as video footages and photos. We had to learn the right way to interview and also communicate effectively with the business owner.

We also learnt a lot about spectacles, for instance the process of making one and also recent developments in the optical line. Besides that,  we gained some knowledge on businesses strategies from both owners, and saw the different between businesses in different locations.

Besides that, we learnt to analyse a market structure and determine suitabled methods for a business to compete with other businesses.

Lastly, we had to select the suitable information and produce a report in the correct format. We tried our best to present our findings in an understandable manner.

In a nutshell, I found this assignment very interesting as it prompted us to explore things we never did before.