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There needs to be more analysis specific to telecommunication rather then being more generic on the economy . How does telecommunication industry contribute to Sg's economy, how much GDP , employment. What is govt doing to assist the industry? Group gets a B for MAEC padlet

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There needs to be more analysis specific to telecommunication rather then being more generic on the economy . How does telecommunication industry contribute to Sg's economy, how much GDP , employment. What is govt doing to assist the industry? Group gets a B for MAEC padlet

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Hihi, I am so thankful to be part of this team. Thanks for putting aside extra time during the holidays to complete the project, it couldn't have done it without yall. Learning from our past mistakes, this time we never rush through our work so we have more time to do it and maintain the quality of it.

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hi there i am really grateful to be in this group because everyone is so detailed in their work but i think it might be better if we were a little bit neater/organized! one interesting fact i learnt about Singapore's GDP is how much of it is actually dependent on foreign labour

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General price levels situation in Singapore (Inflation) (Merilynn)

https://www.mti.gov.sg/-/media/MTI/Resources/Economic-Survey-of-Singapore/2021/Economic-Survey-of-Singapore-Third-Quarter-2021/Ch1_3Q21.pdf

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Thank you guys for putting in the extra effort during your school holidays!! Putting aside time is not easy and I appreciate it. We must maintain consistency in submitting quality work in a timely manner and I am sure our team will do well.

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Overall very good analysis of the oligopoly market structure especially mutual interdependence observation. There is also a wide coverage of concepts and Miec Topics applied with indepth research.

I would award an A grade for MIEC Padlet

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Any information on what isthe market share of these brand names ? If can find out the concentration ratios of these top few brands to prove they dominate close to 60% of the market share, we can then conclusively say they are oligopoly

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https://www.statista.com/statistics/1100651/worldwide-mobile-industry-contribution-gdp/ (GDP)

https://www.statista.com/topics/5842/smartphones-in-singapore/#dossierKeyfigures (GDP)

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Global mobile industry contribution to GDP 2014-2025 | Statista

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In 2020, the mobile industry contributed 4.4 trillion U.S.

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Macroeconomics Prelim Analysis (Based on 5 key sources of information)

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Macroeconomics Prelim Analysis (Based on 5 key sources of information)

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1. Economic situation of Singapore (Real GDP)

Growth in Real GDP: Smartphone industry affected by the Covid-19 pandemic

Real GDP growth forecast for 2021 is positive, at around 7%

Support from key source 1: "SINGAPORE'S official full-year growth forecast for 2021 has been narrowed to "around 7 per cent", at the high end of the previous forecast range of between 6 and 7 per cent."

With border restrictions loosening, tourist arrivals has increased compared to 2020, causing most sectors to see some growth

Support from key source 1: "...Singapore's high vaccination rate and roll-out of booster shots will facilitate continued easing of domestic and border restrictions..."

Foreign labour is a significant contributor to Singapore's sectors so it makes sense that the GDP is growing

Support from key source 1: "As for the migrant-worker reliant sectors of construction and marine and offshore engineering, these are expected to recover as border curbs are eased."

Rise in domestic demand/consumption for smartphones due to measures against the pandemic such as WFH for working adults and HBL for students as they may require better mobile phones for school or work

Support from key source 1: "...we take a relatively cautious view on the near-term outlook as the rules still require employees to work from home by default through the rest of this year..."

Rise in domestic demand/consumption due to measures against the pandemic

Support from key source 5: "Hence, the rate of digital transformation to many facets of life, such as shopping, learning and working, which has been accelerated by the onslaught of COVID-19..."

2. General price levels situation in Singapore (Inflation)

Overview

Due to higher car prices and housing rents, overall inflation increased to 3.2 percent in October from 2.5 percent in September which exceeded the median estimate of 2.8 percent made by Bloomberg analysts. The inflation rate of 3.2 percent is the highest record since March 2013.

The inflation rate in September increased by 2.5% year-on-year due to the increase in electricity and natural gas prices, food costs, and housing rents in September.
This affected the inflation rate in October, and Singapore’s overall inflation rate in October 2021 climbed to the highest rate in eight years since 2013.

In addition, experts said that with the relaxation of border restrictions and the opening of travel related to vaccination status, it is possible that the inflation rate of the air transport industry will increase in the future, and the price will also fluctuate slightly.

But experts also said that the domestic economic development and recovery would be able to support the rise in core inflation in the next few quarters. However, inflation is not just happening in Singapore, it is a situation that every country in the world needs to face with caution because it may continue for some time.

Main reasons for price surge

The main reasons for the overall inflation increase in November were the higher personal transportation and service charges, of which personal traffic inflation rose by as much as 17.9% due to the price of cars, the price of air tickets rising, pushing up service inflation to 1.9%, and the cost of electricity and gas rising up to 10%, from 7.8% in October.

Evidences and explanations for price surge

According to a press release issued by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) on December 23, rising global commodity prices have led to an increase in Singapore's personal onshore transportation and service charges, pushing the Consumer Price Index (CPI) up for 11 consecutive months, the largest increase in nearly nine years. The overall CPI rose 3.8 percent year-over-year in November, up from 3.2 percent in October and the highest gain since February 2013. Excluding personal land transportation and accommodation costs, the core CPI rose 1.6 percent, up from 1.5 percent in October.

Support from key source 3: Infographics on page 1 & 2

CPI-All Items

The consumer price index CPI-All Items rose 2.5% year-over-year for the third quarter of 2021, continuing the 2.3% increase in the previous quarter. Seasonally adjusted QOQIs saw a slight 0.5% increase in CPI across all projects, down from the 0.8% increase in the previous quarter

Support from key source 3: Line graph on page 8, "Exhibit 1.13: Changes in CPI"

Effects of Inflation (Percentage Changes in CPI over Corresponding Quarter of Previous Year)

By contrast, price declines in the following CPI categories contributed negatively to CPI-All Items inflation in the third quarter. Clothing & footwear prices fell by 5.6 per cent due to cheaper ready-made garments and footwear. Communication costs dropped by 2.0 per cent on the back of lower telecommunication services and equipment costs. Prices of miscellaneous goods & services edged down by 0.4 per cent on account of a fall in the cost of personal care items.

Support from key source 3: Table on page 9, "Exhibit 1.14: Percentage Changes in CPI over Corresponding Quarter of Previous Year"

Conclusion

Although the country's overall economy is affected by inflation, the GDP has risen slightly and it is a good sign as this indicates economic growth. With the country's domestic economy gradually beginning to recover, people's living standards have also improved. However, with the rise in prices, people's consumption patterns are gradually changing, some people may become more conservative with their spending, while some people may choose to maintain an open and optimistic attitude with their spending.

3. Labour market situation in Singapore as a whole (Unemployment)

Overview

Singapore’s total employment rate has declined lesser in the third quarter of 2021, causing Singapore’s labour market to perform better in Q3 2021 compared to Q1 and Q2. This is due to the resident employment rate growing at a faster pace, although there is a slight decline in the total employment rate due to the continued fall in the non-resident employment. Due to an easing in unemployment and retrenchment rate and the improving re-entry rate among retrenched residents, job vacancies have rose.

Main finding

The total employment rate declined slightly in 3Q 2021 (-2,400 excluding Migrant Domestic Workers than the previous quarter (-16,300). The resident employment went up by 19,100 while the non-resident employment fell by 21,500.

The resident employment grew by 19,100, thus, leading to a significantly smaller decline in the total employment compared to 2Q 2021. This is due to the increases of resident employment that were led by the outwards-oriented sectors such as Information & Communications, Professional Services and Financial Services, as well as domestically oriented sectors of Administrative & Support Services and Health & Social Services. While the resident employment growth in the Food & Beverage Services, Arts, Entertainment & Recreation, Accommodation, and Retail Trade continued to trail behind the other sectors.

Unemployment rates have improved but remain above the pre-covid levels

The seasonally adjusted unemployment rate has declined from August to September by 0.1% to 2.6%. The resident unemployment rate now stands at 3.5% while the citizen unemployment rate stands at 3.7%. However, the resident long-term unemployment rate has increased to 1.2% in September 2021 from 0.9% in June 2021.

Retrenchments declined

There was a decline in the retrenchments rate in 3Q 2021 from 2,340 or 1.3 retrenched per 1,000 employees to 1,900 or 1.1. Similarly, the six-month re-entry rate among the retrenched residents improved in the 3Q 2021 from 64% to 66%. There were also fewer employees placed on short work-week or temporary layoff in the 3Q 2021. In 2Q there were 5,580 employees placed on short work week or temporary layoff. However, in 3Q, employees who were placed on short work week or temporary layoff decreased from 5,580 to 4,060.

Rise in job vacancies

There was an increase in the seasonally adjusted job vacancies from 92,100 in June 2021 to 98,700 in September 2021. Together with the decline in the unemployed persons, the ratio of job vacancies to unemployed persons has increased. For every 100 unemployed persons in September 2021 there were 209 job vacancies, an increase of 46 from June 2021.

Conclusion

The Singapore labour market is expected to recover into 2022, but unevenly across the different sectors and industries. However, the Singapore labour market will only become tighter if the border restrictions continues to prevent foreign labour from entering Singapore.

4. Government measures

The government is making use of smartphones to trace people that recently came into contact with Covid-19 positive cases

Government initiatives like the "Senior Go Digital Initiative" to ensure that seniors, who are most at risk of being left behind, are taught how to make use of smartphones

Support from key source 5: "The IMDA launched the Senior Go Digital initiative in May 2020 to ensure that older adults are not excluded even as the rest of the country progress towards becoming a smart nation."

Government schemes like the "Mobile Access for Seniors scheme" ensure that seniors who are not able to afford smartphones are able to afford them

Support from key source 5: "...to ensure that telco mobile plans and smart phones remain affordable to senior citizens facing financial difficulties, there is the Mobile Access for Seniors scheme."

Moving towards an increasingly digitalized world means that everyone will need a smartphone, resulting in higher domestic demand/consumption for smartphones

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Government measures (Hayden)

https://www.channelnewsasia.com/commentary/digital-transformation-smart-nation-can-leave-seniors-behind-401921

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The Government has progressively built up the digital infrastructure and engineering capabilities as the foundation of our Smart Nation. These enable us to respond decisively and swiftly to the COVID-19 outbreak with a suite of digital tools to help disseminate timely and accurate information to Singaporeans, and to enable our fellow agencies to better manage the crisis.

Ask Jamie chatbot

Developed by GovTech, Ask Jamie is a virtual assistant designed to answer queries within specific domains on Government agency websites. Launched in 2014, Ask Jamie has been implemented across 70 Government agency websites.

Since 1 February 2020, the chatbot has been enhanced to address queries related to COVID-19, and uses machine learning to improve accuracy of the replies, and data analytics to detect trending topics.

In addition to the Gov.sg and Ministry of Health websites, citizens are also able to access the chatbot via Facebook Messenger and Telegram:

COVID-19 Chat for Biz

This chatbot addresses questions from businesses related to COVID-19, including information on measures to help businesses in Budget 2020.

Businesses can access the chatbot at www.go.gov.sg/businessconnect. The chatbot is developed by GovTech in collaboration with the Ministry of Trade and Industry (MTI).

COVID-19 GoBusiness portal

Together with Ministry of Trade and Industry and Ministry of Manpower, we have launched the Covid GoBusiness portal to support the application, approval and management process for businesses applying for essential worker permits, and to assist officers with enforcement and identification of such workers. More at: Covid.gobusiness.gov.sg.

COVID-19 Situation Report

The COVID-19 Situation Report dashboard presents the key statistics and figures on the current situation in Singapore. The solution is developed by GovTech in collaboration with the Ministry of Health.

To learn more, visit https://covidsitrep.moh.gov.sg

FluGoWhere

FluGoWhere is a website to conveniently and easily search through a list of Public Health Preparedness Clinics (PHPCs) providing special subsidies for those diagnosed with respiratory illnesses. There are more than 900 participating clinics as of 19 March 2020.

Citizens can access the website via www.FluGoWhere.gov.sg.

The website is developed by GovTech in collaboration with the Ministry of Health (MOH) and the Public Health Preparedness Clinics.

Gov.sg WhatsApp

The official Gov.sg WhatsApp account provides citizens with timely and trusted updates on the COVID-19 situation. This service is available in 4 languages, and the system has been optimised to send multi-lingual messages to all subscribers within 30 minutes.

Citizens can subscribe to updates by registering at www.go.gov.sg/Whatsapp.

MaskGoWhere

MaskGoWhere is a website that helps Singaporean households find the designated location, day and time to collect their allocation of masks. GovTech engineers have been making progressive updates and improvements to the website based on the latest available information and insights gathered through real-time user feedback function embedded within the website.

Citizens can access the website via www.MaskGoWhere.gov.sg.

The website is developed by the Government Technology Agency (GovTech) in collaboration with several Government agencies including the Ministry of Communications and Information (MCI), Ministry of Health (MOH) and People's Association (PA).

( The mask collection exercise has concluded as of 29 February 2020.)

Leave of Absence & Stay-Home Notice Tracking Solution

The Leave of Absence & Stay-Home Notice Tracking Solution is a SMS and mobile web-based solution that allows people serving out their Leave of Absence (LOA) or Stay-Home Notice (SHN) to report their locations to the Ministry of Manpower quickly and accurately.

The solution is developed by GovTech.

SafeEntry

Developed by GovTech, SafeEntry is a national digital check-in system that logs the name, NRIC and mobile number of individuals visiting hotspots and venues providing essential services, as well as the information of people working at places providing essential services.

SafeEntry is used for contact tracing and data verification through (1) scanning of QR codes or (2) scanning of NRIC at hotspots and high traffic locations. Businesses who are interested to use SafeEntry with QR scanning can refer to www.go.gov.sg/safeentry for the automated self-registration process.

Self-help Temperature Scanner

As organisations implement temperature scanning as a COVID-19 safeguard prior to entry to buildings/offices, GovTech developed a self-help temperature scanner using existing contactless off-the-shelf battery-operated infrared thermometer and other off-the-shelf materials. The thermometer is retrofitted with a motion-sensing camera and a power source to enable it to do a temperature scan without human intervention. This system is being progressively deployed to Government Buildings and community facilities.

TraceTogether

TraceTogether is a mobile app that supports Singapore's efforts to mitigate the spread of COVID-19 through community-driven contact tracing.

Through the exchange of short-distance Bluetooth signals between mobile phones with the installed app, each phone can detect other participating TraceTogether phones that are in close proximity. The app estimates the distance between users, and the duration of such encounters. Records of these encounters are stored locally, in encrypted form, on each user's phone for 21 days (covering the incubation period of the virus).

If a user is interviewed by a contact tracer for activity mapping, he can authorise the uploading of his TraceTogether data to Ministry of Health (MOH). MOH will then decipher the data and get the mobile numbers of the user's close contacts within a period of time. This facilitates the contact tracing process, and enables contact tracers to inform close contacts of confirmed cases more expeditiously.

To learn more about the app, visit www.TraceTogether.gov.sg The app is developed by the GovTech and MOH.

VigilantGantry

Developed by GovTech, VigilantGantry is an AI-driven automated temperature screening gantry that augments existing thermal systems to enhance the rate of contactless screening, saving time and manpower.

An alert will sound once the system has detected an abnormal temperature. This is especially useful for high traffic volume sites and detection of symptomatic cases. VigilantGantry is modular and can be easily integrated with off-the-shelf electronics, existing thermal systems and mobile optical cameras. If required, the solution is also able to interface with facial recognition solutions for contact tracing.

A trial at the National University of Singapore (NUS) showed significant improvements to the temperature screening process, with an average of 2 seconds of waiting time per visitor. This is an improvement from the previous temperature screening process involving the use of hand-held thermometers, which can take up to 1 minute per visitor. GovTech plans to open-source VigilantGantry's source codes for the industry to scale and deploy to different sites across Singapore.

https://www.tech.gov.sg/products-and-services/responding-to-covid-19-with-tech/

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Developed by GovTech, Ask Jamie is a virtual assistant designed to answer queries within specific domains on Government agency websites. Launched in 2014, Ask Jamie has been implemented across 70 Government agency websites. Since 1 February 2020, the chatbot has been enhanced to address queries related to COVID-19, and uses machine learning to improve accuracy of the replies, and data analytics to detect trending topics.

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Labour market situation in Industry and Singapore (Unemployment) (Fuling)

https://www.mom.gov.sg/newsroom/press-releases/2021/1215-labour-market-report-third-quarter-2021

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1215 Labour Market Report Third Quarter 2021

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Overview1. Singapore’s labour market performed better in 3Q 2021 compared to the previous quarter. Resident employment grew at a faster pace, although total employment declined due to a continued fall in non-resident employment. There was an...

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General price levels situation in Singapore (Inflation) (Merilynn)

Singapore overall inflation rises to 3.2% in October, highest in more than 8 years | The Straits Times

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Singapore overall inflation rises to 3.2% in October, highest in more than 8 years

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Core inflation, which better captures the underlying trend in consumer prices, rose to 1.5% last month, highest in nearly three years. . Read more at straitstimes.com.

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Economic situation of Singapore (Real GDP) (Hayden)

https://www.businesstimes.com.sg/government-economy/singapores-growth-forecast-at-around-7-for-2021-3-5-for-2022

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MACROECONOMIC PRELIMINARY ANALYSIS

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Hiiii i am grateful to be in this group because the other group members are all so smart and creative and hardworking and they made this project so fun to work on!!!

I think we should definitely start working on our projects a little bit more than a week before submission.

One interesting fact about smartphones I learnt is that there's sand in our phones in the form of silicon sand found in the screen and circuit board.

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Hihi team mates! I’m happy to be in this group, u guys are so friendly and approachable, thus, making the discussion always full of laughter and fun. Everyone is also so easy-going, thus, the group discussion always went smoothly and there was no conflict.

One area our team could improve on in time management. Our group started a bit late, thus there was a bit of rushing in finishing the work. Thus, I learn not to do project last min so that we will have more time in completing the work and not rush through it.

One interesting fact I have learnt is that despite Samsung and Apple being rivals, Samsung still provided Apple with DRAM memory chips for its smartphone and tablets. Thus, Apple, as a result accounted for 9% of Samsung’s revenue.

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Hello! So thankful to be a part of this. This project would not be done without you guys. Everyone is easy to communicate with. The discussions went smoothly, we were able to agree on each other's opinions and there was no conflict when communicating with each other.

We did not manage our time well. One improvement is to have good time management. We should start earlier so that we have sufficient time to finish our work and do not have to rush.

A fun fact I have learnt is that when Apple was very popular in 2012, Apple sold 340,000 iPhones per day.

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https://www.statista.com/topics/5842/smartphones-in-singapore/

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With a mobile penetration rate of 159.1 percent and high smartphone usage, Singapore is an attractive market for foreign vendors. In early 2020, Apple was the market leader among mobile vendors in Singapore with a market share of approximately 33.6 percent.

There are now 11 telcos in the country. The major telecom providers, Singtel, M1 and StarHub are recently joined by other companies such as Circles.Life and MyRepublic. The advent of lower cost plans offered by the new players and incumbent telcos' sub-brands, such as Singtel's Gomo and StarHub's Giga, have led more to seek new SIM-only and off-contract plans across multiple telcos.

Social networking, calling and messaging as well as work-related activities are some of the most popular uses of smartphones among Singaporeans. More and more locals are also using their personal mobile devices for online transactions. This frequency and intensity with which Singaporeans use their smartphone opens-up infinite opportunities for companies to reach their customer. However, a recent study found that most Singaporeans do not install security applications in their mobile devices which saw an increase in cybersecurity lapses in the past year.

In the fourth quarter of 2019, the average mobile data usage in Singapore was estimated at 42.51 petabytes per month. As smartphones continue to become an integral part of everyday life, Singapore plans to issue licences to operate two full-fledged 5G networks and two smaller ones with limited coverage. 5G airwaves for islandwide reach (the 3.5Ghz band) will be available only in 2021.

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With a mobile penetration rate of 159.1 percent and high smartphone usage, Singapore is an attractive market for foreign vendors. In early 2020, Apple was the market leader among mobile vendors in Singapore with a market share of approximately 33.6 percent. There are now 11 telcos in the country.

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Microeconomics Prelim Analysis (Based on 4 key sources of information)

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Microeconomics Prelim Analysis (Based on 4 key sources of information)

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1.  Market structure of smartphone industry

The smartphone industry falls under the oligopoly market structure. An oligopolistic market structure is a type of market form where a market or industry is dominated by a small group of large sellers. When a market is shared between a few firms, it is said to be highly concentrated.

Thus, although the smartphone industry has a ton of different smartphone brands, there only a few big players. In the smartphone industry the 5 major players are Samsung Electronics, Apple Inc, Huawei Technologies Co. Ltd, Xiaomi Corporation and Vivo Communication Technology Co. Ltd.

2. Characteristics of smartphone industry

The characteristics of an oligopolistic market is an industry dominated by a small number of large companies, interdependence and has high barriers to entry.

An industry dominated by a small number of large companies

In the smartphone industry, there are ton of different brands in the market that have been introduced to consumers. However, since the market is dominated by established players such as Samsung Electronics, Apple Inc, Huawei Technologies Co. Ltd, Xiaomi Corporation and Vivo Communication Technology Co. Ltd, brands like Nokia, Sony, HTC, Motorola and Blackberry will be unfamiliar to consumers. Nowadays, most people can be seen using smartphone brands that belongs to the 5 established players in the smartphone market. Since the top 5 established brands has cornered more than half of the smartphone market, the rest of the market is left for the remaining hundreds of other brands to compete fiercely with each other.

Support from key source 2: List of major players and market concentration of the smartphone industry.

Interdependence

The smartphone industry is interdependent on each other in their decision making. Thus, when a brand starts designing a new model of their products which immediately captures the attention of the consumers, this provokes the countermoves of the rival brands in the industry.

Thus, when any of the 5 major players in the smartphone industry launch new products, the whole industry is affected. This has resulted in every player in the market to be on alert.

Support from key source 2: Oppo Mobile Telecommunications Corp. Ltd launched their new sleek smartphone OPPO F19 in April 2021, their rivals, both Vivo Communication Technology Co. Ltd and Samsung Electronics then followed closely by launching the Vivo Y72 and Galaxy A22 5G respectively in July 2021.

High barriers to entry

Established smartphone brands maintain their position in the market through several barriers to entry. The most important barrier is brand loyalty. As the 5 major smartphone companies use different operating systems, which affects the phone's functionality, consumers are unlikely to purchase a different company's phones as it might be very troublesome to transfer their data and get used to the phone. Hence, smartphone companies like Apple or Samsung that have been well-established in Singapore for a long time will have a larger and more loyal customer base as compared to newer companies like Oppo or Oneplus. Thus, this makes it difficult for newer companies to enter an already saturated market, especially for smartphones.

Support from key source 2: Scope of the report, market is segmented by geography and operating system(iOS & Android).

3. Demand and/or supply determinants that are applicable to the smartphone industry

Expectation of buyers

Phones will become more expensive in the future due to scarcity. As we have seen lately due to the pandemic, when there was a shortage of toilet paper and masks, both companies and individuals took advantage of this and sold these items at significantly higher prices than compared to usual prices. And seeing as smartphones are more of a necessity these days, buyers can expect smartphones to increase in price.

Support from key source 3: Vendors of mobile phones shipped out 325.5 million units which is 6% lower compared to the third quarter of the last year of 348 million. Manufacturers of mobile phone components are also planning to raise the prices of these components.

Price of related goods

Production of other electronics has been affected. As computers are an alternative to mobile phones, people might look to purchase them so applying the law of demand, there will be more demand for computers instead of phones as they will likely be cheaper. As a result, computer manufacturers may increase their production so as to meet the demand and make more profit.

Support from key source 3: The production of items including televisions, computers and cars had been hampered in the last year and is expected to continue to the next year.

Expectation of sellers

Phones are likely to rise in price due to the chip shortage, hence, applying the law of supply, phone manufacturers are likely to slow down or completely stop production of phones so they can hold onto more phones or components so they are able to sell them for a higher profit margin.

Support from key source 3: Apple and Samsung had warned of possible component shortage that could affect production and had stocked up chips but most of their products were still affected due to the chip shortage.

Number of sellers

Phone shipments to Singapore have dropped. This will cause there to be lesser sellers in the market, which will decrease the number of phones for sale in Singapore. So according to the law of supply, the prices of phones in Singapore will likely increase.

Support from key source 3: According to the infographics, the net annual growth of all phone vendors in Singapore has dropped 6% compared to last year.

Factor/resource price

Chips essential to smartphone production are increasing in price due to shortage. As the price of raw materials needed to produce phones increases, manufacturers will likely raise the price of phones as well so that they will continue to make a profit, or their production will be slowed which will also have a similar effect on the prices of phones.

Support from key source 3: Due to different factors like increased demand for electronics and the Covid-19 pandemic causing factories to halt production, the global semiconductor shortage continues. A major chipmaker was also reportedly planning a price hike.

4. The likely price elasticity of demand of the smartphones and its determinants based on research

Decline in demand for high-end phones

Due to the global economic slowdown, many jobs have been lost. This has resulted in the demand for mobile phones to decline as people are not willing to spend money. Mobile phone manufacturers sell mobile phones in line with this situation by setting them at a reasonable price so that people can afford them. Thus, the law of demand states that as the price decreases, the quantity demanded increases.
In response to changes in the global economy, people’s requirements for the performance and price of high-end mobile phones have gradually declined. Instead, they will buy other mid-range phones or tablets and computers with similar performance to high-end phones. The prices of mobile phones in the market will vary. According to the law of supply and demand, its price of mobile and cost will adjust according to the market mechanism.

Support from key source 4: Phone manufacturers have suffered declines in demand for higher-end phones that cost over $1,000 due to the global recession and are producing more lower-end phones.

Variable cost in manufacturing displays of different technology

The more advanced the technology used to manufacture mobile panels, the higher the production costs will be. Manufacturing mobile panels with a more advanced technology results in an increase of production costs. The types of different panel made from different technology makes a difference between manufacturing high-end mobile phones and middle-ranged mobile phones. When higher quality panels are manufactured, manufacturers are willing to sell their phones at a higher price. Hence as the price increases, the quantity demanded decreases.

Support from key source 4: The display is one of the most important components in a phone and determines whether a phone succeeds or not. The flexible OLED displays give manufacturers more space to work with so it can be used for other parts, which will cause the price to increase.

Supply price of mobile processor and chips

The more advanced the mobile processors and chips are, the more efficient the mobile phones are. Due to the effectiveness of the processor and chips, faster processing speeds are possible, however, this will result in mobile manufacturers increasing the price of mobile phones as they now cost more to produce and more opportunity costs are incurred from not using their money for other beneficial purposes. Hence as the price increases, the quantity demanded decreases.

Support from key source 4: Data processors are the most important component that determines the processing speed of the phone, so the processing capabilities of the chip determine its price.

High demand for larger multi-lens camera module

The most important factor that affects the price of phones is called modular programming. The more accurately the module is programmed, the better the pictures taken will be, which will also help compatibility. With the high demand for better quality cameras in phones, manufacturers are able to sell mobile phones with better cameras at higher prices.

Support from key source 4: The camera has become the most important aspects when choosing a smartphone for many. So, the better the camera module gets, the more expensive the phone becomes.

Market conditions

In response to changes in the global pandemic, many office workers or students stay at home for work and home-based learning, this results in the demand for tablets and computers to gradually increase.
Demand for mobile phone gradually declined. When the demand of tablets and computers is more than mobile phones, the price of mobile phones in the market will decline. According to the principle of supply, when the supply of goods exceeds demand, the prices of phones will be lowered according to the market mechanism.

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The likely price elasticity of demand of the products/services and its determinants based on research (Merilynn)

https://www.thejakartapost.com/life/2020/06/08/what-makes-up-smartphone-prices.html

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Demand and/or supply determinants that are applicable to the product/service/industry (Hayden)

https://www.straitstimes.com/tech/tech-news/worldwide-smartphone-shipments-fell-in-third-quarter-of-2021-amid-chip-shortage

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Worldwide smartphone shipments fell in third quarter of 2021 amid chip shortage

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Fewer smartphones were shipped worldwide in the third quarter of this year, compared with the same period last year, amid an ongoing global chip shortage.. Read more at straitstimes.com.

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Characteristics of the market structure with support (Fuling)

https://www.mordorintelligence.com/industry-reports/smartphones-market#faqs

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Smartphone Market | 2021 - 26 | Industry Share, Size, Growth - Mordor Intelligence

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Smartphones market is expected to reach 1,556.67 million units by 2026. Factors such as increasing disposable income, development of telecom infrastructure, the emergence of budget-centric smartphones are contributing to the growth of the smartphone market in Asian countries

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Market structure of smartphone industry (Fuling)

https://howtodiscuss.com/t/which-market-structure-do-cell-phone-service-companies-fall/52331

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Is the cell phone industry an oligopoly?

The mobile phone industry is an oligopoly as four large companies compete to produce 70-80% of its emissions. An oligopoly is a type of market where a market or sector is dominated by a small number of sellers who would be oligopolies.

Is the smartphone industry an oligopoly in this sense?

The smartphone market is one of the most important oligopolies. When companies operate in an oligopoly, the number of sellers is so low that they have to anticipate competitors' reactions before making a price decision. Being an oligopoly, the barriers to entry into the smartphone market are very high.

Aside from the above, what industry are cell phones in?

The cell phone industry is mainly engaged in the production of cell phones, including cell phones. Right now, the cell phone industry is all about technological advancement.

We also ask: what is the market structure of the mobile communications sector?

oligopolyIs McDonalds an oligopoly?

McDonalds is not considered a monopoly as it is not a single seller of a single product or product. These facts show how much McDonalds is seen as an oligopoly as it is one of the few companies that dominates the sector in which it operates. McDonalds is one of many companies that fall into economies of scale.

Which industries are oligopolies?

The industries that are examples of oligopolies are: The steel industry. Aluminum. Movie. Watching TV. Mobile phone. Gas.

What are the characteristics of the oligopoly?

The three main characteristics of an oligopoly are: (1) an industry dominated by a small number of large companies, (2) companies selling the same or different products, and (3) the industry has significant barriers to entry.

What is an example of an oligopoly?

Automotive manufacturing is another example of an oligopoly with major US carmakers such as Ford (F), GMC and Chrysler. Although smaller wireless operators exist, the operators that dominate the industry are Verizon (VZ), Sprint (S), AT&T (T) and TMobile (TMUS).

Are mobile operators in monopolistic competition?

The mobile phone market is a good example of a complete monopoly market as each company tries to differentiate their products by making phones unique or special. Examples are iPhone5 and Samsung Galaxy III.

What is the oligopoly market?

Oligopoly is a market structure with a limited number of companies and none of them can prevent the other from exercising significant influence. Concentration share measures the market share of the largest firms. A monopoly is a company, a duopoly is made up of two companies, and an oligopoly is made up of two or more companies.

Why is Apple an oligopoly?

Apple Inc. is seen as an oligopoly and monopolistic competition because there are more competitors and also because the company maintains its position in the market because it is too expensive or too difficult for other competitors, and therefore represent barriers to entry.

What is an example of a monopoly?

A monopoly is a company that is the sole seller of the product and for which there is no direct replacement. An unregulated monopoly has market power and can influence prices. Examples: Microsoft and Windows, DeBeers and Diamonds, your local natural gas company.

Is the smartphone industry growing?

BOSTON According to the latest research from Strategy Analytics, global smartphone shipments increased 2% annually to 366 million units in the third quarter of 2019. This is the first phase of positive growth for the smartphone industry in two years. .

What is the smartphone industry?

Smartphones are a class of cell phones and MFPs. Improved hardware and faster wireless communications (thanks to standards like LTE) have fueled the growth of the smartphone industry.

What kind of market is Apple in?

Apple Inc. maintains an oligopolistic market structure in the competition for smartphone advertising, but Apple Inc. is known as a monopoly competition in branded computers. Monopolistic competition in which many suppliers make highly differentiated products.

Are smartphones homogeneous?

High-end or flagship smartphones are almost homogeneous. In both hardware and software, the competition is fierce when it comes to finding the best smartphone design, utility case, and feature set. Some smartphone functions have already been carried over to other discrete devices.

Is the smartphone market an oligopoly or a monopolistic competition?

An oligopolistic market has large companies making smartphones in the industry around the world. In the meantime, there will be monopolistic competition with thousands of smartphone companies, as a large number of suppliers are certainly involved.

What kind of market structure is AT&T?

Oligopoly Market Structure

How Big is the Mobile Phone Industry?

$ 355 billion smartphone market with 6 billion units in circulation in 2020: report. According to a new study on Tuesday, the global smartphone installation base will grow by 50% over the next four years to reach 6 billion units with total revenue of $ 355 billion.

Which Market Structure Do Cell Phone Service Companies Fall

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Which Market Structure Do Cell Phone Service Companies Fall

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Which Market Structure Do Cell Phone Service Companies Fall Is the cell phone industry an oligopoly? The mobile phone industry is an oligopoly as four large companies compete to produce 70-80% of its emissions.

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MICROECONOMIC PRELIMINARY ANALYSIS