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Glow areas:
References are all recognised and noted a few that are industry specific. I actually think that your additional sources gives you more information about the happenings related to GDP instead of the key selected sources since those are more of infographics/fact sheets that reveal important data but doesn't share the "why" or reasons causing such a data trend. But small thing, since Team knows further research is necessary.

Grow areas:
GDP
First point should go last, after biggest contributor and "In 2020, the ...". Otherwise, it might seemed as though the growth in 2021 is due to the rise in manufacturing. Suggest team to check out more recent news for which sectors is boosting/dampening SG's real GDP. Just study one or two will do.

Would like to challenge team to use the GDP components in examining real world events too. There is really good information in the DOS infographics that could be used to examine the current GDP trend in SG too. E.g. shows the breakdown of the components of GDP and also our key trading partners.

Smartphone industry in Singapore during the COVID-19 pandemic:
I think this point is really interesting and I think this point is better subsumed in Microeconomics analysis since this is talking about one of the demand determinant. Which one?

Smartphone industry and GDP:
Good first point, lovely as part of the overview of the contribution of this industry to GDP! The subsequent points would need support

Labour Market Situation
Interesting point about the creation of new jobs

For a more holistic coverage of the labour market, pls look at the current unemployment/employment situation in SG, what the key reasons behind this, before moving on to take a look at the electronics industry.

General Price levels
Similar to my comment for labour market, cover the overall inflation situation in SG first, before examining whether prices of mobile phones contributed to the trend.

A clarification of concept: Inflation is the sum of % change in a whole lot of goods and services and mobile phone is just one of it. So we can't say for sure that there is inflation even if mobile phone prices increased. It could be dampened by the fall in prices of other stuff such as clothings. Suggest to google for inflation % news article and from there, you probably would read a few reasons about the trend and from there Team can find out the reasons further. DOS also has inflation data.

I like the attempt to use concepts such as demand-pull inflation. The next step is to confirm is this is indeed as what you have explained.

The MAS paper is quite advanced in terms of it's analysis. I'm not too sure if we want to go this deep.

Government Measures
Suggest to cover the broad measures SG government have implemented to boost the economy as a whole before focusing on the industry specific policies.

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Chang, V. (2020, June 9). straitstimes. Retrieved from straitstimes.com: https://www.straitstimes.com/tech/smartphones/rise-of-mid-range-smartphones

Statistics Singapore. (2021, june 29). singstat.gov. Retrieved from singstat.gov.sg: https://www.singstat.gov.sg/modules/infographics/economy (Two sources used same website.)

Kit, T. S. (13, Janurary 2020). channelnewsasia. Retrieved from channelnewsasia.com: https://www.channelnewsasia.com/news/business/what-is-digital-economy-why-it-matters-mobile-app-12240630

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Government Measures

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(Updated: )
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SINGAPORE: A few taps on a smartphone is what most people will do these days to book a ride, order a meal or pay a bill.

These changes in day-to-day activities are powered by technological advancements, which have also reshaped jobs and how businesses operate.

For instance, the mobile app that allows you to pay a bill, apply for a new credit card and open a new account underscores how banks are tapping technology to create new products and services for digital-savvy customers. With fewer people visiting bank branches, some job functions, such as those of bank tellers, have had to evolve.

Singapore has embarked on an all-out push to get itself ready for this new reality.

Going digital is now an imperative for companies across all sectors, and workers are nudged to pick up new skills as the economy embraces more technology.

By one estimate, the burgeoning digital economy is set to add as much as US$10 billion (about S$13.5 billion) to Singapore's gross domestic product (GDP) by 2021.

It can also increase GDP growth rate by 0.6 per cent annually, according to the 2018 study by Microsoft and market research firm IDC Asia-Pacific.

But with opportunities come challenges. For example, when jobs and skills are made redundant quicker than people think.

What does the transformation into a digital economy mean? Here's what to know:
WHAT IT'S ALL ABOUT

The World Economic Forum and the Group of Twenty define the digital economy as a broad range of economic activities that use digitised information and knowledge as key factors of production, modern information networks as an important activity space, as well as information and communications technology to drive productivity growth.

To put it simply, the digital economy is organised, enabled and facilitated by technology ranging from computers, Internet to emerging ones like artificial intelligence and the Internet of Things.

Its growth and far-reaching influence have brought about tremendous disruptions across all industries.

Look no further than the brick-and-mortar retailers and taxi operators, which have been upended by the rise of e-commerce and ride-hailing platforms, respectively.

Back at banks, technology has also been deployed at the back end amid the chase for greater productivity and cost efficiencies. For instance, the use of software to automate manual and repetitive operational tasks and processes.

As the relentless march of technology leaves its mark across industries, some jobs have changed. While some became obsolete, others now demand new skills such as programming and data analytics.

These changes will continue to come thick and fast, said a 2019 report by a United Nations body that focuses on trade, investment and development issues.

This boils down to how the collection, usage and analysis of massive amounts of data are now possible.

The United Nations Conference on Trade and Development also named the emergence of digital platforms as a catalyst. These data-driven platforms, which enable different parties to interact online, have disrupted existing industries over the past decade and will continue to do so.
WHY SHOULD SINGAPORE CARE?
"The power of platforms is reflected in the fact that seven of the world's top eight companies by market capitalisation use platform-based business models," the report said, citing the examples of Facebook and Alibaba.

The digital age has thrown up a resource - data - that allows Singapore to overcome its geographic and resource limitations, according to Trade and Industry Minister Chan Chun Sing at a press conference on the launch of the Committee on the Future Economy report in 2017.

With the global outlook for 2020 still shrouded in uncertainty, the digital economy remains one of the " exciting " opportunities - and a "major" one - for Singapore, he said in Parliament this month.

Digitalisation enables small countries like Singapore to transcend size and geography, and helps enterprises to penetrate new markets, he said.

Southeast Asia's digital market, which is estimated to exceed US$300 billion by 2025, also serves up opportunities, added the minister in a speech on Jan 6.

Professor Sumit Agarwal from the National University of Singapore (NUS) Business School said Singapore, as a small and open economy, has been at the forefront of previous economic revolutions.

With digital technologies becoming increasingly pervasive in economies, businesses and people's everyday lives, embracing it is crucial in remaining relevant.

WHAT HAS BEEN DONE
"If Singapore doesn't care, Singapore will be left behind," he said.

A plethora of measures have been put in place, with the digital economy named a key pillar of Singapore's Smart Nation goals.

These include continued investments into digital infrastructure by setting aside S$40 million to build an open and inclusive 5G ecosystem.

An additional S$500 million will also go into digital technologies as announced last year under a mid-term review of the five-year Research, Innovation and Enterprise 2020 plan.

To nudge businesses to digitalise, transformation maps for 23 industries were rolled out from 2017, alongside initiatives that offer funding support or advice like the SME Go Digital programme.

More recently, a new digital-focused office has been set up. It will encourage public-private partnerships to help companies digitise, while creating an estimated 10,000 new tech-related jobs over the next three years.

Another key focus is on raising the digital capabilities of the local workforce.

This by incorporating more technology-centric programmes into the curriculum at education institutions and providing existing workers with various options for skills upgrading or on-the-job training.

More help for both businesses and workers can be expected in Budget 2020, Deputy Prime Minister Heng Swee Keat has said in his New Year message.

Elsewhere, the push towards a cashless society continues and the local banking sector is poised for more shake-up with plans by the Monetary Authority of Singapore to issue five new digital bank licenses.

On a broader level, Singapore is pursuing digital economy agreements with Chile, Australia and New Zealand. It is also co-leading the World Trade Organisation Joint Statement on E-Commerce initiative, which aims to establish rules for the digital economy.
CHALLENGES
For all these efforts, Singapore was ranked as the world's second-most digitally competitive country in an annual ranking published by Swiss business school IMD last year. The United States took the top spot.

There are also concerns, with the readiness of workers for the digital economy at the top of the minds of experts that CNA spoke to.

Many countries, including leading economies, are facing the challenge of a job-skills mismatch, said Ms Jaya Dass, managing director of recruitment firm Randstad in Malaysia and Singapore.

"The speed at which technology is advancing surpasses the current capabilities of the local workforce. There are new technologies such as robotics process automation and artificial intelligence, which the majority of the workforce is not equipped to carry out."

Singapore's Manpower Minister Josephine Teo said last month that the jobs and skills mismatch here will not go away.

In fact, Singapore must expect it "if we are transforming our economy at a fast enough rate" and see it as an opportunity instead.

Some surveys have showed societal concerns about the future of work.

A 2019 survey by PwC showed one in five Singaporeans being concerned about the future impact of technology on their jobs. This put Singapore as the second-most nervous country in the 11-nation poll.

When asked why they felt nervous or scared, 58 per cent of respondents were worried about being made redundant by technology and 36 per cent feared about not having the right skills.

Slightly more than half also thought that it is likely their roles will be made obsolete or significantly changed by automation over the next 10 years, the survey said.

Asked if Singapore is making the transition too quickly, OCBC's head of treasury research and strategy Selena Ling said given how the rise of the digital economy is a global phenomenon, the pace of transformation is not something that can be controlled.

She said the local education sector is now "a lot more plugged in with the general economic direction and industry needs", and the challenge remains on how to help existing workers keep up with the technology-induced shifts in the labour market.

This will likely have to involve more support measures for businesses, especially the small- and medium-sized enterprises, and workers moving forward, said Ms Ling.

Globally, there are concerns about how existing inequalities, such as the digital divide with sharing being predicated on access to technology and income divide, could be exacerbated.

The digital economy also tosses up new problems, such as cybersecurity risks and taxation, for world governments to mull over, experts said.

Singapore has, for instance, begun levying the Goods and Services Tax on digital imported services from January 2020.

"I think we are still at the nascent stage in policy responses to the digital economy, but overtime you'll expect it to grow and displace traditional economic activities. Then, how you regulate, govern and tax will become increasingly important," said Ms Ling from OCBC.
More details are available at: cna.asia/leadership-summit
In March 2020, the inaugural CNA Digital Economy Leadership Summit 2020 will bring together some 200 key decision makers from Government, diplomatic circles and the private sector from around Asia, to explore key issues that include: How to grow and innovate in a digital economy, as well as how to manage talent and ensure sustainability in the digital economy.

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The rise of the digital economy: What is it and why it matters for Singapore

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(Updated: ) Share this content SINGAPORE: A few taps on a smartphone is what most people will do these days to book a ride, order a meal or pay a bill. These changes in day-to-day activities are powered by technological advancements, which have also reshaped jobs and how businesses operate.

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Statistics on labour, employment and wages are compiled by the Ministry of Manpower (MOM). Statistics on labour productivity are compiled by MOM and the Singapore Department of Statistics.

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Labour, Employment, Wages and Productivity - Latest Data

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Statistics on labour, employment and wages are compiled by the Ministry of Manpower (MOM). Statistics on labour productivity are compiled by MOM and the Singapore Department of Statistics.

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GDP

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An animated overview of the Singapore economy, presenting the latest GDP, growth and industry breakdown, latest data and partners in investments in Singapore and abroad, profile of enterprises, and latest data and partners in trade in goods and services. This infographic is based on data compiled by the Department of Statistics, other government agencies and statutory boards.

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Smartphone industry of 2021

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The half-time report for the smartphone industry makes for grim reading.

Market research firm IDC said last week that global smartphone shipments will drop by 18.2 per cent in the first half of this year.

This forecast comes on the heels of another grim set of stats from IDC - smartphone sales declined by 11.7 per cent, to 275.8 million units, in the first three months of this year compared with the same period last year. This is the industry's biggest year-on-year quarterly fall.

IDC predicts smartphone sales for the whole of this year will slump by 11.9 per cent from last year.

With the world in the throes of the Covid-19 pandemic, which has caused countries to impose lockdowns, leading to rising unemployment and a worsening economic outlook, many consumers are not buying new smartphones unless their current ones are broken.

Mr Bryan Ma, vice-president of devices research at IDC says: "With consumers unsure of where their next paycheck is coming from, some would try to stretch the life of their existing phones, while others might opt for a cheaper 'good enough' phone".

MID-RANGE PHONES IN FOCUS

An example of a "good enough" phone is the Apple iPhone SE, which was launched in late April at the peak of the pandemic. With a starting price of $649, the iPhone SE is the most affordable iPhone since its predecessor in 2016.

It was also the most widely searched smartphone in Southeast Asia with 673,000 searches between March and April on price comparison website iPrice.

The iPhone SE, as well as other more affordable smartphones, were also on the radar of Singapore users of the iPrice platform.

The website says there was a 178 per cent increase in searches by Singapore users for entry-level and mid-range models in April compared to March. In comparison, premium smartphones saw a 44 per cent increase in search activity in the same period.

"We believe that Singaporeans were searching high and low for mid-range smartphones during the circuit breaker period," says iPrice.

According to IDC, while the top three smartphone makers by market share - Samsung, Huawei and Apple - saw sales dip in the first quarter of the year, fourth- and fifth-placed Xiaomi and Vivo experienced gains of 6.1 per cent and 7 per cent respectively, boosted mainly by sales of affordable smartphones in India.

Mr Juha Winter, associate director at market research firm Strategy Analytics says that consumers want "value-for-money devices with good-enough specs at affordable prices", especially with mobile operators reducing handset subsidies in recent years and countries entering recession due to the Covid-19 outbreak.

He adds that only one flagship model - the Samsung Galaxy S20+ in third spot - was in Strategy Analytics' list of the top-six bestselling Android smartphones in the first quarter of the year. Samsung's mid-range Galaxy A51 ($448) was the most popular smartphone.

Ms Lee Kay Ling, 27, who works in digital advertising, bought an Oppo Reno3 Pro smartphone for $749 last weekend. She says: "A new flagship phone will easily set you back by $1,500 or more. I don't think the extra features justify the price when phones that cost half as much can do the job just as well."

The gap between mid-range and flagship smartphones has narrowed in recent years. Mid-range smartphones, which usually range between $300 and $800, now often come with features typically found in the top phones, such as multiple rear cameras, Oled screens and in-display fingerprint sensors.

"Samsung and Chinese smartphone makers have been aggressive in penetrating the latest technologies to mid-range and even lower-tier smartphones," says Ms Flora Tang, research analyst at market research firm Counterpoint Research.

Even 5G connectivity, which is currently found only in flagship smartphones, is expected to appear in mid-range models by the end of the year, says Mr Ma.

But while the hardware of mid-range smartphones have become more competitive with that of high-end models, top phones are still king when it comes to camera performance, which increasingly relies on software to make a difference.

Operations manager Kwang Xuan Qing, who bought the flagship iPhone 11 Pro Max earlier this year, says: "My biggest consideration for a smartphone is the camera. And the ones in mid-range phones just do not cut it for me."

Users like Mr Kwang are unlikely to shift to a mid-range model, say analysts.

Mr Jin Shengtao, research analyst at market research firm Canalys says: "Singaporeans would rather hold onto their existing smartphones longer as it tends to be painful to downgrade to a less premium brand or model."

Echoing this sentiment is Ms Sahiba Puri, senior analyst at market research firm Euromonitor International: "While purchasing may be stalled for a while, demand for premium phones is expected to resurface as the economy reopens."

She expects the smartphone market in Singapore to shrink by 3 per cent to 2.7 million units compared to the previous year due to supply constraints and retail shutdowns as a result of the Covid-19 outbreak.

ONLINE RETAIL RISING

The nationwide lockdowns are also pushing the smartphone market to shift sales from brick-and-mortar stores to online platforms.

According to the Singapore Department of Statistics, online retail made up 70.6 per cent of all sales for computer and telecommunications equipment in April, up from 41.2 per cent in March. Singapore implemented its circuit breaker measures, which closed non-essential businesses, on April 7.

Counterpoint Research analyst Sujeong Lim says that first-time online shoppers may continue using online retail platforms in the future after seeing the benefits - prices are lower and it is less time-consuming to buy online.

Another knock-on effect of Covid-19 is the conversion of smartphone holdouts to smartphone users.

Those still using feature phones may be convinced to switch after seeing the need for smartphones during a lockdown to access essential services such as food and grocery deliveries, says Mr Varun Mishra, research analyst at Counterpoint.

However, the increase in employees working from home may lead to consumers in general buying fewer mobile devices, as they prioritise devices such as computers and monitors over smartphones, say analysts. "After all, if one is already at home, then one would likely use a PC anyway," says Mr Ma.

This trend, says Mr Ryan Reith, program vice-president at IDC, will result in smartphone makers pricing their upcoming 5G models even more aggressively than expected prior to the pandemic.

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Rise of mid-range smartphones amid Covid-19 lockdowns, worsening economic outlook

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The half-time report for the smartphone industry makes for grim reading. Market research firm IDC said last week that global smartphone shipments will drop by 18.2 per cent in the first half of this year.

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• Singapore: GDP growth by industry 2020 | Statista

MTI Maintains 2021 GDP Growth Forecast at "4.0 to 6.0 Per Cent"

https://www.statista.com/statistics/625739/gdp-of-the-information-and-communication-industry-in-singapore/

https://www.mti.gov.sg/-/media/MTI/Resources/Economic-Survey-of-Singapore/2020/Economic-Survey-of-Singapore-2020/FullReport_AES2020.pdf

https://www.moe.gov.sg/sgis/sponsoring-organisations/industries/electronics

https://www.guidemesingapore.com/business-guides/incorporation/why-singapore/singapore-economy---a-brief-introduction#:~:text=Singapore's%20largest%20industry%20by%20far,sciences%2C%20logistics%20and%20transport%20engineering.

https://www.straitstimes.com/business/economy/singapore-maintains-4-6-gdp-forecast-for-2021-despite-increased-covid-19

https://www.channelnewsasia.com/news/singapore/singapore-maintains-2021-gdp-forecast-at-4-6-per-cent-covid-19-14879984

Singapore GDP | 1870 - 2020 | Data | PPP | Current | Real on World Economics

https://www.statista.com/statistics/625739/gdp-of-the-information-and-communication-industry-in-singapore/

https://www.mas.gov.sg/-/media/MAS/Monetary-Policy-and-Economics/Education-and-Research/Research/Economics-Essays/2018-Oct/SF-B-The-Impact-of-Technological-Progress-on-Inflation.pdf
https://www.guidemesingapore.com/business-guides/incorporation/why-singapore/singapore-economy---a-brief-introduction

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1. GDP (Euan & Lois)
- Real GDP fell by 5.4% in 2020, but is expected to grow by 4.0%-6.0% in 2021 despite the COVID-19 Pandemic
- The biggest contributor to the Singapore GDP is the manufacturing industry, contributing at 20%-25%
- This is followed by retail and wholesale trade at 18%, and business services at 16%
- In 2020, the Information and Communications sector contributed to 5.1% of the Nominal GDP

Smartphone industry in Singapore during the COVID-19 pandemic:
-  During the Circuit Breaker period, many people looked to mid range phones which were more affordable (e.g the iPhone SE having a starting price of $649, and being the most affordable iPhone since the last one in 2016)
- iPrice (a price comparison website) reports that there was a 178% increase in searches by Singaporean users for entry-level and mid-range smartphones from March to April (the iPhone SE and other affordable options were searched by Singaporean users on iPrice)
- During the same period, premium smartphones only saw a 44% increase in searches by Singaporean users on iPrice

Smartphone industry and GDP:
- In general, the electronics industry is a major industry, and accounts for 8% of Singapore's GDP, and contributes 38% of the total investments in fixed asset investments in 2020
- From what we can infer, the contribution of the electronics and Infocomm sector to GDP would not fall as much as the other industries, as the average consumer has been inclined to switch to entry level and mid-range smartphones in comparison to premium smartphones, especially during the COVID-19 pandemic.
- So the premium smartphones industry would have fallen in GDP and the entry level and mid-range smartphone industry would have risen.
- All in all the contribution of smartphones to GDP wouldn't have been affected that much by the pandemic as substitutes were available in comparison to premium smartphone brands such as Apple and Samsung.

2. Labour Market Situation
(Qi Wen & Celine)

- There are currently over 2 billion smartphone users around the world, meaning demand is extremely high.

- The launch of Apple's App Store and Android's Google Play has created new jobs that didn't exist before, for example Software Developers, meaning there are more jobs available.
- Over 10 million jobs, including those mentioned above, have been created since the iPhone was launched over a decade ago.
- The App Economy accounts for 1.66 million jobs in the United States and 1.64 million jobs in the European Union.

- In Singapore, the total labour force is 3 714 000 and the number of unemployed is roughly 107 706, making the unemployment rate 2.9%

-  Smartphone companies are constantly employing people, for example, Apple has over a hundred job openings at any moment in just Singapore alone.

- On the other hand, the are few companies in the smartphone industries meaning there are fewer job openings than in other industries that have more companies and therefore more job openings in general.

- Furthermore, many people want to get a position in the industry, making it very difficult to enter. There would be more people who are rejected than accepted, meaning the ratio of employed people to unemployed people skewed toward the unemployed side.

https://recruitingblogs.com/profiles/blogs/didyouknow-smartphones-have-been-helping-to-create-jobs

https://www.singstat.gov.sg/find-data/search-by-theme/economy/labour-employment-wages-and-productivity/latest-data

3. General Price Trends in Singapore
(Subaidaah & Chufoong)
- Smartphones has a range of functions that can be performed by other goods which are substitutes for smartphones. Substitutes such as camera, GPS devices, and computers.

- The demand for the available substitutes for smartphones has been reduced hence, inflation could be limited in the aggregate. Thus, the substitute goods have trended down over the past few years.

However, the demand for smartphones has been ever-present since the launch of first Apple iPhone in 2007. Consumer knows how efficient the features are in the smartphone and they will be willing to spend more despite the inflation as it plays a part in the increased cost of smartphones.

- Demand-Pull Inflation is one of the reasons for the cause of inflation. Increase in consumer demand for smartphones drives demand pull inflation.

- When consumers want to buy smartphones that is limited, the price for the good will increase. Demand-pull inflation occurs when aggregate income rises, creating a spike in overall demand for smartphone products.

https://www.mas.gov.sg/-/media/MAS/Monetary-Policy-and-Economics/Education-and-Research/Research/Economics-Essays/2018-Oct/SF-B-The-Impact-of-Technological-Progress-on-Inflation.pdf

4. Government Measures
(Subaidaah)
- Digitalization such as smartphones allows small countries like Singapore to overcome transcend size, as well as help businesses break into new markets.
- As digital technologies is becoming more widespread in economies, businesses, and people's daily lives, it's more important than ever to adopt them to remain relevant.
- Digital economy also raises new issues for world governments to consider, such as cybersecurity threats and taxation.
- Technological advancement is expected to increase and replace traditional economic activity over time. Then, government regulation, rule, and tax become extremely important.

https://www.channelnewsasia.com/news/business/what-is-digital-economy-why-it-matters-mobile-app-12240630

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The fun and laughter from team is contagious. Can't help but to laugh along at your conversations. It's amazing to me as well how well bonded you were within such a short period of time.

Hope you'll continue to enjoy your discussions for the subsequent two stages. ^-^

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Feedback for Microeconomics Prelim Analysis

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Feedback for Microeconomics Prelim Analysis

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Glow areas:
I appreciate team's effort in trying to applying various concepts learnt so far.

Grow areas (for presentation):
I think the selected key sources limited team's analysis, most portions are rather generic/hypothetical, needing more evidences from the real world.

Specific comments for your consideration:
[0] References
Source of reference could go beyond those that focus on data reporting or explaining concepts such as news articles or research paper that could help team examine happenings in the Singapore smartphone industry. The wordpress reference shouldn't be used as  an academic reference source since it is a group project written by undergraduate for their Economics module. Of course, you could gather some ideas on how to value-add your project work.

[1] Income of the mobile phone industry
- Is this part of the overview of the industry else think of how could this content be better classified?
- Clarification: Income refers to what labour receive when they provide their services.
- Why is the industry affected by the fall in shipment and what caused the fall?

[2] Smartphone elasticity of demand [Ed]
- Clarification: price elastic demand
- Cite the source of survey to complete the description and where possible, support your conclusion

[3] + [4] Market Structure (with its key characteristics)
- Room to strengthen the identification of Oligopoly as the market structure
- Besides the functions of a smartphone, revisit the 4 key characteristics of market structure to explore how your identification of Oligopoly could be further supported.

[5] Demand and Supply determinants
- As shared in class, there is no need to cover all determinants.
- Research further and see if team could find out real world happenings about the smart phone demand and supply where a few of these determinants could apply.

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economicssurveysmartphones. (2021, may 17). economicssurveysmartphones. Retrieved from economicssurveysmartphones.wordpress.com: https://economicssurveysmartphones.wordpress.com/

euromonitor. (2021, may 17). euromonitor. Retrieved from euromonitor: https://www.euromonitor.com/mobile-phones-in-singapore/report

HAYES, A. (2021, april 26). investopedia. Retrieved from investopedia.com: https://www.investopedia.com/ask/answers/121514/what-are-some-current-examples-oligopolies.asp

mordorintelligence. (2021, may 17). mordorintelligence. Retrieved from mordorintelligence.com: https://www.mordorintelligence.com/industry-reports/smartphones-market

Müller, J. (2021, april 7). statista. Retrieved from statista.com: https://www.statista.com/topics/5842/smartphones-in-singapore/#dossierSummary

Vailshery, L. S. (2021, janurary 22). statista. Retrieved from statista.com: https://www.statista.com/statistics/382260/segments-share-revenue-of-apple/

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One good thing about the team is that we are very cohesive and click well together I've enjoyed working with everyone so far on the project.

One thing that I think we should work on is not getting sidetracked when doing the work.

One thing that I have learnt from the project is that, A simple UI and Internet connection is a must for any phone company in this day an age.

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One good thing about our team is we have good chemistry. We live by the motto "work hard and play hard". We are efficient and productive during our discussion and we always meet deadlines set by us.

I think we can be more punctual for our online meetings.

From the prelim analysis I learned the definition of elasticity.

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I think that one area that is good about our team is that we are very comfortable working with each other, therefore we can do things properly. This actually means a lot of fun to be honest.  For what I have learnt through this project, I learnt about market structures and price elasticity of demand. This project actually allows me to learn something that may be useful for the future.

However, I think we have to be productive and do our work when it is supposed to be done. It is ok to talk about other stuff for a while. When it's time to be serious, it means that we have to get things done.

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Thank you Team 1 for being easy going and working on discussions together. It makes group work more fun with laughters.

For the next project let's be more focused in every meet ups so that we can be more productive!

One interesting thing I have learnt is facts about smartphones and the industry that I did not know about before. Such as getting to know what type of market structure is smartphones categorized in and what brands are gaining popularity in the industry.

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Thanks to Team 1 for being a great bunch of people. It's been fun to work with everyone so far, and I like how we managed to become so comfortable with each other in such a short amount of time! I know I can seem a bit controlling or demanding or naggy, but I'm grateful that we still manage to cooperate with each other well. P.S sorry I came 10 minutes late to our first meeting :P

Something we could work on as a team is to stay on track with our work, so that we can get our tasks done even faster!

An interesting thing I learned from this preliminary analysis is that Singapore is actually a hot spot for mobile phone vendors, so that people from Southeast Asia can buy them.

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I think one good thing about our team is that we have fun be it when meeting in person or over ms teams, we always laugh a lot when we're together.

On the other hand, one thing to improve on is not getting so sidetracked during discussions as I feel we could have gotten things done way faster if there were less discussions about fish lol

While researching for this analysis I found out that the smartphone industry is very dominated by big brands.

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Team 1 will be researching on the mobile phone industry and it's impact on the economy.

The padlet covers:
- Recent income
- Characteristics of the industry
- The Market structure and its characteristics
- Demand and supply determinants of the industry
- Price elasticity of the demand of mobile phones

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1. Income of the mobile phone industry (Lois):
- In Singapore, 90% of the population is a smartphone user (4.65 million people).
- Since the demand for mobile phones is usually so high, Singapore is a place that many mobile phone sellers like to go, targeting starry-eyed buyers in Southeast Asia.
- There has been a 3% drop in the sales of mobile phones in 2020
- This is because the COVID-19 pandemic has caused people to fear financial security, so mobile phones would be considered a luxury.
- The shipment of phones have also decreased with the drop in overseas trade.

Brands (Lois)
- Even with the pandemic, Apple is still the leading phone brand with a leading market of 33.6%  among market vendor.
- This is because of how reputable it is, and has many faithful users who are comfortable with the features it provides.
- However, other mid-priced brands such as Xiaomi and Oppo are also gaining popularity because of their value for money properties.
- These brands offer high-end features for their low prices, making it desirable for buyers.

2. Smartphone elasticity of demand (Qi Wen/Celine):
Definition of elasticity of demand
- A concept to measure how responsive consumers are to a price change

Why do smartphones have elastic demand?
- It is a luxury good (meaning that is a necessity that is not needed for survival)
- For the rich who are more able to afford a mobile phone, the price is inelastic but to the poor,  they would prioritize things like food and living costs. This makes the price elastic.
- There are many companies that sell mobile phones, making the options quite diverse. If Apple (for e.g.) raise their prices, people will buy from Oppo (also an e.g.). This makes the price elastic.
- People are sensitive towards changes in price
- E.g. A survey showed that 87% of people chose not to buy a smartphone when the price increases by 50%.

3. Market Structure (Subaidaah):
- Smartphone can be categorized as an oligopoly market.
- Oligopoly forms when a small number of companies band together, either directly or indirectly to limit productions and decide on the price to gain higher than average market returns.

Example
- Companies such as Apple, Samsung, Nokia, Sony are the only few companies that control the industry.
- These companies control more than 50% of the smartphone industries.

4. Key Characteristics of the smartphone Industry (Euan):
The industry provides consumers with User-friendly features on devices.

Example
- Touch screen devices,
- Easy controls.
- A user-friendly interface
- Has Access to the internet.
- Has the ability to run and download applications
- Virtual Assistant(Siri, Bixby)

5. Demand and Supply determinants of the smartphone industry (Chu Foong + Euan):
Demand Determinants
- Taste and Preferences
Examples of such determinants
Colour of the phone, how much space it has and specification of the phones.

- Price of related goods.
Battery cost.
labour cost.
Materials for making the phone.

- Expectations of Buyers.
Concerns about the price of the phones

- Number of Buyers.
The number of people wanting phones.

- Money Income
The amount buyers can spend on new products.

Supply determinants
-Technology
Technology advancements meant that fewer resources are needed to produce mobile phones at a lower cost. This allows the seller to supply more at a lower cost

- Price of related goods
If the prices of other mobile phones increases, the supply of cheaper phones will increase as people would prefer a cheaper alternative.

- Expectation of sellers
If mobile phones with 3 cameras can fetch a higher price, the supply of mobile phones with 3 cameras will increase to earn more profit.

- Number of sellers
If there are many mobile phone companies in Singapore, the supply of mobile phones will be higher

-Factor/resource price
When wages increase, it is more expensive to hire workers. Companies will be less willing to hire workers to create mobile phones, leading to a lesser supply of mobile phones

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Income of industry:
• Apple revenue breakdown by product | Statista

Brands:
Mobile Phones in Singapore | Market Research Report | Euromonitor

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smartphones market |Growth trends and forecast

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Market Snapshot

Study Period:

2018 - 2026

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

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Market Overview

The smartphone market was valued at USD 714.96 billion in 2020, and it is expected to reach USD 1351.8 billion by 2026, at a CAGR of 11.2% over the forecast period 2021 - 2026. Increased consumer spending across regions has driven the sales of smartphone markers for years. The growth of the market is, however, plateauing, considering intense penetration levels. For instance, 91% of US households own smartphones and are packed with vital features at different price points.

With around 50% of smartphone penetration, on average, across regions, the replacement cycle is lengthening, which prompts the decline of unit sales, especially in regions such as the US and China.

While companies have been increasing their revenues by launching new variant phones with increased frequency, the maturity state in a few regions might be challenging for their revenues. For instance, in April 2020, Apple launched the iPhone SE. The launch added a new iPhone model into Apple's product mix just as lockdown restrictions had reached important markets, such as the US.

However, 5G handsets and foldable phones are likely to provide them with new opportunities. According to Ericsson, the number of mobile 5G subscriptions in North America will reach 325 million compared to 3 million in 2019.

Component suppliers are ramping up their production to support the efforts of smartphone makers. For instance, at the IFA electronics show in Berlin, Qualcomm reported that its partners are developing over 150 designs using its 5G processors. This means the company is expanding 5G across its product line to make 5G accessible to over 2 billion smartphone users. This way, the company expects to extend 5G to cheaper smartphones.

However, due to the outbreak of COVID-19, smartphone shipments saw a declining stage, as countries are still dealing with the pandemic. According to a report, there is a 15.7% decline year-on-year in unit shipments from 331.8 million in Q2/2019 to 279.7 million in Q2/2020.

Scope of the Report

Smartphones, with strong hardware capabilities, extensive mobile operating systems, wider software applications, internet, and multimedia functionality (music, videos, and gaming), alongside core phone functions such as voice calls and text messaging, are considered in the scope. Smartphones used for industrial purposes, or otherwise known as rugged phones, are not considered in the scope.

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Key Market Trends

Online Sales of Smartphones may be Challenged by Offline Push

The smartphone is becoming an important part of retail sales, as they are an ever-increasing part of consumers' lives. E-commerce portals like Amazon, among others, attract end users with special discounts on smartphones and created an online buying culture. The online sale of smartphones has been further led by the holiday shopping culture across regions.

However, in regions such as India, where the smartphone sales do not seem to slow down, the smartphone companies including Xiaomi, Samsung, Vivo, and Oppo are aggressively expanding their offline stores into the Indian smartphone market to leverage the market opportunity.

Further, the share might be lost to other categories such as fashion and fast-moving consumer goods (FMCG) and home products, among others, in regions with high smartphone penetrations. This is considering the increasing share of e-commerce and changing consumer attitudes toward online purchases.

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Asia-Pacific to Hold a Significant Market Share

Asia leads the smartphone market both in terms of production and sales as well. The region houses a significant number of smartphone makers such as Huawei Technologies Co. Ltd, Samsung Electronics, Vivo Communication Technology Co. Ltd, and Xiaomi Corporation, which together hold the lion's share in the overall smartphone market.

China has been the go-to-market for any technology company. The primary vendor Huawei Technologies Co. Ltd shipped 55.8 million units in Q2/2020 and surpassed Samsung, which shipped 54.3 million units in Q2/2020. Despite facing sanctions from the US government that are now entering their second year, Huawei has been able to mitigate impacts on its international business enough to compete with Samsung and finally claim the global top spot.

However, tensions between the Indian and Chinese governments have impacted India's smartphone market, even though many Chinese OEMs have invested significantly over the last 18 months to increase their production and customer service operations in the country. For OEMs like Realme, Vivo, and Xiaomi, which focus on this market, the pandemic and governmental issues contributed to a problematic Q2/2020.

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Competitive Landscape

The smartphone market is a rather competitive market dominated by established players such as Samsung, Huawei, Apple, and Xiaomi, among others. Most of these players keep launching new models with small technology changes such as battery power, camera configuration, and/processor. Some of the recent developments in the market are:

In August 2020 - Xiaomi's launched Redmi 9 Prime. The phone comes with a 6.53-inch touchscreen display with a resolution of 1080 pixels by 2340 pixels at a PPI of 394 pixels per inch.

In July 2020 - Samsung Electronics introduced the Galaxy Z Flip 5G. The Galaxy Z Flip 5G is the first device in Samsung's Galaxy line-up to feature the Qualcomm® Snapdragon™ 865 Plus 5G Mobile Platform. This new platform maximizes the power of 5G with revved-up performance to deliver faster and more efficient on-device processing with sharper imagery through improved graphics rendering.

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Smartphones Market | Growth, Trends, and Forecasts (2020 - 2025)

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Study Period: 2018 - 2026 Fastest Growing Market: Asia Pacific Largest Market: Asia Pacific Download Free Sample The smartphone market was valued at USD 714.96 billion in 2020, and it is expected to reach USD 1351.8 billion by 2026, at a CAGR of 11.2% over the forecast period 2021 - 2026.

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Smartphone elasticity of demand.

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What are current examples of oligopolies?

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What Are Current Examples of Oligopolies?

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An oligopoly consists of a select few companies having significant influence over an industry.

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Smartphone market in Singapore -statistics and facts.

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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.