BACHELOR OF HUMAN RESOURCE MANAGEMENT WITH HONOURSMAY / 2019BBEK1103PRINCIPLES OF MICROECONOMICSMATRICULATION NO: IDENTITY CARD NO.: TELEPHONE NO. : E-MAIL : LEARNING CENTRE: JOHOR BAHRU
99 SPEEDMART SDN BHDCOMPANY PROFILE1.0 INTRODUCTIONSpeedmart Sdn Bhd is an organization which is selected to analyze to completethe assignment for this subject. 1.1 COMPANY BACKGROUNDLet me introduce the history and introduction about 99 Speedmart. 99 Speedmartwas founded in 1987 as Pasar Raya Hiap Hoe by the founder Mr. Lee Thiam Wahin Tepi Sungai, Klang. This humble beginning has allowed Mr. Lee to gainfirsthand knowledge and insights into the sundry retail market through personalinteractions with customers and suppliers. In the midst of 1992 to 1998, the veryfirst store that bore the name “99” opened in Klang Utama. Pasar Mini 99,represented the very first step Mr. Lee took to realize his vision of building anintegrated chain of mini-marts. Image below on the left shows the first store ofPasar Raya Hiap Hoe in year 1987. Image source : In the year 2000, amidst the growing popularity of Pasar Mini 99, 99 Speedmartname was launched with new store opening at Batu Belah, Klang with anintensive expansion strategy geared to help the chain increase market penetrationand share. It represented more than just a rebranding exercise and entails theintroduction of a fresh approach in interior as well as exterior set up to enhancethe visibility of the shop and the comfort of shopping.
Image source: In the year 2002, a new head office and distribution centre was completed inOctober 2002 at a cost of RM6.5 million. This warehouse is a 80,000 square feetfacility, complete with centralizes stacking, storage, and warehousing capabilities.Image source: In the year 2006, 99 Speedmart received its first Consumer Choice Award fromthe Ministry of Domestic Trade, Malaysia. This milestone marking award proved99 Speedmart’s success in winning customer’s hearts and minds. The seconddistribution idea was conceived in late 2007, and completed by July 2008.
Image source: Therefore, our slogan is NEAR ‘n SAVE. This slogan basically means that, 99Speedmart is near and do not have to travel far in buying your daily needs hence,saving your expenses.Image source:
2.0EXPLANATION ON THE REASON WHY THE CHOSEN COMPANY ISINTHEMONOPOLISTICMARKETBASEDONITSCHARACTERISTICSA monopolistic market is a theoretical construct that describes a market whereonly one company may offer products and services to the public. A monopolisticmarket is the opposite of aperfectly competitivemarket, in which an infinitenumber of firms operate. In a purely monopolistic model, the monopoly firmcanrestrict output, raise prices, and enjoy super-normal profits in the long run(Caroline B., 2019).