HI5003 Economics for Business Assignment Sample
Purpose of the assessment (with ULO Mapping)
i. Students are required to work in groups of 4 members to choose an industry/Sector of their choice. While working in a specific group, students are required to apply their knowledge learned in the course unit to write an industry/sector report (Learning Outcomes 1, 2, 3, 5).
ii. Also, students may choose to work as individual. In this regard, contact the Unit Coordinator specifying that you are working on your Group Assignment as INDIVIDUAL and not group.
iii. Finally, students should form their respective groups in the BB as INDIVIDUAL or GROUP of: 2 members or 3 members or 4 members, maximum.
See Assignment Specifications for detailed requirements
WEIGHT - 40%
Word Limit - 3000
Final industry research submission
(i) Due date: Week 10, Mid night Friday, May 28, 2021
(ii) Final submission research paper on you sector or industry should not exceed 3000 words
(iii) The assignment must be in MS Word format, single spacing, 12-pt Arial font and 2 cm margins on all four sides of the page with appropriate section headings and page numbers.
(iv) Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style.
(v) Penalties apply for late submissions.
(vi) Students in a group are required to participate equitably in the group assignment and that students are responsible for the academic integrity of all components of the assignment. You need to complete the following table which identifies which student/students are responsible for the various sections of the assignment
This assignment aims to enhance students’ research and analytical ability through the application of their economics knowledge learned in the course unit to compose a company report.
The recommended assignment structure of final submission for assignment help is as follows:
• Table of content
• Executive Summary (Optional)
• Introduction to the company
• Industry/sector background
• The market structure of the industry/sector
• Factors that influence demand for the company’s product(s) or services
• Factors that influence supply of the company’s product(s) or services
• Recent macroeconomic event that affected the industry/company and, Australia
• List of References.
Note*: The structure content is not limited to the items listed above. Creativity for a better report structure is a key requirement.
Detailed requirements of the assignment
You are a group of advisors to the Management Board in your company with Headquarters in Australia. As advisors you are first, required to conduct research on your selected sector/industry covering the previous 5-10 years. Second, you are required to present a company strategy to your Management Board covering the next 5 years. Third, your Management Board requires that you make a presentation of your findings and strategies, and you prepare a 3000-word market report. The market report should, as a minimum, address the following key issues:
Economical management focuses on the level of growing demand, supply and macroeconomic event based on which the complete source of business in any industry is established. Moreover, the general scenario of economic development in the Dental industry is grabbed within the general and specialized services that cover up the complete market of Australia. This business report is based on an evaluation of the dental service industry and its macroeconomic analysis in the current business scenario. The dental industry focuses on maintaining and managing the oral health of the public that is highly developed across Australia. There isa total of 15000 private businesses that are running in both the rural and urban industry and one such company is Malo Clinic Brisbane that is being considered in this complete report. There are various services that are being provided by the company; however, this report only includes the economic scenario of CAD or computer-aided technology and its associated services such as Cast Partial Dentures (CPD) and many more.
Introduction to Malo Clinic Brisbane
Malo Clinic Brisbane is one of the largest dental companies in complete Australia that even focuses on the international markets. In the current scenario, the head office of Malo Clinic Brisbane Dental Lab is located in the Brisbance region of Australia. The company mainly focuses on providing specific dental prosthetic and other services associated with products such as Luminers, Valplast, biomedical grades and many more (Gcr.org, 2021). The company first introduced the concept of casting machine that changed the era of complete prostheses. Moreover, casting partial dentures (CPD), prosthetics, Laser-welding machine and many more made it grow its own way of perception in the global market. Later the huge innovative revolution in dentistry changed the view of people with elongation of CAD or computer-aided technology. Other than Australia, Malo Clinic Brisbane is actively working in more new regions with Better and specific staff. The vision of the company is to elevate the global population experience in the field of the dental fraternity as well as focus on establishing everlasting smile. In addition to this, the fraternity is maintained with the help of specific research and development (R&D), innovation, corporate social responsibility, and many more. In addition to this, Computer-aided technology (CAD) is an innovation that is highly being focused on by the Company.
Background of the Dental care service industry
The dental service industry is one of the branches of the Healthcare service industry that only concentrates on the issues and services of oral health. This is relatively a growing branch in the business of health services where the urban need is increasing with the simultaneous growth in the demand. There is more demand in the urban region than in the rural region in complete Australia. The market is majorly favored in the metropolitan areas and associated regions. Various new changes have appeared in this business sense where not only Dental health workers persist in the market; rather a dental hygienist, technician, and therapist role has initiated the growth of more than 36400 jobs by 2024 (Marcin, 2021, 145(2)).
In the current situation there are a total of 16400 dental practitioners in Australia; where 84% of them are focused only the private firms such as the Malo Clinic Brisbane. Thus 47% of the complete professionals are employed where on every 10 dental professionals 4 of them are female making it a count of overall 44% (Esfahani&Moosaali, 2016, p2(2)).
Market structure of the Dental service industry
There is an emerging market for the dental service industry in Australia. Two major types of dental services are being offered in the market; private and public. The government has introduced schemes in order to keep the dental safety of people. However, the demand for private streamlines is huge that even forced the people to take loans or insurance in order to keep the dental health. Thus, only 3% of the overall population encounters the development and management of dental health. On this note, it is to be noted that the Dental Service Industry in Australia is merely a representation of a perfectly competitive market scenario (Gmeiner, 2021, p.263(3)). In real terms, there exists an oversupply of dentists in Australia as a result of the exponentially increasing number of students entering Australian dental schools from time to time. On the demand side, due to the increased ageing population in Australia, there seems to be a rise in a number of dental implants and oral surgeries being performed. This, in a way, enables the Dental service industry to maintain somewhat an equilibrium position. The dental services are forecasted to the steady growth of a disposable income and demand for dental health services. In Australia, the majority of the demand is based on demographic and population ratio. Children, Toddlers and adolescents more likely to concentrate on consulting a dental professional as compared with the demand of adults (Fouda et al., 2017, p748(3)). In Australia, public services and private services mainly rule the complete market of the Dental industry. Here, companies such as Dentalife, Tut Skul and many more are the major leads off the market. However, Giants such as Henry Schein and Dentsply Sirona are some major leaders of this overall market.
Figure 1: Market Summary of Dental Industry in Australia
(Source: Fouda et al., 2017, p748(3))
The above image illustrates that during 2018-2026, the size of dental industry is heavily increasing with the base year of 2020. The total CAGR is hence calculated to be 6.2%. The total market size of dental services in Australia is $10.1 billion in 2021. It contributes to 0.8% in the overall GDP of the Australia (Windle et al., 2018, p338(2)). Thus, in odd sense of complete and holistic health, dental health industry is growing with increasing occupational demands into the complete statistics of market of healthcare industry in the Australia.
Factors that influence demand for the Malo Clinic Brisbane
Malo Clinic Brisbane is developing with the increasing demand for the dental services in the Australia. The following factors have initiated the scene of increasing demand in the Australian market:
? Aging Population: Australia has a huge amount of increasing aging population that automatically changed the view of dental implants and dental surgery. Moreover, growing age leads to the senescent stage of cellular growth, where resistance towards new cells increases. This ultimately leads to damage in the Gum and dentine region increasing the demand forMalo Clinic Brisbane prosthetics and dentition surgeries. Moreover, there is a huge decrease in manual dexterity as well as it is being seen that the ageing population are being constantly affected by Co-morbidity. The medication of co-morbidity affects the longevity of dentine that increases the business demand (Hutter, 2021, p.56(2)).
? Increasing demand for oral hygiene: Oral hygiene is the recent trend that has attracted people to easily tend towards the business of dental modification and CAD treatment as used in the Malo Clinic Brisbane Dental labs. People especially with the risk factors of tobacco, odour mouth, smoking, dentine spaces and many more are seeking the Malo Clinic Brisbane for proper medications, surgery and other such tools. This dental caries is growing across the population gradient were diabetes and hypertension-related dental issues are continuously being encountered within the diameter of demand ratio.
? Trends in the prosthodontics segment: The market is gradually dependent upon the changes in the elevation of the treatment protocol. Here, in Malo Clinic Brisbane, the complete orthodontic, endodontic, periodontics and prosthodontics are all based on the R&D and innovation scenario. The major factor that has contributed to the increasing demand of prosthodontics is the prosthetics and demand for good look across the country. Thus, the presence of professional dental service has changed the way human perceived till date. These enhanced the way demand has increased in the Malo Clinic Brisbane (Esfahani and Moosaali, 2016, p.45(2)).
? Competitive Landscape: Dental profession is highly filled with competition. Not only big firms but professional, the public health sector, private practitioner and many more are still in this competitive market. Making a strong presence demands huge population interest that is achieved with the growth of CSR, CAD and other innovative tools that has changed the point of view of demand in the Malo Clinic Brisbane Dental Labs in Australia.
Thus, the above points illustrate a figure of growing demand of Malo Clinic Brisbane Dental Labs in entire Australia. Thus, the increasing demand is relatively focused on the management of complete supply. With the increasing demand of Malo Clinic Brisbane, the CAD services also come up with the inclined demand as the innovation for prosthetics and surgery increased. Meanwhile, dentine formation, gum restoration, artificial crown, and many more came up with this demand to manage the growing need. The dental laboratory hence increased to enhance their CAD services.
Factors that influence the supply of Malo Clinic Brisbane
Supply and demand are interrelated concepts where the growing demand increases the urge to enhance the supply and accordingly the balance between the profit and the revenue in the dental industry can be maintained. Subsequently, it is also seen that the Dental labour force model has changed the ratio of supply and demand in Malo Clinic Brisbane while operating in Australia.
Figure 2: Relationship between Supply and Demand of Malo Clinic Brisbane
(Source: Lalloo& Kroon, 2017, p200(2))
The above image illustrates that the overall supply of the services has relied upon the Dental professional where they focus on Avoidance and management. Whereas the ratio of demand is based on the quantified elaboration of needs, oral health issues, consumer awareness, and many more factors as well as their expectations have changed the viewpoint of Malo Clinic Brisbane in Australia. So, the projection of supply of Malo Clinic Brisbane services is dependent upon the inflows and outflows of the stock of innovation, labour, and many more (Hutter, 2021, p.23(2)).
In order to focus on the scenario of supply management in Malo Clinic Brisbane, the following factors have enhanced the way of business perception and growth:
? Increasing demand: In the recent decade of changing performance, the demand for service of Malo Clinic Brisbane and dental health has increased in complete Australia. This in turn initiates the revolving factors of supply to manage the intense market. Moreover, the population increasing age, co-morbidity, and many more such manipulative factors have forced the growth of supply. These factors have also changed the view of innovation where the response to the demand and others is highly important for Malo Clinic Brisbane to remain in the market (Fouda et al., 2017, p.747(3)).
? Research & Development: Malo Clinic Brisbane Dental Labs have always focused on new scales of managing the condition of their patients. This demand supplement is changed with the view of innovation. Moreover, the demand in R&D and equipment management in Australia is completely closely tied to the demand and supply ratio. The development of CAD or computer-aided diagnosis is based on such factors that have enhanced its supply within Australia.
? Dental Labour: This is a highly important stock in the overall Australian dental channel as the Human resources supply is essential to maintain the demands (Lalloo and Kroon, 2017, p.202(2)). Malo Clinic Brisbane focuses on keeping a stock of such expertise to handle the complete organizational demand with more care.
Figure 3: Dental recruitment and wastage supply model
(Source: Mbagwu et al., 2019, p1(2))
The above image is a flowchart explanation of how the new recruitments of dental labour can help the business of Malo Clinic Brisbane to focus on better supply. However, the change in panel can increase the risk of competition from those practitioners itself. Thus, after university graduates, the competition in the market increases that affects the supply of Malo Clinic Brisbane services in Australia.
? Allied demand in Dental services: There are various allied health workers such as staffs and other laboratory managers that are important for the supply of better services. In Australia, there are a total of 16400 dental practitioners and 2700 allied health workers that are actively important to aid the overall oral health of any people (Barenghi, et al., 2019, p3(2)). Here, both the factors such as the recruitment and the wastage vector permit the overall sensation of business development.
However, the balance between demand and supply is the major factor that makes up the complete economic development of Malo Clinic Brisbane in Australia.
In this context, cast partial Dentures to involve a cast metal framework containing artificial teeth set in an acrylic resin. The fact that such a dental procedure is more durable, stronger and retentive enhances the demand for it in the Australian market in recent times. It is substantial population growth and relative increase in life expectancy that indicates a growing need for such cast partial dentures.
However, taking the overall market scenario into consideration, the demand for it is observed to be elastic by nature (Andruszkiewicz et al., 2019). Widespread demand for fixed Prosthodontics is seen to show a drastic downfall in deliverance of cast partial denture as a mere treatment option in a number of partial edentulous situations (Laetitia et al., 2019, 23(2)).
Figure 4: Elastic Demand for Cast Partial Dentures
(Source: Laetitia et al., 2019, 23(3))
From the above figure, it can be deduced that a rise in price level from P2 to P1 corresponds to a higher degradation in quantity demanded for cast partial dentures from Q2 to Q1 thus representing its elastic nature in a way. This might have mainly been a result of people showing willingness to switch over to the superior ones available in the market on increase in its price level (Marcin, 2021, p.36(2)).
Recent macroeconomic event that affected the Malo Clinic Brisbane
The growing oral health issues encountered the development of several preventive measures that the dentistry system accepts as CAD. The CAD program in the co-morbidity scenario was an important event that was focused by Malo Clinic Brisbane in Australia in order to control the oral health issues that affected majority of the Australians during the growing age as well as reflected on slow generation of disease. This macroeconomic event of CAD is still promoted by the Australian Dental association where emergency protocol CAD such as crowning and many more are being still provided in Malo Clinic Brisbane that has completely changed the viewpoint of people towards the health statistics (Igna, et al., 2018, p66(2)). CAD or computer-aided technology emerged as a technological profit where the company fastened their work of developing new crowns, tooth replacement and many more surgeries. Thus, the growth of the CAD program took a change with the growth and installation of exhibitions and other macroeconomic development that showcased the entire innovative scenario controlling the huge competition in the market.
Figure 5: CAD/CAM technology
(Source: Adriana Postiglione et al., 2016, p3(1))
In addition to this, the growth of the dental labour is one of the important factors along with the scenario of management of demand and supply is also one of the major macroeconomic events in the Malo Clinic Brisbane based on which the complete economic development is changing. Preventive measures and innovation helped people to come to new places and settle along with increasing the market region for the Malo Clinic Brisbane (Al-Mussawi& Farid, 2016, p216(2)). Thus, with the growing demand, the structure of dental restoration emerged that made it important and changed the complete scenario of Malo Clinic Brisbane in the market. The technological advancement emphasized on the scenario of improving the designs and creating dental prostheses such as crows, crown lays veneers, inlays and outlays, dentures, and other orthodontics appliances.
The macroeconomic event has changed the market structure from 2016, where the demand is highly increasing to lower down the risk, increase productivity and manage the complete business market infrastructure accordingly (Parello, 2021, p.33(1)). CAM refers to the process of computer-aided manufacturing where artificial prosthetics, tooth replacement, manufacturing of crowns and many more are done. In dentistry, the innovation of CAD/CAM changed the perception of diagnosis and manufacturing that automatically led to the emergence in success and management of patients.
Focusing on the above context, it can be recommended that
- Malo Clinic Brisbane can focus on new innovations and R&D with CAD/CAM dentistry that can change the vision of total management and proper leadership. This calls for availability of scope for slight adjustments that are largely needed at time of Cast Partial Dentures in order to alleviate discomfort or pain.
- Malo Clinic Brisbane can even focus on proper recruitment of new expertise to control the growing competition in the Australian Market. Here, the development of allied health experts is also essential and can be focused to clearly aid the expertise. This holds essential in order to match the level of expectation of the individuals visiting the place at large.
- Proper advertisement and marketing policies can be used by Malo Clinic Brisbane in order to effectively build up the business. Awareness needs to be spread with regard to the fact that rehabilitation of a partially dentate patient is a vital form of dental treatment that is expected with competence from every qualified dentist and Malo Clinic Brisbane is the perfect place for it.
At the end of the overall discussion, it can be concluded that the dental industry is one of the growing industries in the Australia with major demands in the metropolitan cities with a probability that the economic growth can be easily managed. In this regard, Malo Clinic Brisbane is one such organization of Australia that is extended towards the international borders. Factors such as demographics, aging population and many more have increased the demand of Malo Clinic Brisbane in Australia. Similarly, supply is also enhanced with the evolution of CAD/CAM technology that changed the total scenario of macroeconomic development in the industry.
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