Table of Contents

1.0 INTRODUCTION ............................................................................................... 2

2.0 REPORT ............................................................................................................. 3
2.10 Relationship between the business selected and construction industry ............ 3
2.20 Identity market structure in which the business as a whole is operating .......... 4
2.30 Business and market structural characteristics ................................................ 5
2.3.1. Veritas Achitectc ...................................................................................... 5
2.3.2.Roofing constrator .................................................................................... 5
2.3.3. Green rating tool ...................................................................................... 6
2.3.4. Manufacture paints................................................................................... 7
2.3.5. Manufacture construction machinery........................................................ 7
3.0 INDIVIDUAL ASSESMENT (COMMENT) ...................................................... 9
3.10 Lee Rong Cherng ........................................................................................... 9
3.20 Lam Shuet Mun ........................................................................................... 10
3.30 Lim Sing Jie................................................................................................ 12
3.40 Lee Jiahui ................................................................................................... 13
3.50 Siah Ching Li............................................................................................... 14
4.0 CONCLUSION ................................................................................................. 16
5.0 REFERENCES .................................................................................................. 17

1
1.0 INTRODUCTION

Economic is the social science concerned with the efficient use of our limited
source to achieve maximum satisfaction of human materials wants. In our daily life,
we use this concept to carry on our life

In the construction firm, the concept of economic also being applied as the
construction firm will involve different kind of business. To carry out a construction
project, we need to get the different resource (supply) to build the road , bridge ,
condominium and etc. (demand). Therefore ,the economics have the close relationship
with the construction. This is because of economic is concerned with the production,
distribution , and consumption of services ,good . Then, the economic will affect the
construction industry in price , supply of material and services. So ,the development
of construction industry can be greatly affect by the change in economic.

The 5 buiness that we have selected is Veritas Architect, roofing contractor,

green rating tool, manufacture paint, manufacture construction machinery ,. By
identifying the market structure, we will get know to the characteristic of the each
businesss market structure .

The report is begin with the description of selected business to the

Construction Industry, then , we will distinguish the market structure based on the
selected business. Lastly we discuss the characteristic of each business based on their
market structural. In this report, every member is responsible for different business.

2
2.0 REPORT
2.10 Relationship between the business selected and construction industry
The relevant construction industry in Malaysias business involves architect, roofing
contractor, construction machinery, paint manufacturer, green rating tool and so on.
Before construct a building, architect will involve in construction project from the
earliest stages tight through to completion, provides services in connection with the
design of buildings and the space of surrounding buildings including provide advice
to clients. They also help to restore and converse the old buildings and develop new
ways of using existing buildings.

In the case of huge construction project, construction machinery needed for replacing
labor intensive to optimizing productivity, contributes to economy, providing a
quality product, safety, speed and timely completion of a project. Construction
machinery offers services for the construction, infrastructure-related, plantation,
quarry, scrap metal handling, mining and forestry industries. Besides, roofing
contractor provides the planning of whole roofing process including roof repairing,
roof installing and roof replacement. Roofing contractors become indispensable in
each building construction.

Painting is closely associated with the other parts of the construction industry and
with the various type of products that support it. After the buildings structure has
been constructed, painting provided in decorating with the option of design, colors,
coating and so on which relate to the architectural design. In a construction industry, a
green rating tool provided for buildings to promote sustainability in the built
environment and raise awareness among professions in different construction industry
field and the Public about environmental issues and our responsibility to the future
generations.

The design and construction of buildings can be a complex operation. These

businesses become indispensable when construct a building in construction industry
that drive economic output of a country.

3
2.20 Identity market structure in which the business as a whole is
operating
Pure Competition

1. Veritas Architect
2. Roofing constractor

Pure monopoly

1. Green rating tool(Evaluation service)

Monopolistic competition

1. Manufacture paints

Oligopoly

1. Manufacture construction machinery

4
2.30 Business and market structural characteristics

2.3.1. Veritas Achitectc

A competitive market is one in which a large number of competitors in construction
industry. Veritas Architects is an architect firm that operate in Malaysia, compete with
others competitors. Architect firms can be classified as pure competition in Malaysia
as architect firms has more 100 firms in Malaysia such as Arkitek KDI Sdn Bhd,
ATSA Architects Sdn. Bhd, Board Of Architects Malaysia (BAM), Luca Interior
Design Malaysia, Eleena Jamil Architect, RDA Harris, Zon Design Rekabina Sdn
Bhd, Gra Architects Sdn. Bhd, RDC Arkitek Sdn Bhd, Architect T Y Au, Hasa
Arkitek Sdn Bhd

The architect firms have a purely competitive characteristic. There is no individual

architect firm can influence the market price; instead the price is determined solely by
what clients are willing to pay. It also determined by market supply and demand. All
clients and architect firms are informed about markets and prices. Hence, the
competitors in architecture field doesn't have an edge over the others. Essentially, all
the architect firms are equal. (V. Mastrianna, 2017). Besides, the numerous architect
firms are providing homogeneous services and products without various brand names.
Hence, the clients will substitute the product of architect firms. There is free entry into
and exit from the market due to the standard products that anyone can provide design
and consulting services as long as the client request it.

2.3.2.Roofing constrator
Le Nam Megasheet ( M) Sdn Bhd is a roofing contractors and industrial supplies of
the local metal roofing manufacturer relevant to the construction industry in Malaysia.
This firm is the one company that has the only with its own range of Ledex metal
roofs in Malaysia. LE NAM is committed to the efficient use of resources, reducing
and preventing pollution and product life-cycle.

This kind of roofing contractors company there have more than 100 difference firms
include Yongyang Sdn. Bhd, Best Truss Construction Sdn. Bhd , Creatones Sdn Bhd
and others.

This company brand Ledex is providing quality metal roofing at affordable price. A
variety of product types with different colour and pattern combinations. For example,
a flex roofing flex divide to crimp curve, step roofing, 3 in 1(aluminium foil, EPE
form, metal), PU Foam Crimp Curve and PU Metal Roofing. PU Metal Roofing also
has three different thicknesses. But every firm are selling the same product.

Metal roofing prices per square foot are determined depend on the number of material
used to cover may be able get a better price per square foot. Metal roofing prices
based on different thing and all are taken into consideration by someone who is
deciding the price they willing to spend. So mean if no need different pattern just
normal roofing the price is follow the market price. Each firm in the industry is a
price-taker, it takes the price as something is beyond its individual control.

5
As a roofing contractors and industrial supplies the basic needed is worker and the
material. In pure competition market there are easy with no barriers to entry into the
industry so new firms can enter or exit the industry. (Economicshelp.org. ,2017)

The characteristic of pure competition is the product sold by each firm in the industry
is a perfect substitute for the product sold by every other firm. The product is thus not
in any sense differentiated regardless of the source of supply. Any firm can enter or
exit the industry without serious impediments.

2.3.3. Green rating tool

Pure monopoly is a market structure which is only one producer for a product.In other
words,monopoly is an industry comprised of a single firm.A single firm produces a
unique product that there are no close substitutes and is unlike any other product when
pure monopoly exists.For example,green building index.The GBI certification process
starts with an assessment of the building design by a certifier assigned by
Greenbuildingindex Sdn Bhd.Green Buildings will operated and designed to reduce
the overall influence of the built environment on its surroundings.

Pure monopoly is a market structure with complete market control.The monopoly

firm is a price maker because it can controls the total quantity supplied of the
market.There is only one supplier who determines the price of its product and has
significant market power.Consequently demand is price inelastic.A monopoly is a
firm that are no close substitutes and who is the sole seller of its product.It can
influence prices if an unregulated monopoly has market power and sell at higher
prices than other market structures.

Monopoly is an industry that produces a specific good or service for which no close
substitutes exists and in which there is one supplier protected from competition by a
barrier preventing the entry of new firms.The monopolist will get economic profits by
the barriers to entry.There is only one firms which is large in size and no other firm
can enter the monopoly market.When a company has a copyright or patent that
prevents others to enter the market may also form a monopoly.

High barriers to entry may cause a pure monopoly faces competition,like high initial
costs and has gain significant market impression through network effects.A pure
monopolist has no immediate competitors because there are some barriers that make
potential competitors enter into the industry.The monopolist is the only seller in the
pure monopoly market. (Quizlet.com. ,2017)

The product produced by a pure monopolist is unique.Marginal cost includes the cost
of differentiation in the pure monopoly market.As long as marginal revenue is
positive,demand is elastic.For instance,the product provided by the green building
index company is certification.Green buildings are designed to recycle materials,save
energy and resources and minimise the toxic substances throughout its life cycle.

6
2.3.4. Manufacture paints
There are many firms in monopolistic competition but not an uncountable number.
The large number of seller have three implications. First, each firm has only a small
market share and therefore each firm has limited market power to influence the price
of its goods and services. Second, each firm is sensitive to the average market price,
but no firms actions directly affect the actions of other firms. For example, there are
many brand of paint in the market such as Nippon Paint, Jotun Paints, Kansai Paint,
PL Paint., Akzo Nobel Paints, Chugoku Paints, Seamaster Paint, DNT Paint, Federal
Paint, Colourland Paints Sdn Bhd and so on. Hence, when Nippon paint decides to
run a sale, it wont take into account the action of any other specific firm. Third,
collusion or conspiring to fix prices is impossible in monopolistic competition.

There are differences among the paint in aspect of brand names, physical
characteristic, location, services, packaging and so on. Product differentiation is a
strategy that firm use to achieve market power. For example, Nippon paint developing
high-grade environmentally friendly products with near zero VOC content. Nippon
paint also creates highly functional products and systems that keep bacteria and paint
odour at bay and reduce the number of coating processes to save energy. This is why
Nippon paint is slightly different with other paints because not all of the paint will
have those characteristic.

In monopolistic competition, the producers have the ability to control the degree of
price of the product its sells. They are known as price maker not price taker. As
compare to a price taker, a price maker can raise its price and still sell its product
although the product sold may not as much as it sells at a lower price. There are
difference in prices for each differentiated product but usually the price is not too
huge. The differentiation is often accomplished through advertising.

Under monopolistic competition, firms enter and exit from the market is relative easy,
even though it may not be totally free. The assumption of no significant entrance
barriers drives the firms earning zero economic profit in the long run.

There are two reasons that business firms are attracted to nonprice competition. First,
it offers a way for a firm to rise the demand for its products. Second, by high lighting
differences and playing down similarities, nonprice competitions helps an individual
firm to make its product appear distinctive.

2.3.5. Manufacture construction machinery

The business that I have selected is the business of manufacturing the construction
machinery in Malaysia . The construction market is categorised under oligopoly
market structural as it fulfilled the characteristics of oligopoly market structural.

The firm who are operating the business under oligopoly market will have bigger
share in the market . Therefore there is only fewer large firm involve in the oligopoly
market. In Malaysia , there is only 4 construction machinery which is Hitachi
Construction Machinery Malaysia and KOBELCO Construction Machinery Malaysia

7
Sdn. Bhd. and Finbond Heavy Machinery Sdn Bhd (Finbond), Volvo Construction
Equipment which dominate the market of manufacturing the construction machinery
in Malaysia. The business fall on this market structural will have fewer firm ,
normally below than 10 firm. It still can controls the price and output. Thus an
oligopoly has some monopoly power.

The products can be homogenous or differentiated if fall under this category of

market structural. For example, the firms will produce the homognous product like the
mini hydraulic excavator, medium hydraulic excavater , large hydraulic excavetor
and cranes. But the HITACHI or the Volvo have produce the wheeled excavator that
are differented from the other company. Volvo have produce the Volvo crawler
excavator that are ultimate digging tool, to have a long lasting performance, strength,
power and leading fuel efficiency. So , every firms will produce the same product, but
some of the firm will manufacture different product that are special to accommodate
the demand of consumer.

If one the firm have make the new decision on the price and the output like reduce the
product proce,then it will influence other firm do respond to that firm decision. Firms
that are interdependent cannot act independently of each other. A firm must take the
potential respond of its closest rivals into account when making its own
decisions.Therefore , the firms is price maker that they can set the price and profit to
gain maximum profit.It coordinate the control over price. (Investopedia. ,2017)

To respond the decision made by other firm, therefore, the firm will make strategic
decision to face the challenge. For example HITACHI may collude or compete with
the KOBELCO. The firm may change the price of product. The firm may also be the
first firm to use new plan to chanllenge the rival. The strategic decision will help them
gain maximun profit and reduce loss.

Barrier to entry this market is a natural or legal barrier.To enter the buiness ,it is too
costly or difficult for potential rival . This may become an obtacle for the new firm to
enter. Example of natural barrier is Economies of large scale production, High R&D
costs, set-up costs,government license, acess to the complex technology in
manufacturing the construction machinery. But the barrier not not more than the
monopoly market structure.

8
3.0 INDIVIDUAL ASSESMENT (COMMENT)
3.10 Lee Rong Cherng

Best fit of market structure is the market structure are really suitable in the
construction industry which the market structure can fulfil the demand of the
consumer. Best fit market structure will improve the whole development of
construction industry with its own of characteristic that can fit the demand of the
market.

I think there is no best fit of market structure. There is no single market structure can
fit in the requirement of construction industry. It only can be achieve by combine all
the market structure in construction industry. This is because every market structure
will have the advantage and disadvantage.

The reason of pure competition cannot be applied on the all kind of business. This is
because this market will produce the homogenous product. In some business ,the
different variety of product or services. As it might have different demand on the
function and appearances different consumer. Furthermore , supernormal profits also
less may mean the investment of Research and Development(R&D) is unlikely.

Then , the reason of pure monopoly cannot fit to all kind of business because the firm
involve in this market is only one. Therefore the firm will produce the low amount of
product with high price. Therefore ,the interest of the buyer will be discriminated as
the buyer have no other choice than the firm which have no competition . ( G."Bill"
Borges, W. ,2016)

Furthermore , the monopolistic competition will have the intense competition with the
rival. Therefore some of the monopolist will do some practice to eliminate the other
rival like reducing the product cost or having promotion the product through the cut
throat competition. The loss in one market can be compensated by charging a very
high price in other markets, then, this practise will also affect the no. of firm in the
business. After monopolising the market, the interest of the buyer will not be truly
protected.

Lastly ,oligopolistic will involve in the cartel-like behaviour. This is because one of
the solution to reduce the profit loss is collude with others firm. But this will enable
the firms to set the price at high cost. Therefore, it will make the buyer with no option
to choose but still need to accept the price fix by the oligopolistic.

It is impossible to have a best fit market structure. The market structure have
different weakness that is unable to fit in all kind of business. Therefore, the all
business in the construction industry should have different market structure that can
neutralise the weakness from the market. Therefore, the interest and right of buyer
and seller will be protected and the economic will be kept in the optimist level.

9
3.20 Lam Shuet Mun

A best fit market structure required in the construction industry defined as

providing the single best fit to maximum the interest of buyers and sellers. A best fit
market structure available when the competition market is optimistic and tolerated.
Every buyer and seller are willingly make a business deal with each others without
interference others interest.

In my opinion, construction industry has no best fit market structure but have
multiply best fit market structure. It needed four type of market structure to fit to the
construction industry as existing market, pure competition, monopolistic competition,
oligopoly and monopoly. These structure is based on the pyramid as an interest level
of buyers and sellers. The relevant pure competition construction industry company is
JUBM Sdn Bhd. It is the numerous company with standard products causes the result
of having no barriers to entry and no company can influence the market price.

Besides, monopolistic competition required with having characteristics; have

relatively many firms supply a similar but a differentiated product with having
different condition to entry due to the degree of controlling the market price. For
example, NYC Tension Membrane Structure. Oligopoly market structure has shown
a few company available with standard products but it is price maker and difficult
entry to market. For example, Bmt Fluid Mechanics. Lastly, Green building index is a
green rating tool company which is monopoly. It only one company exists for a
unique product without substitutes and control over the market price so it is hard to
entry to the construction market.

There is no best fit market structure in construction industry, for example pure
competition is the only market structure, it results in an unnecessary duplicate of plant
and equipment and company may earn less profit. Although competition benefits the
economy as whole, it harms the interest of sellers especially in short run. It can
impose financial hardship on individual firms and displaced workers if firms want to
produce more efficient products. In some company are not able to provide a service as
cheaply and prefect. (V. Mastrianna, 2017).

If the market is only monopolistic competition. It will restrict the output and raising
the price of the products for extra profit. This market structure will harm the interest
of buyers. Next, the company also need to spend a lot of money on advertising as such
an advertising valuable tiles to compete others company and because of the numerous
competitors cause some competitors failed to compete become unemployment. It will
adverse the Malaysian economics. The insufficient term in oligopoly causes the
multiply best fit. It shown the less competitors and much buyers causes the lack of
improving their products and also. People will easily lose their job causes the total

10
economic of Malaysia decrease as it blocks new firms entry. Because of the lack of
company, buyers gain less choice.

Next, monopoly cant become the best fit market structure as long as the price taker
only benefit the sellers and it lets the buyers no choice and dissatisfied. It will bring
the Inferior goods and services as there is no competitors. Price discrimination occurs
exploiting consumer. If the market is monopoly then every seller will charge high
prices for high profit causes the imbalance. In conclusion, there must have multiply
best fit market structure in construction industry.

11
3.30 Lim Sing Jie

In my understanding of best fit, best fit in market structure is can help the
company use the most suitable method to gain more profit and minimize loss. Other
than that, if they method is the best also may make a company can get international.
The characteristics of a market are relative strength of buyers and sellers, level and
form of competition and extent of product differentiation.

In market structure have four basic distinct market models, which are pure
competition, monopolistic competition, oligopoly and pure monopoly. Pure
competition is the power of supply and demand determines the quantity of goods and
services produced and also the price is follow market price. Pure competition assumes
the environment or climate compatible with the buildings within it.

Monopolistic competition producers are price maximizes. A firm in a

monopolistic competition structure sell the similar products with a slightly differences
with use as the basis of marketing and advertising. The small differences between the
products also will over price due to the others product.

Oligopoly is a few dealers compete for the whole market. For example,
accounts for approximately half of the supply of cement to building firm. In this kind
of market firm will price their product or service according to the other competitors of
react. An oligopolistic industry will make more profits if some firms cooperate as a
group.

Pure monopoly and pure competition markets sit at either end of market
structure extremes. However, both minimize cost and maximize profit. Where there
are there are many competitors in a perfect competition, in monopolistic markets
theres just one supplier. The supplier is the price-maker, setting a price that
maximizes profits.

In my opinion, best fit market structure in construction industry is not possible

has single best fit. It might be multiple best fit because the basic of market structure
have four models. The perfect competition is hard to find in operation. For example,
there are few architecture and craft market that may fit the theory. Waterproofing
company like Axel Chemie Industries Sdn Bhd (ACISB), is monopolistic competition
in Malaysia. ACISB provided many differentiated product such as mortar, flooring,
admixture and more. Some product of this company are overprice compare with
others company.

Steel firm belongs to oligopoly. In steel business, if the company is famous

than other the company will up the product price but is same quality with others firm.
In Malaysia, the pure monopoly is very rare. In my knowledge, GBI Sdn Bhd is the
one green building company in Malaysia. So, the pricing only is the company controls
it.

12
3.40 Lee Jiahui

The best fit of market structure in the construction industry is known as the only one
of the market model will be the most suitable that appear in construction industry. We
know that the degree of competition that a business faces in a market influences its
behaviour with the regard to the price it charges, the profit it makes, and the nonprice
competition it uses. Therefore, economists have created four models of market
situations, called markets structures which consists of pure competitions,
monopolistic competition, oligopoly and also monopoly.

The four market structures represent a spectrum of competitive conditions. At one end
of the spectrum is pure competition, where the competitive pressure is the strongest,
and at the other end is monopoly where there is no direct competition, and oligopoly,
which is closer to monopoly.

In my opinion, I think it is impossible to have the best fit in construction industry

because there is no perfect system for running commerce in a country. The different
of the market model will have their own characteristic to make their sales. For
example, in pure competition which is a market that consists of a huge number of
independent firms selling the similar products causing that there is no incentive for
sellers to innovate the product. Apart from that, the market structure that characterized
by a large number of sellers with differentiated products in monopolistic competition
will lead the companies charge more than fair price from the consumers for extra
features in product due to differentiated products but they are different with pure
competition where there is no choice for companies to charge higher price as
companies sell identical products. In oligopoly, there are a few sellers compete for the
entire market but the disadvantage is inefficient in regards to maximizing productivity.
Besides, there is just only one seller in monopoly so without the consideration of the
issue of the product. However, the biggest disadvantage of monopoly is that seller is
the price maker which gives seller unfair price for the product leading to exploitation
of consumers as they have no option but to buy it from seller as there is no competitor
of the seller in monopoly market.

13
3.50 Siah Ching Li
Industries operate on the basis of products, geographical reach and target consumers.
Each industry comprises numerous firms. Economists contend that there are four
basic types of industry infrastructures including perfect competition, pure monopoly,
monopolistic competition and oligopoly. These four types specify the
behavior,structure, and organization of a particular industry.

Best fit market model in the construction industry means the only one market
structure which is most suitable and should be present in the construction industry. In
order to understand the precise relationship between output,price and revenue a firm
has to know the structure of the market or industry into which it is selling the product.
There are four type of market structures.In my opinion, i think that it is possible to
have the multiple best fit and cannot be single best fit of market structure in the
construction industry.

First and foremost,a pure competition construction industry is one that comprises
numerous small sellers and buyers. Firms that comprise the industry manufacture
about the same products and consumers have to complete and precise information
about their prices. All firms have equal access to raw materials, technology,labour and
capital.There is no single market leader or monopolistic firm in a perfectly
competitive industry. These type of company are identically leveraged and each must
offer high quality products to keep customers.

Beside, a pure monopoly construction industry involve a single producer or supplier

of a product or a service that has no close substitutes. The single industry player
controls all resources and technology and prevent potential competitors enter into the
industry. Monopolies include public or private industries. Profit maximization is not
the main goal of public monopolies and they serve the general public. In contrast,
private monopolies are a large typically multinationals and profit maximization is
their main goal.

Moreover, monopolistic competition is company that have characteristic monopoly

and competition.This types of company consists many firms offer substitute products,
and consists many buyers. Although the products are substitutes, they are
differentiated on the basis of physical attributes, image, advertisements and
accompanying services.If these companies offer superior products or better services,
they can become a monopoly company.

14
Oligopoly is a construction industry that is controlled by a limited firms that function
independently with each other. Oligopoly subdivided into undifferentiated and
differentiated. Undifferentiated oligopoly is companies that sell the same product or
commodity. Differentiated oligopoly is companies sell similar products but different
features.

15
4.0 CONCLUSION
In this assignment , it have emphasizes the demand and supply. For example the
construction project is the demand , which required the material and man-power to
complete the building project. Then, the business that we have selected is supply the
requirement to the construction . Therefore ,economics in the construction industry
have a close relationship

Based on this assignment, it have found that there are 4 main market structure :pure
competition, pure monopoly, monopolistic competition, oligopoly involve in the
construction industry

Pure competition firm have to carry out at highest efficiency level which is to produce
at a price same to marginal cost,which cause the product is at the lowest price highest
output compared to other market. Based on the pure monopoly, the business normally
will take over by the government,so they will not producing the product at lower
output at high price.Then, for the oligopoly, the firm will have the strategic behaviour
to face any decision made by the other firm. The firms will make the relative respond
to reduce the loss and gain maximum profit.

So ,every characteristic of business is different ,therefore every business can be

categorised under different market structure. The market structure will define the
amount of product and the price.

Then, it also found that strategic is important in the business in order to reduce the
loss. For example, the firm will carry out the promotion and discount , to attract more
customers. Strategic is important to reduce the harm caused by other firms, so the firm
could still survive in this business. Furthermore, the oligopolistic will collude with the
others firm in standardised the price ,therefore it can maximise the profit.

So, the construction development will not be obstructed by the economic changes.

16
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