Applied Paper (Final Draft)

Baskin Robbins

Introduction
This research aims to apply economic theory and analysis tools of decision science to

management problems to reach how the organization can achieve its desired goals

efficiently. Many organizations are non-profit organizations (such as hospitals and

universities), or are government agencies that seek to achieve specific goals and objectives

with some restrictions. These restrictions and goals may differ from one case to another,

but the basis for decision-making processes in all cases remains the same. And managerial

economics presents the theory, tools, and scientific methods required for these processes.

Accordingly, this research will address how economic theory and quantitative methods of

decision sciences are linked to the real environment of Baskin Robbins' administrative,

marketing and production business activity. Therefore, this research will contain

microeconomic analysis and its applications to making business decisions: production, cost

and profit analysis, demand and pricing, and economic forecasting. The course also

includes a definition of risk analysis and decision-making under conditions of uncertainty.

This research covers demand theory, product theory, and pricing policies, using

mathematical tools and mathematical and graphic analysis. The study also deals with the

various economic topics and concepts that the decision maker needs to complete the

administrative process in an optimal manner, the following chart Summarizes the content

of the definition of managerial economics.

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 Managerial decision problem

Decision Science Economic Theory

Mathematical economics Microeconomics
Econometrics Macroeconomics

Managerial Economics

Optimal solution to managerial decision problems

Source: done by Researcher Depending on Managerial economics course

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 Industry Analysis:
• Market structure and Competition

Baskin Robbins conducts its business in the monopolistic competition market as it is an

industry in which many companies provide similar products and services, but they are not

ideal alternatives to some of them, and the barriers to entering or exiting this monopolistic

market are almost very hard, and the decisions of any company do not directly affect the

decisions of competitors, and monopolistic competition is linked With business strategies

of differentiating brands as in Baskin Robbins. Unlike a monopoly, monopolistic

competition firms cannot limit supply or raise prices in order to increase profits. Firms in

monopolistic competition strive to differentiate their products in order to gain a large

market share.

Baskin Robbins does not face any major competitors in the industry. Although there are

many bakeries and ice cream chains that have separately managed to retain dedicated

clientele, It offers a customizable experience like never before, where each of the signature

desserts is available. The unique blend of biscuits and signature ice cream ensures that the

company can offer a unique dessert experience that can be catered for to meet each

customer's specific tastes. (“Candy Trends for the Food Service Industry.”) In addition to

the variety of options available in, confectionery will also meet several notable dietary

restrictions (such as gluten-free, dairy-free, nut-free, and vegan), further expanding the

Baskin Robbins potential customer base. Although other confectionery may offer some

similar products, the innovative flavors of ice cream and biscuits and the endless delicious

combinations will allow it to become the market leader in the confectionery industry due to

its ability to combine the most famous confectionery

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 Table (1) Main competitors of Baskin Robins
competitors About Annua mark
l sales et
in shar
2020 e in
2020

Dairy Queen It is one of the best types of ice cream. It is 3.8 27.9%
characterized as offering the most beautiful billion
flavors. Because it is produced from a group dollar
of 100% natural ingredients. It does not
contain synthetic materials. It is also
considered one of the most famous and most
popular species. As it has a distinct
trademark and makes it different from other
types. It is also characterized as having a soft
feel. It has a wonderful creamy flavor.
Ben & Jerry’s It is characterized as one of the well-known 863.1 8.3%
and famous species in general. It is made in million
many different and beautiful flavors. Where dollar
those flavors suit all tastes of consumers. It is
considered one of the finest types of ice
cream. The company producing this type
obtains the largest possible value of revenue
in European and American countries in
particular.
Amul The company producing this type is an Indian 3.7 28.2%
company. It also provides the finest types of billion
dairy. One of the most important products dollar
that it offers is this type of ice cream. It is
made from 100% natural materials. It does
not contain any preservatives. In addition to
this, this company manufactures many
different flavors of ice cream in terms of
shape and size. In order to satisfy all
consumer desires. As a result of those
advantages, this type penetrated the global

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 markets strongly.
Dippin ‘ Dots This type has a high rate of acceptance in 581.8 6.2%
children. As it is characterized as a light million
freezer with a wonderful taste. It has been dollar
made using many different flavors; To satisfy
all consumers. In addition to this, it is very
popular all over the world.
Haagen – Dazs This type is manufactured from a blend 665.3 8.4%
consisting of a group of 100% natural million
materials. One of these materials is the pulp dollar
of the fruit. And high quality milk. It does not
contain any industrial materials. In addition
to this, it is one of the most important species
spread in the world. Especially in North
America. and the European continent.
Baski Robbins 21%

Table (2) Main competitors in Saudi Arabia

Main competitors in
About Annual sales in 2020
Saudi Arabia
Cone Zone A brand owned by Mfad Ice Cream Industry, 12.13 Million dollar
a Saudi joint stock company based in
Riyadh, Saudi Arabia, was founded in 2003.
Fresh Berry A brand featured in the provision of ice 1.18 Million dollar
cream and yogurt ice cream in many
different flavors, with tart types, and
whipped fruit drinks
Marble Slab Ice a chain of independently owned and operated 18.6 million dollar
Cream franchised stores that specialize in serving
homemade ice cream and a variety of other
desserts
Testi D Lite A specialized shop selling ice cream safe for 9.76 million dollar
the health of the family adults and children,
as it comes without any additions and
artificial colors but all ingredients are natural
and fresh

Chart (1) Ice cream Market shares in the USA

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 Market share in usa

Baskin Robins
21% Dairy Queen
28%

Haagen – Dazs
8%

Dippin ‘ Dots Ben & Jerry’s

6% 8%

Amul
28%

Baskin Robbins has an excellent market share in the US market by 21%, and this
percentage reflects that a fifth of ice cream sales in America are for Baskin Robbins.

• Profitability and Performance Analysis

The profitability index is the net profit or loss enjoyed by an investment over a given time
cycle, expressed as a percentage of the initial cost of the investment. The interest of an
investment is defined as the income obtained in addition to the profit obtained from the sale
of such investment.
In economics, return is the interest on an investment. It covers any difference in the value
of the investment, as well as the cash flows the investor receives, such as dividend or bonus
payments
In economics, return is the interest on an investment. It covers any difference in the value
of the investment, as well as the cash flows the investor receives, such as dividend or
interest payments.

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 If a company makes more money per sale, it has a higher profit margin. Gross profit
margin and net profit margin, on the other hand, are separate profitability ratios used to
assess a company's financial stability and overall health.
The indicators that will be measured to find the profitability and performance of the
company are:
 Gross margin: measure of profitability that shows the percentage of revenue that exceeds
cost of goods sold.
 Operating margin: measures how much profit a company makes on a dollar of sales after
paying for variable costs of production.
 Net Profit margin: It measures net profit to revenue for a company or business segment.
Expressed as a percentage, net profit margins show how much each dollar is raised by the
company as the revenue turns into profit.
 Return on Investment: It is a measure that expresses the relationship between the value
spent on a business investment and the value obtained as a return.
To find the profitability and performance of the company we found the needed financial
statements (income statement and balance sheet).
Table (2) Income Statement for the years 2017, 2018, 2019, 2020.
Period 28-Dec- 29-Dec- 30-Dec- 31-Dec-
Ending: 20 19 18 17
Total 1370.23 1321.62 1275.55 828.89
Revenue
Gross Profit 1294.46 1244.2 1138.24 693.87

Operating 437.97 411.83 384.05 414.71

Income
Net Income 242.02 229.91 271.21 195.58

Source: https://www.investing.com/equities/Baskkin-brands-group-financial-summary

Table (3) Balance Sheet for the years 2017, 2018, 2019, 2020.
Period 28-Dec- 29-Dec- 30-Dec- 31-Dec-
Ending: 20 19 18 17
Total Assets 3920.02 3456.58 3937.43 3227.38

Total 4508.03 4169.38 4191.97 3390.64

Liabilities

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 Total Equity -588.01 -712.8 -254.54 -163.26

Source: https://www.investing.com/equities/Baskkin-brands-group-financial-summary

Table (4) Profitability Indicators

Period 28-Dec- 29-Dec- 30-Dec- 31-Dec-
Ending: 20 19 18 17
Gross Profit
94.47% 94.14% 89.24% 83.71%
margin
Net Profit
17.66% 17.40% 21.26% 23.60%
margin
ROA 6.17% 6.65% 6.89% 6.06%

ROE -41% -32% -107% -120%

Chart (2) Profitability and Performance Analysis Chart

Performance Analysis

100.00%
90.00%
80.00%
70.00%
60.00%
50.00%
40.00% ROA
30.00%
20.00% Net Profit margin
10.00% Gross Profit margin
0.00%
28-Dec-20 29-Dec-19 30-Dec-18 31-Dec-17

Gross Profit margin Net Profit margin ROA

Baskin Robbins has an good increasing Gross profit margin during the period, which is a
measure of profitability that shows the percentage of revenue that exceeds cost of goods
sold. Demonstrates the extent to which the company's executive management team has
succeeded in generating revenue from the costs involved in producing its products and

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 services, the higher the number; Effective management in making a profit for every dollar
has increased labor cost. Gross profit margin is calculated by taking total revenue less cost
of goods sold (COGS) and dividing the difference by total revenue.
Net profit margin is the ratio of Baskin Robbins' net profit to revenue. Expressed as a
percentage, net profit margins shows how much each dollar is raised by Baskin Robbins as
revenue is turned into profit. The previous figure shows that the net profit margin increases
every year
A net profit margin of 20% averaged over the time period and indicates that the company
retained $0.20 in profit for every dollar Baskin-Robbins generated in sales. A higher profit
margin is always desirable because it means that the company is making more profit from
its sales.
Return on assets (ROA) is a profitability ratio that provides how much profit Baskin
Robbins is able to generate from its assets, which is 6% on average for the chosen period,
which means that for every dollar in assets, Baskin Robbins earned 6 cents in profit.

graphical trend analysis

Chart (3) Stock Price Trend graph (3 years-monthly base)

A dj Clos e Stock Pr ice

Baskin Robbins
160
140
120
100
Price

80
60
40
20
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
monthly periods

Source: https://www.investing.com/equities/Baskkin-brands-group-financial-summary

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 The graph above shows that stock prices have increased during the past three years and
formed positive trend lines over time. The trend lines in trading are one of the most
important data that is paid attention to, and accurately identified. When it comes to what
are trend lines, we will find It is a very important strategic technical analysis tool that
facilitates accurate trading operations.
Trend lines help traders get a sense of the data for the trade they intend to take, as they
often give a good, accurate snapshot of the direction in which the value of an investment
may move.
It provides accurate technical analysis of the investor's trading market trends, and here it is
one of the tools used by technical analysts, in analyzing price movement trends, as instead
of looking at the performance of previous business, and how it was, and spending a lot of
time analyzing it, these lines can be referred to Which provides quick, clear information to
the investor.
The role of government
Participation in the development and implementation of commercial policies, in order to
achieve effectiveness and efficiency of the sector, diversify the production base, support
constructive competition among its institutions, and enhance the role of the private sector
in the national economy.
Suggesting the issuance of commercial laws and regulations, reviewing the applicable laws
and regulations, and supervising the application of various commercial systems,
Organizing the means of developing internal trade, supervising the internal markets and
protecting them from exploitation and monopoly, controlling prices, reviewing the ways of
doing business and developing methods and procedures in accordance with the
requirements of the public interest.
Issuing the necessary licenses for establishing chambers of commerce and their branches,
following up on the activities of the various chambers and their budgets, supervising the
elections of their boards of directors, approving their organization of exhibitions and
markets, their participation in conferences related to their activities, organizing and
receiving commercial and industrial delegations, establishing training centers, and
everything that would contribute to the progress and growth of trade, According to the
provisions of the Chambers of Commerce and Industry system.

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 International Comparison
In economics and financial theory, analysts use stochastic techniques to model the behavior
of asset prices, particularly stock prices in stock markets, currency exchange rates and
commodity prices. This practice is based on the assumption that investors act rationally and
without prejudice, and that at any given moment they estimate the value of an asset based
on future expectations. Under these circumstances, all existing information affects the
price, which changes only when new information emerges. By definition, new information
appears randomly and affects the price of an asset randomly.
Empirical studies prove that prices do not follow completely random walks. There are
lower serial correlations in the short term, and slightly stronger correlations in the long
term. Their sign and strength depend on a variety of factors.
Researchers have found that some of the largest price deviations from random walks result
from seasonal and temporal patterns. In particular, returns in January greatly exceed those
in other months (known as the January effect), and on Mondays stock prices fall more than
on any other day. Observers have observed these effects in many different markets for
more than half a century, but have not succeeded in giving an entirely satisfactory
explanation for the persistence of this pattern.
The following chart shows a comparison of stocks prices of Baskin Robbins and Dairy
Queen company, where both companies have a positive trend, and the stock price of Baskin
company exceed the stock price of Dairy Queen during the past three years
Chart (4) Stock Price Trend graph (3 years-monthly base) Comparison

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 Stock pr ice com par is on
Baskin Robbins Dairy Queen
160
140
120
100
price

80
60
40
20
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
monthly periods

Company Analysis:
Company profile
The company was founded in 1947 in California, USA when two brothers-in-law Burton
"Bert" Baskin and Irvin "Irv" Robbins decided to team up to create "Baskin Robbins". Bert
and Irvine introduced 31 flavors - one for each day of the month. And they believed that
people should be able to try any flavor without cost - a belief that led to the idea of a rosy
spoon. Their idol lives in Baskin Robbins, where they now own a flavor library of 1,200 ice
cream recipes. Over all these years, the target not only in the USA but all over the world, is
one of the most popular ice cream brands in the world.
Galadari Ice Cream Company, founded in 1962, operates Baskin Robbins in the Middle
East, North Africa and Australia. Baskin Robbins is the first international brand to open in
the region, and the largest Baskin Robbins franchise company worldwide, is one of the
largest QSR brands in the GCC.
History
Burt Baskin and Irv Robbins, founders of (Baskin Robbins), were in-laws. Burt married
Irv's sister Shirley in 1942. Burt Baskin and Irv Robbins were able to realize their dream of
opening an ice cream shop that would be a place for families to gather, and provide a

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 suitable atmosphere for exchanging conversations while eating ice cream made with high-
quality flavors.
Irv Robbins worked from the beginning of his life in ice cream through a small shop that
was run by his father, which made him become interested in ice cream, and Burt Baskin,
his passion for ice cream made him make it for his colleagues in the US Navy while he was
called up for World War II.
Both began their careers in a stand-alone store, with Irv Robbins opening SnowBird Ice
Cream in Glendale, California; It presented 21 flavors that were known at the time as the
best flavors in terms of quality.
In 1946, Burton Baskin opened his Burton's Ice Cream store in Pasadena - California, and
by 1948 the two were running a chain of six ice cream stores to decide to merge under the
name (Baskin Robbins) on the advice of an advertising agent who suggested to them a
unified identity and image, to begin a journey A success of a different kind by producing
different types of flavors in the world of ice cream.
Global spread
In 1959, they opened the first store outside California, specifically in Phoenix - Arizona,
and by 1960, the empire of (Baskin Robbins) had expanded to more than 400 branches. In
1968, they entered the encyclopedia of records with the largest ice cream pyramid; Consists
of 272 kg of ice cream with eight gallons of liquid chocolate and four kg of nuts.
At the beginning of the seventies, the global spread began, and it was one of the first
countries to have branches of (Baskin Robbins) around the world: Canada, Australia,
Japan, Korea, and the Kingdom of Saudi Arabia.
The world's largest ice cream chain has 31 distinct flavors, representing a different flavor
for each day of the month.
On May 18, 2000, Baskin Robbins entered the Guinness Book of Records for creating the
largest pyramid-shaped ice cream scoop, which included 3,100 ice cream scoops!
(Baskin Robbins) was distinguished by containing a huge percentage of ice cream flavors,
which include avocado, garlic, beans, jalapeno and pumpkin. And there are exotic flavors
of ice cream like dill that are aimed at pregnant women.
• Prices of major products from the company compared to prices of similar products in the
developed countries

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 Principle-agent problem and incentive structure
The parties involved in the management of the company include the supervisory body (the
CEO, the board of directors, the management, shareholders s and accounts). Other
stakeholders who participate include suppliers, employees, creditors, customers, and
society at large.
In corporations, the rights of shareholders delegates a decision to the principal's business in
the best interests of the principal. This separation of ownership and control means the loss
of effective control by shareholders over management decisions. Partly as a result of this
separation between the two parties, a system of corporate governance controls was
implemented to help align the incentives of directors with those of shareholders. With the
significant increase in the ownership of investors' shares, there was an opportunity to
reverse the trend of separation of ownership and control because ownership problems are
not so prevalent.
The board of directors often plays a key role in the management of the company. It is their
responsibility to approve the organization's strategy, establish a two-way policy, appoint,
monitor and pay senior executives and to ensure accountability in the organization to its
owners and authorities.
A Company Secretary, known as a Corporate Secretary in the United States, and often
referred to as a Chartered Secretary if qualified by the Chartered Institute of Secretaries and
Administrators (ICSA), is a high-level professional who is trained to adhere to the highest
standards of corporate governance, effective operations, compliance and management.
All parties in the management of the company have an interest, whether direct or indirect,
in the actual performance of the organization. Managers and management personnel
receive salaries, benefits and reputation, while shareholders receive return on capital.
Customers obtain goods and services; Suppliers receive compensation for their goods or
services. In return these individuals provide value in the form of natural, human, social and
other forms of capital.
A key factor is the individual's decision to participate in an organization eg by providing
financial capital and confidence that they will receive a fair share of the organizational
revenue. If some parties receive more than their fair return then participants can choose not
to continue participating leading to organizational collapse.

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 Comparative analysis: Strengths and weaknesses compared to its competitors
A SWOT analysis of Baskin Robbins shows how the company maintains its own position
among the list of the best ice-cream restaurants around the world, and this is done by
tracking various strategies that address internal and external factors in this analysis.
Table (5) SWOT Analysis
S W
Having skilled and competent Problems and obstacles in the
employees and managers, and using processes of distribution and export of
technological equipment properly. products is one example of the
The famous brand, the way customers potential weaknesses of a company
are treated in the restaurant, and the Baskin Robbins does not market
patent that distinguishes it from enough, and this shows that there are
others. nine percent of its branches in China,
For stable income achieved via and there are three percent of the
franchise and marketing campaigns operating income, but despite the large
that result in massive success. population in China of more than one
Reducing business culture shock when billion, the marketing process for it is
opening new branches through insufficient and this is considered of
international branching by franchising its weaknesses.
so that the company can easily adapt
to local tastes.
Spending millions of dollars on
marketing like: TV channels, print
ads, and digital channels.
Providing guaranteed food products of
high quality to customers is one of our
strengths, in addition to using
technological equipment and
electronic applications to raise
efficiency and improve.
O T
There are many reasons why Intense rivalries within the risk factors

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 companies do not fulfill customer come from the social and cultural
demands, including access to new realm.
technologies and equipment that The majority of threats to business
contribute to the development and scope are fierce competition from
improvement of the project’s business other companies, trends in healthy
performance, due to the link between lifestyles, as well as trends in
the opportunities elements and the genetically modified organisms.
external strategic factors that achieve A healthy lifestyle is a threat to fast
growth and development in the food restaurants, sweets and ice cream
business sector. products; Because it causes a lot of
The company's main opportunities that customers to turn away and criticize
enable it to expand globally are them.
represented in many things, including:
the expansion factor in developing
countries, diversified products,
development processes for the Middle
East markets, entry into modern
industries.

SWOT Analysis Recommendations

It is worth noting that Baskin Robbins SWOT analysis would show the rate of
improvement in its commercial viability, which is carried out through its continuous
expansion around the world, especially in markets that are characterized by high growth,
and it can work to reduce risk and threat factors by raising Developing and improving new
products, or producing new food industries for ice cream restaurants.
These recommendations also clarify the continuity of Baskin Robbins in moving between
the various forces that include retail, but this requires the company's keenness to take
advantage of the strengths and opportunities that arise in light of the operational
environment and its operating environment that Baskin Robbins SWOT analysis evaluates
and clarifies.

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 It is worth noting that the SWOT analysis has many diverse strategies that identify the
nature of the threats that threaten the company, and evaluate weaknesses and strengths by
presenting results based on various strategic plans, in addition to that, the company’s
management chooses the appropriate strategy for it among those Multiple strategies,
including offensive strategies, healing strategies, defense strategies, or contraction
strategies
Product Analysis:
Pricing policy and profit margin
The behavior of firms in oligopolistic markets is competitive. In the fight for profit and
increase in market share, price control, advertising and production creation are used. The
small number of competitors in oligopolistic conditions forces firms to calculate each
other's reaction to their decisions.
To consider the question of oligopolistic pricing, the following features of an oligopolistic
market are important:
1. Only a few companies supply the entire market. The product they offer can be either
standardized or differentiated.
2. At least some oligopolistic firms have large market shares. Thus, some firm in the
market has the ability to influence the price of the product by changing its availability in
the market.
3. Firms in the industry are aware of their interdependence. Sellers always calculate the
reaction of their competitors when they set prices, sales volume parameters, advertising
expenditures or other business measures.
The pricing policy of any company in the market depends on the market demand for its
products and how the company imagines the reaction of competitors to its pricing policy.
Every company that strives to maximize profits, assumes that its competitors will choose a
certain price for that product and will stick to their decision, and if the company lowers its
prices, the competitors will not lower their prices in response.
Product differentiation and competition (price, non-price)
Suppose there are only two sellers of ice cream goods in the market, each seller produces
ice cream with fixed average production costs of 10 riyals. And other sellers of ice cream
goods do not have the opportunity to enter the market. Each seller sets the price of 20 riyals

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 per unit of ice cream, and therefore, both get a profit of 10 riyals per unit. At this price, the
quantity of ice cream goods, for which there is a demand, is 100,000 units per month, that
is, two sellers sell 50,000 units of ice cream per month, making a profit of 500,000 riyals.
For both of them. At first, sellers split the market in half and make an economic profit. to
attract more customers each of them is tempted to increase the monthly sales by lowering
the price. By lowering the price below that of its competitor, each seller plans to capture a
large market share and increase his profit. If one seller lowers the price to 19 riyals, the
quantity for which there is demand will increase. Despite the fact that the profit of the ice
cream unit will be only 9 riyals, the total profit will increase due to the increase in sales.
Then the second company reacts by lowering the price of the goods. The price war
continues until the price falls to the level of average costs. In equilibrium, sellers charge the
same price, the total market output is the same as with perfect competition
Consequences of an oligopolistic price war
Equilibrium exists when no firm can benefit from lower prices. This happens when the
price is equal to the average costs, the economic profits are zero and a further reduction in
the price will lead to losses.
Price wars are usually short-lived, as monopolistic firms cooperate in setting prices and
dividing markets in order to avoid the possibility of price wars and their adverse effects on
profits.
Consider the main features of oligopolistic pricing:
• oligopolistic prices change less frequently than prices under conditions of perfect
competition, or monopolistic competition, or even in some cases of pure monopoly;
• Prices in oligopoly tend to be “hard” and inelastic;

• In the event of a price change by one product, other manufacturers are likely to also
change prices;
• Monopolistic pricing behavior involves incentives and coordinated procedures in setting
or changing prices.

Factors affecting its pricing and profitability

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 The most important factor affecting the profitability of commercial units is the factor
related to the quality of their products and services compared to those of competitors. In the
short run, a higher level of quality increases profits, due to the ability of companies to
demand excellent prices in exchange for their excellent products or services. In the long
run, the high level of quality leads to gains in increasing the market share on the one hand
and the growth of the size of this market on the other hand. Hence, even if the companies
incurred some amount of excess costs in the short term as a result of raising the level of
quality, it would not take long before these companies succeeded in compensating those
costs through economies of scale.
Internal factors:
“When we talk about internal factors, we mean the factors that the organization can control,
and have the ability to limit its negative effects. These factors include the following:
• Objectives of the Corporation: It should be noted here that the objective of pricing, must
serve the organizational objective of the Corporation and that it affects the determination of
prices. Some of them are interested in achieving profits at the level of each commodity,
whether in the short term or in the long term, while others are concerned with overall
profitability, and there are institutions that aim to increase their share of the market may
resort to an offensive policy (low price, discounts ... etc.).
Marketing mix variables: The price is one of the important elements in the marketing mix,
and for this reason, it affects and is affected by the rest of the other elements, and therefore
the pricing decision must be taken in light of its relationship with the decisions of other
elements of the commodity, promotion and distribution, “the product and the services
associated with it.” Complement is the essence of what is priced.” An organization may
offer a good at a low price while reducing the efforts of complementary services to
promote, and the same good may be offered at a high price while intensifying the efforts of
other services.
Thus, we conclude that the institution that raises its prices must create a justification for it,
and if it raises its prices without doing any other marketing effort, the result is a heavy loss
for the institution.

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 • Costs: "Costs are one of the basic determinants when the institution determines its prices"
because profits are achieved only by covering costs, and if the selling price of the unit is
less than its cost, this leads to a loss.
Therefore, the cost factor was clearly important, but that does not mean that the producer
can simply reach the selling price by means of the cost of the commodity, selling costs and
other costs.
However, sometimes prices are determined by costs, when the institution is not completely
free to set prices.
From the above, it can be said that the institution monitors the volume of costs accurately
so that it can set appropriate prices to keep pace with competitors, as it always seeks the
possibility of reducing costs, but without affecting the levels of production and its quality
and meeting the desires of consumers.
• Regulatory considerations:
Usually, the management decides who is responsible for setting pricing policies, and
therefore institutions set these policies in different ways.
In the field of large industrial establishments, we find that these establishments establish an
independent department, whose task is to set and determine appropriate prices.
• Technology and production methods used:
The technology and production methods used in pricing decisions greatly affect pricing
decisions, and this is due to the institution’s reliance on this element, by introducing the
latest technology, which makes the institution in a better pricing position, so that the more
distinguished the institution’s goods are from the competitors’ goods, the freer it is in
setting their prices.
“But if all [goods] are similar in their characteristics, it becomes difficult for any enterprise
to deviate from the prevailing prices.”
External factors :
Environmental factors surrounding the enterprise influence pricing decisions.
Marketing managers must measure and analyze these factors, and in other cases they try to
change the marketing environment and create a new atmosphere conducive to setting
pricing strategy. Among the most important external factors are:

20 | P a g e
 • Demand: Pricing decisions are affected by the prevailing economic situation, and for this
the institution must develop a tight strategy in line and commensurate with the economic
conditions, so “the first stage in the pricing process is forecasting the size of the total
demand for the commodity, and this may be an easy matter in the case of commodities that
They are actually introduced to the market compared to new and not yet introduced goods.
By predicting the amount of demand for a commodity, the firm can determine the demand
curve for the commodity, as well as the price elasticity of demand. If the market demand
for the good is elastic, it may be better to charge a lower price and vice versa if the demand
for the good is inelastic.
Demand analysis
Quantity Demanded on Ice-cream is shown in the following table, where the data is
predicted depending on the annual reports of Baskin Robbins company. The prices below
are for a box of Ice-cream.

Table (6) Demand Table

Year P Qd in thousands
2010 40 148
2011 50 135
2012 55 116
2013 65 105
2014 75 95
2015 85 85
2016 95 80
2017 105 75
2018 115 70
2019 125 65
2020 135 55

Chart (5) Demand Curve

21 | P a g e
 Dem and cur ve
160

140
f(x) = − 0.9 x + 170.64
120 R² = 0.93
100

80
P

60

40

20

0
20 40 60 80 100 120 140 160
Q

From the above graph and finding the correlation between Quantity Demand and Prices
where the demand function can be written as the following formula

QD = 170.64 – 089 P ---------------------------------------------------------------(1)

From 2010 to 2020 the population of KSA increases about 13% and due to that, the
demand for Ice-cream increased by about 50 thousand, so the data become as in the
following table.
Table (7) Shift in Demand
Yea
P Qd1 in thousands Qd2 in thousands
r
2010 40 148 198
2011 50 135 185
2012 55 116 166
2013 65 105 155
2014 75 95 145
2015 85 85 135
2016 95 80 130
2017 105 75 125
2018 115 70 120
2019 125 65 115
2020 135 55 105
.

22 | P a g e
 Chart (6) Shift in Demand Curve

Shift in Demand
400

350198
185
300
166
250 155
145
135 130
200 125 120 115
150148 105
135
116
100 105 95 85 80 75 70 65
50 55

0
1 2 3 4 5 6 7 8 9 10 11

Qd1 in thousands Qd2 in thousands

Supply Analysis
Quantity supplied of Ice-cream is shown in the following table, where the data is predicted
depending on the annual reports of Baskin Robbins company. The prices below are per box
of Ice-cream.

Table (8) Supply Table

Yea
P Qs in thousands
r
2010 40 55
2011 50 65
2012 55 70
2013 65 75
2014 75 80
2015 85 85
2016 95 95
2017 105 105
2018 115 116
2019 125 148
2020 135 135

Chart (7) Supply Curve

23 | P a g e
 Supply Curve
160
140
f(x) = 1.04 x − 11.24
120 R² = 0.93
100
80
P

60
40
20
0
40 60 80 100 120 140 160
Q

From the above graph and finding the correlation between Quantity supplied and Prices
where the supply function can be written as the following formula

QD = 16.3 – 089 P ---------------------------------------------------------------(2)

From 2010 to 2020 the producers of Ice-cream in KSA increases about 20% and due to that
the supply of Ice-cream increase by 50 thousand box of Ice-cream at every price in the
supply curve, so the data become as in the following table.
Table (9) Shift in Supply
Year P Qs1 in thousands Qs2 in thousands
200
40 55 105
8
200
50 65 115
9
201
55 70 120
0
201
65 75 125
1
201
75 80 130
2
201
85 85 135
3
201
95 95 145
4
201
105 105 155
5
201 115 116 166

24 | P a g e
 6
201
125 148 198
7
201
135 135 185
8

Chart (8) Shift in Supply Curve

Shift in Supply
250

200

150

100

50

0
1 2 3 4 5 6 7 8 9 10 11

Qs1 in thousands Qs2 in thousands

Demand and supply equilibrium

To find the equilibrium price and quantity, we need to equal equation 1 with equation 2as
the following
Qd = Qs---------------------------------------------------------------------------(3)
170.64 – 089 P = 16.3 – 089 P-------------------------------------------------(4)
P=85
Q=85
Chart (9) Equilibrium

25 | P a g e
 Equilibrium
160
148 148
140
135 135
120 116 116
105 105
100
95 95
85
80 80 80
75 75
70 70
65 65
60
55 55
40

20

0
1 2 3 4 5 6 7 8 9 10 11

Qd1 in thousands Qs in thousands

.
Surplus and shortage
The following table shows at what prices the surplus exist and at what prices the shortage
exist
Table (10) Shortage or Surplus
Shorta
Qd in Qs in
ge or
P thousan thousan Shortage or Surplus
Surplu
ds ds
s
40 148 55 -93 Shortage
50 135 65 -70 Shortage
55 116 70 -46 Shortage
65 105 75 -30 Shortage
75 95 80 -15 Shortage
85 85 85 0 Equilibrium
95 80 95 15 Surplus
10
75 105 30 Surplus
5
11
70 116 46 Surplus
5
12
65 148 83 Surplus
5
13
55 135 80 Surplus
5

26 | P a g e
 Price ceiling and price floor
The following table shows where is the price celling and price floor is binding
Table (11) Price Celling and Floor

Qs in
Qd in
P thousand Binding or not
thousands
s
40 148 55 Binding price floor
50 135 65 Binding price floor
55 116 70 Binding price floor
65 105 75 Binding price floor
75 95 80 Binding price floor
85 85 85 Equilibrium
95 80 95 Binding price celling
10
75 105 Binding price celling
5
11
70 116 Binding price celling
5
12
65 148 Binding price celling
5
13
55 135 Binding price celling
5

Price elasticity of demand

The following table shows the price elasticity of demand
Table (12) Price elasticity of demand
% %
Qd
Ch Ch
in Deci
P ang ang Elasticity
thous sion
e in e in
ands
P Qd
4
148
0
-
5 40 Inel
135 10 -0.24
0 % astic
%
-
5 14 Elas
116 16 -1.11
5 % tic
%

27 | P a g e
 -
6 25 Inel
105 11 -0.44
5 % astic
%
-
7 20 Inel
95 11 -0.56
5 % astic
%
-
8 17 Inel
85 13 -0.75
5 % astic
%
9 14 - Inel
80 -0.50
5 % 7% astic
1
13 - Inel
0 75 -0.62
% 8% astic
5
1
11 - Inel
1 70 -0.75
% 8% astic
5
1
10 - Inel
2 65 -0.91
% 9% astic
5
1 -
Elas
3 55 9% 20 -2.20
tic
5 %

Income elasticity of demand

If The average income of Saudi citizens increased in 2022 from an average income of
10000 SR to 12000 SR and the quantity demanded on Ice-cream increased from 50
thousand to 65 thousand box per day.

So the income elasticity of demand can be found by applying the following formula

Income elasticity of demand = % change in quantity demanded on Ice-cream / % change in

income

So Income elasticity of demand = (1.5) which is Elastic Income elasticity of demand,

which means if the income increase 1% then the demand on Ice-cream will increase by
1.5%, and the Ice-cream is a normal good.

Cross price elasticity of demand

If the price of Ice-cream box in DAIRY QUEEN company increase from 95 to 105, and
due to that the demand on Ice-cream box of Baskin Robbins increase from 75 to 80
28 | P a g e
 So the cross elasticity of demand can be found by applying the following formula

Cross price elasticity of demand = % change in quantity demanded of Ice-cream box in

Baskin Robbins / % change in Ice-cream box price at DAIRY QUEEN

So the Cross price elasticity of demand = (0.6) inelastic cross-price elasticity of demand,
which means a decrease in DAIRY QUEEN prices by 1% the demand on Ice-cream box of
Baskin Robbins will increase by 0.6%, and they are substitutes

Consumer theory and preferences

Consumer Behavior Theory

1. Utility Theory

Utility theory attempts to explain and analyze consumer behavior and how to reach a
certain equilibrium position. Utility is the consumer's feeling or evaluation of the amount of
satisfaction that he feels when consuming a specific amount of the commodity. This is the
economic concept of utility and it differs from the common concept of utility. The utility
theory assumes that the consumer tries to distribute his income in a way that guarantees
him obtaining the greatest amount of satisfaction, ie maximizing the total benefit.

The goal of the consumer, then, is to maximize the benefit within the limits of his
capabilities. In order to be able to understand and analyze consumer behavior more
precisely, we will list some simplistic assumptions:

1- The consumer behaves rationally

2- The consumer's tastes and preferences are fixed while we study his behavior

3- The consumer's income is limited and he spends it on purchasing goods and services to
achieve the greatest degree of satisfaction.

4- The consumer is one among many consumers, and this means that his demand does not
affect prices or the quantities supplied or requested

In light of these assumptions, we ask: How can the consumer distribute his limited income
to achieve the greatest degree of satisfaction?

29 | P a g e
 Through the following formula knowledge of consumer balance:

Marginal Utility of x (Mux) Marginal Utility of My Good))

For example, if the consumer is indifferent with consuming Ice-cream and Cake the
consumer indifference curve will be as the following

Table (13) Consumer Preferences

Ice-cream 1 3 5
Cake 5 3 1

So Mu of Ice-cream = Mu of Cake

Chart (10) Consumer Preferences

Ice-cream

Cake
1 3 5
Accounting vs economic cost and profit
Accounting Profit

30 | P a g e
 Accounting profit is the profit that many of us know, which is recorded in the profit and
loss statements of a company. Accounting profit is calculated using the formula,
Accounting Profit = Total Revenue - Explicit Costs. Take the example of a company that
manufactures and sells toys, and has a total turnover of $100,000 per year. The total cost
incurred by the company in terms of wages, utility bills, rent, material costs, interest on
loans, and other explicit costs is $40,000. The company in this case will be able to obtain
an accounting profit of $ 60,000. This profit indicates the excess income available once in
an express or one can say, the costs have been reduced so obvious that it is easy to
determine. Companies are required to disclose this accounting profit in accordance with the
regulations in the applicable accounting standards.

Economic Profit

Economic profit is calculated in a different way from accounting profit and includes an
additional cost known as implicit cost. The firm's implicit costs are the opportunity costs
the firm faces in choosing one of the available alternatives. The formula for calculating
economic profit is Economic Profit = Total Revenue - (Explicit costs + Implicit costs). For
example, an employee of a toy company decided to become a sole dealer to produce and
sell toys. So he will incur higher opportunity costs in terms of the personal salary he gives
up from working for the company, the rent he needs to pay for the sale of toys, and the
interest on the capital he must incur especially. In this case, the employee may be better off
working for the company for a salary rather than opening his own business, if his salary is
more than the profit he makes from working as a sole trader.

The difference between accounting and economic profit

Accounting profit and economic profit denote a form of profit made by a company,
although its calculation and interpretation are quite different. Accounting profit takes into
account only the explicit costs incurred by the firm while economic profit, in addition,
considers the implicit opportunity cost incurred in choosing one alternative over the other.
Another difference is that accounting profit will always be higher than economic profit
since economic profit takes into account the additional opportunity costs incurred by the
company. Accounting profit is recorded in the company's income statement, while
economic profit is usually calculated for internal decision-making purposes. A common

31 | P a g e
 opinion among economists is that accounting profit overestimates revenue because it does
not consider opportunity costs, and economic profits are necessary to choose the option that
yields the highest value.

The following table shows the implicit cost and explicit cost and accounting profit and
economic profit for Baskin Robbins company where the data collected or predicted
depending on the annual reports of Baskin Robbins company during the years 2013 to
2020, and the data is in billions

Table (14) Economic and Accounting Profit

Total
Yea Explici Implici Economi Accountin
Revenu
r t Cost t Cost c Profit g Profit
e
2013 2.16 0.12 3.11 0.83 0.95
2014 2.53 0.14 3.18 0.51 0.65
2015 3.1 0.15 4.11 0.86 1.01
2016 3.25 0.12 4.51 1.14 1.26
2017 3.91 0.16 5.01 0.94 1.1
2018 4.12 0.15 5.16 0.89 1.04
2019 4.16 0.17 5.19 0.86 1.03
2020 4.21 0.19 5.92 1.52 1.71

Chart (11) Accounting vs Economic, profit

Economic Profit Accounting Profit

1.8

1.6

1.4

1.2

0.8

0.6

0.4

0.2

0
1 2 3 4 5 6 7 8

32 | P a g e
 The accounting profit always more than the economic profit due to absence of implicit cost.

Cost Analysis: ATC, AVC, AFC, MC

The goal of any private company is to make a profit. In order to maximize profitability, the
company should aim to increase revenue and reduce costs. To reduce these costs, the firm
must be able to identify and measure costs involved in factors of production such as wages,
rent, electricity, materials, supplies, etc. These costs can be divided into two types;
Variable cost and fixed cost.

The sum of fixed costs and variable costs represents the total cost that can be used to
calculate the break-even point, which is the point at which total revenue equals total cost
and the point that must be exceeded to make it a profit. Variable costs can be easily
managed instead of fixed costs because variable costs are directly related to production
levels, while fixed costs are not. However, both variable costs and fixed costs need to be
continually evaluated and managed to ensure that they are in some correspondence to
production levels ensuring achievement profit.

Average and Marginal Cost

One can gain a better insight into the firm’s cost structure by analyzing the behavior of
short-run average and marginal costs. We may first consider the average fixed cost (AFC).

Average fixed cost is total fixed cost divided by output.

The total cost function may be expressed as:

TC = k + ƒ(Q) where k is total fixed cost which is a constant, and ƒ(Q) is total variable cost
which is a function of output.

ATC = k/Q + ƒ(Q)/ Q = AFC + AVC. Since k is a constant and Q gradually increases, the
ratio k/Q falls. Hence the AFC curve is a rectangular hyperbola.

i.e., AFC = TFC /Q

Since total fixed cost does not vary with output average fixed cost is a constant amount
divided by output. Average fixed cost is relatively high at very low output levels. However,

33 | P a g e
 with gradual increase in output, AFC continues to fall as output increases, approaching zero
as output becomes very large.

The following table shows the cost structure of Baskin Robbins company

Table (15) Cost Analysis

Labo Quantit Fixed Variabl Total
AFC ATC AVC MC
r y Cost e Cost Cost
0 0 $160 0 $160 - - - -
1 16 $160 $80 $240 $10 $15 $5
2 40 $160 $160 $320 $4 $8 $4 3.3333
3 60 $160 $240 $400 $3 $7 $4 4
4 72 $160 $320 $480 $2 $7 $4 6.6667
5 80 $160 $400 $560 $2 $7 $5 10
6 84 $160 $480 $640 $2 $8 $6 20
7 82 $160 $560 $720 $2 $9 $7 -40

Chart (12) TC,FC and VC

Fixed Cost Variable Cost Total Cost

$800

$700

$600

$500

$400

$300

$200

$100

$0
0 16 40 60 72 80 84 82

Marginal product
Production function in the short term
Short-term production is characterized by fixed and variable production elements
   Total, average and marginal output:

34 | P a g e
 Total product (TPL) is the total production of a commodity, i.e. the sum of the quantities
produced through the use of a number of different business units.
- Average Product of Labor (APL)
Average labor output = total output / number of workers
 APL = TP (Q) / L
- marginal product of labor (MPL), which is the change in the total output due to the
increase in the number of units of the variable element by one unit.
Marginal output of labor = change in total output / change in number of workers MPL =
∆TP / ∆L = ∆Q / ∆L
The following table shows how many production of Ice-cream boxes at different level of
labors
Table (16) Production Table
Labo M
TP AP
r P
0 0 $0 $0
1 16 $16 $16
2 40 $24 $20
3 60 $20 $20
4 72 $12 $18
5 80 $8 $16
6 84 $4 $14
7 82 ($2) $12

Chart (13) MP and AP

35 | P a g e
 $30

$25
$24

$20 $20 $20

$18
$16 $16
$15
$14
$12 $12
$10
$8
$5
$4

$0$0
1 2 3 4 5 6 7 8
($2)
($5)

MP AP

Optimum combination of capital and labor

To determine the optimal capital-labor ratio set the marginal rate of technical
substitution equal to the ratio of the wage rate to the rental rate of capital:
KL=30120, or L = 4K. Substitute for L in the production function and solve for K when
output is 1000 units:1000 = (100)(K)(4K), or K = 1.58.
Because L equals 4K this means L equals 6.32.
With these levels of the two inputs, total cost is:TC = wL + rK, orTC = (30)(6.32) + (120)
(1.58) = $379.20

Revenue Analysis

The following table shows how the revenue of Ice-cream boxes at an average price of 4-11
SR
Table (17) Profit Maximization
TP TR MR AR MC
0 $0 $4 $5
16 3.333333
$80 $5 $6
3
40 $240 $6 $7 4
60 6.666666
$420 $7 $8
7
72 $576 $8 $9 10

36 | P a g e
 80 $720 $9 $10 20
84 $840 $10 $11 -40
82 3.333333
$902 $11 $5
3

Profit maximization quantity is 60 where MR=MC

TC = 400
TR= 420
Profit = TR-TC = 20

Efficiency analysis
In any market, everyone expects a surplus, not a loss. Thus, surplus is an important factor
in the economy. It is a type of luxury where both producers and consumers can have a
surplus. Consumer surplus is the maximum amount a consumer is willing to pay for a
product minus the price he actually pays. It reflects the amount of benefit or gain that
customers get when purchasing products and services. Product surplus is the amount of
benefit a business receives when it sells a product or service. In other words, producer
surplus can be described as the difference between the actual price and the lowest amount
that the company will accept for a product.

producer surplus
Producer surplus is a measure of producers' welfare. In simple terms, it is the benefit that
the producer gets to sell the merchandise in the market. This can be measured by taking the
difference between what producers are willing and able to offer and the price they actually
receive for a particular product. Producer surplus is generated when the producer is willing
to sell his goods at a lower price, and buyers are willing to accept the goods at a higher
price. This excess demand creates excess luxury.
The surplus is the area below the market price and above the supply curve. If the producer
has the ability to sell the merchandise for the maximum price or can distinguish excellently
and the consumer is willing to pay this amount for the good, then the producer can have the
entire economic surplus. Here, the producer surplus will be equal to the aggregate
economic surplus

37 | P a g e
 consumer surplus
Consumer surplus is a measure of consumer welfare. Consumer surplus refers to the
maximum amount a consumer is willing to pay for a product minus the price he actually
pays. The amount of benefit or gain that customers get when purchasing products and
services can be measured accordingly. An increase in price will reduce consumer surplus
and a decrease in price will increase consumer surplus. This is the area above the market
price curve and below the demand curve.
Both producer surplus and consumer surplus equal the total economic surplus or the benefit
provided by producers and consumers operating together in the free market.
from The equilibrium chart above chart:
Market Price= 85
Market Quantity = 85
Max WTP= 148
Min WTS= 55
We can find consumer surplus by finding the triangle area between market price and
demand curve
CS = 63 x 85 x 0.5 = 2,677.5
We can find producer surplus by finding the triangle area between market price and supply
curve
PS = 30 x 85 x 0.5 = 2,677.5 = 1,275
Total Surplus = 3,952.5

38 | P a g e
 References

 Ali, A., & Naim, M. Y. (2011). Feasibility study of Baskin Robbins in Lahore region
(Doctoral dissertation).
 Donnie, A. F., Dadie, F., Daang, A. A., Kelvin, K., & Sia, D. V. (2018). Fundamentals of
Entrepreneurship (ENT300): Business Opportunity Baskin Robbins.
 Goff, H. Douglas, and Richard W. Hartel. "The ice cream Industry." In Ice cream, pp. 1-
17. Springer, Boston, MA, 2013.
 https://books.google.com.sa/books?
id=9OUXEAAAQBAJ&pg=PA107&lpg=PA107&dq=baskin+robbins+income+statemen
t+finance.com&source=bl&ots=ClnFsNEkM7&sig=ACfU3U0aVFX79lHm_1AwfEd-
p1dFXCfkMw&hl=en&sa=X&ved=2ahUKEwjp3enRy8H0AhVp_rsIHSOxA2sQ6AF6B
AgOEAM#v=onepage&q=baskin%20robbins%20income%20statement
%20finance.com&f=false
 https://books.google.com.sa/books?
id=9uUXEAAAQBAJ&pg=PA107&lpg=PA107&dq=baskin+robbins+income+statement
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IKhEZOXg&hl=en&sa=X&ved=2ahUKEwjp3enRy8H0AhVp_rsIHSOxA2sQ6AF6BAg

39 | P a g e
 PEAM#v=onepage&q=baskin%20robbins%20income%20statement
%20finance.com&f=false
 https://www.annualreportowl.com/Baskin%20Robbins/Annual%20Reports
 https://www.arabnews.com/tags/baskin-robbins
 https://www.baskinrobbinsmea.com/en/delivery-service/sa/
 https://www.comparably.com/companies/baskin-robbins/financials
 https://www.dnb.com/business-directory/company-profiles.baskin-
robbins.bf0d39a8457a5ebc81ae846a0b811ac6.html
 https://www.sec.gov/Archives/edgar/data/1357204/000119312512078208/d259421d10k.
htm
 Kusumanegara, E. T., & SUTOPO, S. (2012). Analisis Pengaruh Harga, Keragaman
Produk, Dan Kualitas Pelayanan Terhadap Kepuasan Konsumen Dalam Melakukan
Pembelian Di Baskin Robbins Ice Cream Mal Ciputra Semarang (Studi Kasus Pada
Konsumen Baskin Robbins Ice Cream Mal Ciputra Semarang) (Doctoral dissertation,
Fakultas Ekonomika dan Bisnis).
 Lee, H. S., & Choi, E. K. (2010). Product, Service, and Customer Management of
Baskin-Robbins in Korea. International Journal of Business and Management, 5(11), 32.
 Shrestha, A. (2015). Effects of sales promotion on purchasing decision of customer: a
case study of Baskin Robbins ice–cream franchise Thailand (Doctoral dissertation,
Bangkok University).
 Ugak, A., Jalang, E. N. J., Christopher, E. E. A., & John, E. S. (2019). Fundamentals of
Entrepreneurship (ENT300): Case study Baskin Robbins (Golden Scoop Sdn. Bhd.).
Appendix
Data of the Study
Adj Adj
Close Close
Date Open High Low Close (Baskin Volume
Dairy
Robbins
Queen
)
10/1/201 4002340
34.25 37.97 27.55 33.59 33.59 10.24
9 0
11/1/201 4030880 10.11
33.7 44.09 30.26 40.77 40.77
9 0 6
12/1/201 41.11 41.32 33.06 37.78 37.78 5630030 13.11

40 | P a g e
 9 0 4
4981690 11.58
1/1/2020 38.22 47.26 35.958 46.21 46.21
0 4
6259810 10.42
2/1/2020 46.62 50.12 41.72 45.15 45.15
0 6
10.23
3/1/2020 45 48.12 28.88 35.98 35.98 1.08E+08
4
5389560 14.84
4/1/2020 34.83 45.28 33.04 45.12 45.12
0 8
22.18
5/1/2020 44 75 43.133 71.27 71.27 1.36E+08
2
22.56
6/1/2020 70.61 93 67.18 86.95 86.95 1.13E+08
2
7253120 27.04
7/1/2020 87.19 98.99 81.541 93.86 93.86
0 8
36.52
8/1/2020 95.82 96.67 72.6 83.55 83.55 1.06E+08
2
9/1/2020 83.99 107.99 75.55 102.16 102.16 1.22E+08 43.02
10/1/202 9626860
101.43 118.13 90.54 90.75 90.75 57.36
0 0
11/1/202 9430140
91.78 103.95 79.76 98.92 98.92 88.06
0 0
12/1/202 6984910 104.2
98.6 111.49 90.13 98.44 98.44
0 0 5
6336100
1/1/2021 98.69 112.29 89.832 102.75 102.75 75.5
0
119.43 6751670
2/1/2021 103.47 92.81 95.41 95.41 80.49
3 0
9884570
3/1/2021 96.78 98.65 74.53 83.34 83.34 74.38
0
5982550
4/1/2021 86.95 96.35 81.7 85.77 85.77 65.02
0
7714300
5/1/2021 86.33 94.39 69.73 91.05 91.05 59.25
0
5694350
6/1/2021 91.35 107.4 87.1 104.08 104.08 61.31
0
3186090
7/1/2021 103.51 114.2 101.38 110.7 110.7 57
0
139.17 7467400
8/1/2021 110.85 109.11 137.8 137.8 77.79
3 0
5646140
9/1/2021 138.08 150.67 131.39 141.35 141.35 72.52
0

41 | P a g e