A level business help!!Watch
So i was confused on the following questions. 1. How do the products offered to niche and mass market customers differ? 2. Which stakeholder groups are affected by business activity in the industry and how?
For my task i had to pick an industry and so i picked video games/consoles.
So i was confused on the following questions.
So you need to think what the difference is between niche and mass market.
Niche tends to be a specialist sub sector/ group that have particular needs, so think of a type of game that everyone isnt into, but is still a business opportunity. VR Games, flight simulators, puzzle games.
Mass market expects to appeal to much larger groups of people i.e the market as a whole and sells in large numbers. Game or film franchises released on multiple formats Things like Fifa or Star Wars. Identify your own examples of niche and mass market.
2. Which stakeholder groups are affected by business activity in the industry and how?
Stakeholders are people who have an interest in the business and its activities.
So its just asking you to identify who the stakeholders are and how they might be affected by the business.