Contents: In this report I will cover the 4 areas, which are Businesses environments; markets, sector & Industry changes, Economic trends, and legal framework Business Environment:
The business environment is the world in which businesses operate. The business environment is constantly changing and businesses need to adapt or change their activities accordingly. They need to change and keep up with their customers’ demands, in order for their business to not fail and to succeed and compete with other businesses in the same sector. The local business environment is made up of 4 characteristics; markets, sector and industry changes, legal framework and economic trends. Markets:
Mass Market – You are offering your products and services to virtually everyone. These tend to be quite standard, everyday items that people use. Niche Market – Small markets which offer specialised products or services to a small group of people. There are a lot of businesses which try to appeal to the mass market, by stocking a wide variety of products at competitive prices so that everyone is able to buy something. You will generally find more mass market businesses because they will have more customers than niche market. You still find niche market businesses, but they are generally more expensive and not everyone wants to buy them, but they are still growing. iPhone 4 is in the niche market, mainly because not everyone can afford them and they are only in select shops, mainly online. Technology and fashion are the 2 factions that contribute change in markets. 2 Business that are affected by the market change:
Curry’s is a business that has been affected by changes in the market, due to new technology in TV’s like 3d and Full HD, and even some computers are touch screen. JJB is also a business that has also been affected, now that they have an online website on which you can shop, their store layout is more advanced and modern, and they are...