Trend Analysis and Trendspotting Quiz
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Questions and Answers

What is the term used to describe the process of identifying, deriving, and evaluating patterns to answer critical questions drawn from data gathering?

  • Collection
  • Analytical Framework (correct)
  • Prejudice
  • Implications

    • Why is it important to assess data reliability according to the text?

  • To ensure data is collected properly
  • To guarantee favorable outcomes
  • To avoid invalid findings (correct)
  • To emphasize the importance of data collection

    • What is the main impact of bias on data analysis?

  • Increases accuracy in analysis
  • Improves data reliability
  • Disregards flaws and affects validity (correct)
  • Enhances data validity

    • How does physical infrastructure contribute to the functionality of an economy, based on the text?

    <p>Facilitates economic operations</p> Signup and view all the answers

    What is 'Formal Methods' mentioned in the text primarily used for?

    <p>Ensuring error-free system development</p> Signup and view all the answers

    What is the significance of 'Local Networking' in communities?

    <p>Establishing information networks</p> Signup and view all the answers

    What is the primary objective of trendspotting?

    <p>To identify and understand trends on various levels</p> Signup and view all the answers

    What is the main reason manufacturers fail to predict trends?

    <p>They are unable to identify the underlying value in trends</p> Signup and view all the answers

    What is the primary focus of 'cool hunting' in trendspotting?

    <p>Filtering by observing the current or existing 'cool' fads or trends</p> Signup and view all the answers

    What is the first stage of the trendspotting process?

    <p>Fringe Stage</p> Signup and view all the answers

    What is the main characteristic of the Fringe Stage in trendspotting?

    <p>It involves an innovative idea developing into the market</p> Signup and view all the answers

    What is the ultimate goal of trendspotting?

    <p>To predict what will be the future</p> Signup and view all the answers

    What type of products are industrial component parts according to the text?

    <p>Intended for the production of goods</p> Signup and view all the answers

    Which products are primarily intended for industrial purposes and help maintain operations?

    <p>Operating supplies</p> Signup and view all the answers

    What are AGRICULTURAL PRODUCTS intended for?

    <p>Production of goods for sale</p> Signup and view all the answers

    What do services mentioned in the text primarily provide to enhance or sustain human life?

    <p>Repair services</p> Signup and view all the answers

    Which products are intended for human consumption and usually seen in the form of dairy, grains, and meat?

    <p>Food</p> Signup and view all the answers

    What is the main purpose of accessory equipment mentioned in the text?

    <p>Aid in selling efforts</p> Signup and view all the answers

    What characteristic distinguishes a trend from a fad?

    <p>Longer lifespan</p> Signup and view all the answers

    What is a key indicator provided by fads?

    <p>Future impact on industries</p> Signup and view all the answers

    In terms of industry acceptance, what is mentioned as a common practice with trends?

    <p>Delayed adoption by larger companies</p> Signup and view all the answers

    What role does consumer adoption play in distinguishing trends from fads?

    <p>Results in greater adoption for trends</p> Signup and view all the answers

    What makes it challenging to differentiate between trends and fads according to the text?

    <p>Evaluation of underlying assumptions</p> Signup and view all the answers

    How do trends and fads differ in terms of impact on industries and development?

    <p>Trends rarely cross over to other industries</p> Signup and view all the answers

    What distinguishes GIGATRENDS from MICROTRENDS?

    <p>The duration, with GIGATRENDS lasting ten to thirty years and MICROTRENDS lasting three to six months</p> Signup and view all the answers

    How are MICROTRENDS characterized?

    <p>As trends that may affect the prices of goods and services for three to six months</p> Signup and view all the answers

    In what stage of the trend lifecycle does test-marketing typically occur?

    <p>Mainstream stage</p> Signup and view all the answers

    What happens when a trend transitions to the Mainstream Stage?

    <p>Corporations exploit the growing demand of the trend for profit</p> Signup and view all the answers

    What characterizes DEMOCRATIZATION PROCESS in trends?

    <p>The trend being persistent through time across diverse occasions</p> Signup and view all the answers

    What is a key difference between GIGATRENDS and MICROTRENDS?

    <p>GIGATRENDS are driven by recent developments, while MICROTRENDS are reinventions of existing trends</p> Signup and view all the answers

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