30 Questions
What is the term used to describe the process of identifying, deriving, and evaluating patterns to answer critical questions drawn from data gathering?
Analytical Framework
Why is it important to assess data reliability according to the text?
To avoid invalid findings
What is the main impact of bias on data analysis?
Disregards flaws and affects validity
How does physical infrastructure contribute to the functionality of an economy, based on the text?
Facilitates economic operations
What is 'Formal Methods' mentioned in the text primarily used for?
Ensuring error-free system development
What is the significance of 'Local Networking' in communities?
Establishing information networks
What is the primary objective of trendspotting?
To identify and understand trends on various levels
What is the main reason manufacturers fail to predict trends?
They are unable to identify the underlying value in trends
What is the primary focus of 'cool hunting' in trendspotting?
Filtering by observing the current or existing 'cool' fads or trends
What is the first stage of the trendspotting process?
Fringe Stage
What is the main characteristic of the Fringe Stage in trendspotting?
It involves an innovative idea developing into the market
What is the ultimate goal of trendspotting?
To predict what will be the future
What type of products are industrial component parts according to the text?
Intended for the production of goods
Which products are primarily intended for industrial purposes and help maintain operations?
Operating supplies
What are AGRICULTURAL PRODUCTS intended for?
Production of goods for sale
What do services mentioned in the text primarily provide to enhance or sustain human life?
Repair services
Which products are intended for human consumption and usually seen in the form of dairy, grains, and meat?
Food
What is the main purpose of accessory equipment mentioned in the text?
Aid in selling efforts
What characteristic distinguishes a trend from a fad?
Longer lifespan
What is a key indicator provided by fads?
Future impact on industries
In terms of industry acceptance, what is mentioned as a common practice with trends?
Delayed adoption by larger companies
What role does consumer adoption play in distinguishing trends from fads?
Results in greater adoption for trends
What makes it challenging to differentiate between trends and fads according to the text?
Evaluation of underlying assumptions
How do trends and fads differ in terms of impact on industries and development?
Trends rarely cross over to other industries
What distinguishes GIGATRENDS from MICROTRENDS?
The duration, with GIGATRENDS lasting ten to thirty years and MICROTRENDS lasting three to six months
How are MICROTRENDS characterized?
As trends that may affect the prices of goods and services for three to six months
In what stage of the trend lifecycle does test-marketing typically occur?
Mainstream stage
What happens when a trend transitions to the Mainstream Stage?
Corporations exploit the growing demand of the trend for profit
What characterizes DEMOCRATIZATION PROCESS in trends?
The trend being persistent through time across diverse occasions
What is a key difference between GIGATRENDS and MICROTRENDS?
GIGATRENDS are driven by recent developments, while MICROTRENDS are reinventions of existing trends
Test your knowledge on trend analysis, finite variability, and trendspotting processes. Learn how people make the most out of trends and how to spot future trends in the present.
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