Questions and Answers
What is a trend?
A product, service, or idea that appears suddenly, becomes enormously popular, and doesn’t disappear.
What is a fad?
A product, service, or idea that appears suddenly, becomes enormously popular, but suddenly disappears.
Which of the following is a type of trend?
A fad can remain popular for decades.
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A trend can remain popular for ______.
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What characteristic is typical of a fad?
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What is the incubation period of trends compared to fads?
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What is strategic analysis?
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Study Notes
Definition of Trends and Fads
- Trends: Long-lasting products, services, or ideas that become significantly popular and remain relevant.
- Fads: Short-lived phenomena that gain popularity rapidly but also fade away quickly.
Types of Trends
- Megatrend: Large-scale patterns that fundamentally reshape and transform societies.
- Microtrend: Focuses on local preferences over global influences, recognizing heightened awareness of consumer choices.
Identifying Trends
- Trends can emerge from previous fads.
- They maintain their presence in the market over the long term.
- Trends resolve specific consumer issues.
- Successful product evolution is a sign of a trend's durability.
Characteristics of Fads
- Limited to specific societal segments.
- Generally trivial with brief lifespans.
- Subject to obsolescence and revival of past styles.
Elements and Characteristics of a Trend
- Duration: Trends persist over extended periods.
- Acceptability: Gained acceptance among a broad audience.
- Cultural Basis: Rooted in cultural contexts.
- Market Fluctuations: Experience temporary rises or falls in popularity.
Differences Between Trends and Fads
- Duration: Trends can last decades; fads are seasonal.
- Industry Impact: Trends affect multiple industries; fads usually affect a single sector.
- Acceptance: Large corporations may wait to identify trends; smaller firms can adapt quickly.
- Consumer Adoption: Trends have widespread acceptance; fads may suffer from lack of substance.
- Reasons for Popularity: Trends arise from collective consumer needs; fads depend on hype and marketing.
- Longevity: Trends have sustainable growth; fads spike and fall rapidly.
- Scope: Trends cater to diverse markets; fads target niche audiences.
- Cultural Connection: Trends are culturally anchored; fads often lack deep societal ties.
Understanding Local Networks
- Emphasizes the significance of networking among humans for social and economic interactions.
Strategic Analysis and Intuitive Thinking
- Strategic Analysis: Research process on business environments to formulate effective strategies.
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Purpose of Strategic Analysis:
- Evaluate relevant records for strategic formulation.
- Define internal and external environments for comprehensive analysis.
- Employ various analytical methods.
Tools for Strategic Analysis
- Value Chain Analysis: Focuses on creating value for customers through organizational operations.
- Involves a systematic approach to understand the flow of value and potential areas for improvement.
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Description
This quiz explores the definitions, characteristics, and types of trends and fads. Learn to distinguish between long-lasting trends and short-lived fads, as well as their impact on society and consumer choices. Test your knowledge on how trends evolve from fads and their significance in the market.
