Understanding Trends in Business

Study Notes

Trends

A trend is a general direction in which something is developing or changing, a pattern for a gradual change in process, output, condition, or direction.
Businesses that understand trends can plan long-term strategies and create opportunities.
Trends point to the future as much as they do to the present, and companies reserve budget allocations to stay on top of current and upcoming trends.
Trends gain and maintain power over time, creating meaning for people and fitting into the audience's needs, demonstrating cultural shifts.

Historical Example: Internet and World-Wide Web

The internet was initially used for communication protocols funded by the federal government.
In the 1980s, networks were widely deployed, supporting scientific research.
The growth of the internet led to the development of the world-wide web in the early 1990s.
The internet has continued to evolve, now even extending to household appliances with internet connectivity.

Technology and Business Process

Technology has reshaped business processes, such as in the restaurant industry.
The introduction of technology has made merchandise more accessible to consumers, increasing sales.
Examples include the shift from dine-in and take-out orders to online ordering and delivery through websites and phone applications.

Fads

A fad is a short-lived, intense, and widely shared enthusiasm for something.
Fads start with a burst of popularity but eventually decline or lose interest.
Fads are often utilized for seasonal or occasional marketing sales, campaigns, and promotions.
Examples of successful fads include Rubik's Cube, Yo-yos, Virtual Pets, and Fidget toys.

Fidget Toys

Fidget toys, such as Fidget Spinners, help with attention focus, calming, and active listening.
Research confirms a positive effect of using fidgets to support scholastic achievements.
Fidget toys come in different shapes, sizes, and textures.

Ice Bucket Challenge

The Ice Bucket Challenge is a fad that became popular in the summer of 2014.
The challenge involves pouring a bucket of icy-cold water over one's head to raise awareness and money for Amyotrophic Lateral Sclerosis (ALS).
ALS is a group of rare neurological diseases affecting voluntary muscle movement.

Description

Learn about the importance of trends in business, how they can help with long-term planning and strategy, and how they can create opportunities for growth. Discover how understanding and predicting trends can give companies a competitive edge and help them stay ahead of the curve.