Understanding Trends in Business

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.

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.