MIDTERMS: TRENDS
Cards (68)
- Characteristics of Fad
- The product is introduced to the market; sales are still low and market share is still insignificant.
- The product is steadily rise and a significant market share is achieved.
- The producers aim to keep the market share through innovations.
- The market may dwindle due to competition or lack of innovation.
- can fads can help predict trends?
- It is a pattern of gradual change in a condition, output or process, or an average or generated tendency of a series of data points to move in a certain direction over time, represented by a line or a curve on a graph.
- It is a new item or a practice that stabilizes and transforms into a habit, a lifestyle, or an enduring product
- Example of trends are...
- endures with or without publicity
- caters and accepted by a limited group of people
- Can be sustained for a long period
- Supported by several fads/existing trends
- No clearly established support
- Persists only for a short period of time
- Caters and accepted by a wide audience
- In terms of value or usefulness, it is limited
- In terms of value or usefulness, it is extensive
- Factors affecting the Emergence of Trends
- Humankind will instinctively tend to its needs. Our desire to build a better world or improve the quality of life compels us to discover, invent and explore new technologies, products, services, forms of knowledge and skills.
- It is a particular type of relation that links certain sets of people, events, or objects.
- It refers to interconnected processes internal to the individual person’s mind, mental faculty, or thoughts such as strategic analysis and intuitive thinking that are ultimately demonstrated in decision – making.
- It is the process of examining, using one’s rationality or reason, the organizations surroundings and resources, and how they relate with each other to formulate a strategy to meet objectives and improve performance.
- It is the understanding of an organization’s external and internal environments to create a strategy for better utilization of resources in the pursuit of the organization’s objectives and priorities. Such understanding is drawn from facts, data, and instructions at hand.
- It is sensing or knowing without using rational processes such as reading facts and instructions.
- It is something that is known or understood without proof or evidence.
- It is making choices and decisions according to one’s hunch and gut feeling without knowing the reason why.
- It refers to the organization’s main task that it wants to perform
- It refers to what the organization foresees itself to be
- In doing conducting strategic analysis, one must employ ___ and ___ in arriving at certain decisions.
- The ___ involves raising questions instead of merely accepting information as it comes.
- The ___ enables the executive to not only focus on the current situation but also to look at the future.
- The ___ is shown by testing a variety of hypotheses as well as comparing and contrasting certain data prior to making decisions on particular issues.
- The ___ enables the executive to make a stand with courage and conviction despite incomplete information at hand.
- The ___ enables the executive to have different divergent viewpoints, opinions, and agenda to attain common goals and to pursue mutual interests.
- The ___ is demonstrated by an executive who accepts feedback, constructive criticism, and even failure which are altogether viewed as sources of critical and valuable insights.
- It involves a more spontaneous, instinctive, and unplanned processes of solving a problem.
- It tends to be imaginative and more applicable in situations where facts are insufficient and previous related decisions are not readily available.