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• Fringe Stage – In this stage, an innovative idea, whether in the form of a new product,service, or in other form, develops into the market or become known to the trendiest consumers. In this stage, entrepreneurial and business firms participate to develop and innovate ideas.
• Trendy – Consumer and public awareness of the trend grows as the early adopters participate together with the innovators to increase the perceptibility of the trend. During this stage, the “most fashion-forward brands and retailers” assess the viability/sustainability of the concept. They usually conduct test-market research.
• Mainstream – The “conservative consumers” join the trend, the ideas popularity and acceptance continues to increase, and the corporations and company brands exploit the growing demand for the idea. In this stage, the trend becomes a mainstream product or service
• Fad an unconventional object, action, or idea that a large number of people are attached to for a very short time and less predictable than fashion. It is a short-lived idea or temporary event that is usually called as a “flash in the pan”
• Trend a pattern or conceptualized idea that has the prospect of providing or having a continuing influence for a longer period of time due to increasing and continuing presence and effect or even demand among its consumers in the case of a product
• Fad is confined to particular segments in the society.
• Fad is not created but it just revived
• Fad is trivial because of its short life expectancy it is prone to being outmoded.
• trendspotting is to see the future in the present
• Trendspotting is sometimes called cool hunting and trend analysis
• BASIC NEEDS ultimately rooted in our basic, fundamental, rarely-if-ever-changing human needs, wants and desires.
• DRIVERS OF CHANGE There are no trends without change. To analyze change, think in terms of Shifts and Triggers.
• Shifts are the long-term, macro changes that play out across years or even decades.
• Triggers are more immediate changes that drive the emergence of a trend.
• INNOVATION Innovations are not trends but without examples of customer-facing innovations tapping into it, a trend can’t be said to exist fully
• Duration of Time – A basic characteristic of a trend – staying power. Its popularity is tested through times
• Duration of Time – A basic characteristic of a trend – staying power. Its popularity is tested through times
• Cultural Basis – Trends persists and continues because people have rooted it as part of their cultural belief, traditions, and values.
• Transitory increase or decrease – Trend also has the potential to eventually slow down or decline but will never fade away or less it shall fall as fad
• Transitory increase or decrease – Trend also has the potential to eventually slow down or decline but will never fade away or less it shall fall as fad
• MACROTRENDS – are “aggregated microtrends or more sweeping changes that are affecting society.” They provide major changes that are perceptible in the societal level for a longer period. These are more stable than microtrends, which can quickly fizzle out.
• MEGATRENDS – are “macro trends that have grown up and moved out. They are big and bold, and affect the lives of great swathes of the human race.” They can last for decades and are so pervasive as to be generally known.” Because of this condition, megatrends are regarded as so obvious and evident. In other words, they have become the prevailing condition that has become too normal.
• GIGATRENDS – are “trends that are so general that they affect most areas of human life – or, at least, more than one aspect of life or more than one industry.” Gigatrends are usually identified to define an era
• HERUISTICS Also known as “rules of thumb” are mental shortcuts or thinking maneuvers that enable the decision-maker to make quick judgments, evaluations, or decisions often by simplifying otherwise difficult problems or tasks.
• Intuitive thinking has contrasting qualities: it is unfocused, nonlinear, contains “no time,” sees many things at once
• Intuition comes into its own where analytical thinking is inadequate: under time pressure, where conditions are dynamic, where the differentiation between observer and observed is unclear.
• Cost-benefit analysis is a systematic method or process of calculating the strengths (benefits, advantages) and weaknesses (costs, disadvantages) of each of the alternative solutions to a given problem in monetary values.
• PEST analysis examines the effect of relevant external factors, or the macro-environmental factors, on what is being decided on.
• economic includes factors like financial resources and value of money
• SWOT analysis was conceived originally to aid decision-makers in the areas of business and industry.
• strengths include advantages
• SWOT analysis is also sometimes called Internal-External Analysis
• weaknesses include areas that still require improvements
• opportunities include possible areas of growth or development
• threats include obstacles
• STRATEGIC ANALYSIS process that involves researching an organization’s business and operations. It is extremely analytical and rational.
• Strategic thinking as a type of thinking uses analytical thinking to create solutions to problems.
• Analytical thinking is simply the act of breaking down data into useful information.
• Strategic analysis involves critical and logical thinking.
• pattern is a series of data that repeats in a recognizable way