midterms

• Trend


  • Manifested in the form of patterns of sustained and increasing numbers for a longer period
• Fad

  Has a particular beginning and a fixed end of influence, declines and eventually disappears and dies in the market
• Characteristics of a Fad

  • Fad is confined to segments in society
  • Fad is trivial because of its short life expectancy
  • Fad is not created but revived from a style that existed in the lives of some subgroup
• Trend

  Occurs when there is a building of awareness on a new idea, producing an increasing demand or need for that new idea among consumers
• Elements and Characteristics of a Trend

  Differentiated by duration of time, acceptability, cultural basis, and transitory increase or decrease
• Fad


  A short-lived idea or temporary event that fades away easily over a short period of time
• Trend

  A pattern or conceptualized idea that has the prospect of providing or having a continuing influence for a longer period due to its increasing and sustained presence and effort or demand among its consumers
• Trend


  • Increasing population growth of Filipinos
  • Rising number of HIV-AIDS victims in the Philippines
  • Product-use/consumption trend (smartphones and laptops)
• All trends have the potential to eventually slow down and decline
• Trend


  Consumers have granted it permission to expand beyond its current platform while maintaining authenticity
• Fads are determined by an emotional need to purchase, based on publicly and fervent product opinions. The benefits are not assured or ill-conceived, and most of the time they do not necessarily deliver what was promised to the consumers
• Inference

  Function: to identify and gather information necessary in drawing reasonable conclusions and forming conjectures and hypotheses. Subskills: questioning evidence, conjecturing alternatives, drawing conclusion
• Self-regulation

  Function: to self-consciously monitor, assess, and correct one’s own reasoning. Subskills: self-monitor, self-correct
• Core Critical Thinking Skills

  • Interpretation, Analysis, Inference, Evaluation, Explanation, Self-regulation
• Trends vs. Fads

  Trends develop slowly while fads increase, decrease, and eventually die out quickly
• Trend spotters engage in environmental scanning to gather information directly from people, places, and events where significant moments may be happening
• Fad


  Experiences rapid acceptance among consumers with a weak level of commitment to the idea or concept
• Scope of trends vs. fads

  • Trend includes several brands or products applicable to diverse consumer segments, while a fad includes only a single brand or product with limited appeal outside of one narrow consumer segment
• Trends generally have identifiable and explainable increases caused by the consumers’ needs and in consonance with other consumer lifestyle trends
• Cultural roots: Trends have cultural attachments to the society in which they are introduced. If a fad has no cultural connection with the people, its popularity and acceptability are short-lived
• Analysis


  Function: to identify inferential relationships among statements or beliefs. Subskills: examine ideas, identify arguments, identify reasons and claims
• Explanation

  Function: to clearly and coherently present the result of one’s reasoning. Subskills: state result, justify, procedures, present arguments
• Steps in trend analysis

  Scanning, gathering information, analyzing and contextualizing for trend significance
• Interpretation

  Function: to comprehend and express meanings. Subskills: categorize, decode, significance, clarify meaning
• Evaluation

  Function: to assess the credibility of statements and the logical strength of the inferential relationships among them. Subskills: assess credibility of claims, assess quality arguments
• Characteristics of Critical Thinking

  Critical thinking is concerned with correct reasoning, coherence of the structure of reasoning, relevance of the content of reasoning, important in everyday decision-making, and good thinking
• Six elements of strategic thinking identified by Samantha Howland (2015) are: anticipate, challenge, decide, interpret, learn, align
• Strategic and Intuitive Thinking are important in decision-making
• Critical thinking may come in the form of a criticism, but a criticism can be done without critical thinking
• Intuitive thinking is making choices and decisions based on hunches and gut feelings without rational processes
• Strategic analysis is the process of examining an organization’s surroundings and resources to formulate a strategy to meet objectives and improve performance
• Self-regulation

  1. Self-consciously monitor, assess, and correct one’s own reasoning

  2. Self-monitor

  3. Self-correct
• Good intuition comes from years of knowledge and experience, enabling understanding of how people think, act, react, perceive, interpret, and interact
• Logical thinking is important as it is concerned with the coherence of reasoning, but reasoning may be logical or coherent even if it is based on false data or wrong information. Determining the truth of the data or content is a necessary part of critical thinking
• The ability to anticipate in strategic thinking enables executives to focus on the future, foresee changes, and prepare for threats and opportunities
• Strategic analysis involves understanding an organization’s external and internal environments, creating and utilizing resources to achieve objectives and priorities
• Characteristics of Critical Thinking

  • Critical thinking is concerned with correct reasoning
  • Critical thinking deals with the coherence of the structure of reasoning and the relevance of the content of reasoning
  • Critical thinking is important in everyday decision-making
• Effective decision making requires the right-thinking skills, best developed through the formal study of critical thinking skills
• Strategic thinking is exercised by a critical or analytical mind
• Analytical thinking is brain-centered, focused, linear, and inclined toward the abstract