TRENDS

• Fad


  A short-lived, intense interest or fashion, characterized by quick rise and fall in popularity, often lacks utility and doesn't satisfy strong consumer needs
• Characteristic of Fads

  • Temporary craze or activity followed enthusiastically but for a brief period
  • Typically, widely shared enthusiasm for something short-lived
  • Some diehard followers may remain loyal even after the decline
• Trend


  Trends appeal to newness, either stabilizing or transforming habits or lifestyles, seeks innovation and practical solutions for improving life
• Characteristic of Trends

  • Develop slowly with longer staying power
  • Effects may last for years or even decades
  • Greater consumer adoption due to effectiveness
  • Often spans across industries and may influence others
• Trendsetter


  Individuals or events that start or cause trends
• Trendsetter


  • EDSA People Power Revolution in the Philippines
  • Gandhi's leadership in India
• Futurist


  Studies and predicts the future based on current trends
• Trendspotting


  Study of trends and their development, and how they affect society
• Megatrends


  Long-term events influencing all aspects of life, not easily influenced but can be responded to
• Macrotrends


  Focus on specific aspects of larger trends
• Macrotrends


  • Facets of climate change like melting glaciers and rising sea levels
  • Advancements in technology like IoT and AI
• Microtrends


  Smaller-scale trends within specific segments, driven by niche interests, demographics, or emerging subcultures
• Microtrends


  • Dietary preferences
  • Niche fashion
  • Emerging social media platforms
  • Specific technological preferences
• (1) Emergence Stage of Trends

  1. Idea gains traction among niche or early-adopter audience

  2. Originates from various sources like subcultures, influencers, or technological innovations

  3. Starts attracting interest from trendsetters and tastemakers
• (2) Adoption Stage of Trends

  1. Gains momentum and spreads to wider audience

  2. Receives increased exposure through media, social sharing, and endorsements

  3. Becomes recognizable and accepted within popular culture
• (3) Mainstreaming/Mainstream Stage of Trends

  1. Fully integrated into mainstream culture

  2. Widely accepted by general population

  3. Becomes ubiquitous part of everyday life, losing some original novelty
• Elements and Characteristics of a Trend
• Modernization theory


  Focuses on the development of countries, proposing that societies progress through stages of economic growth, social change, and technological advancement, emphasizing the adoption of modern practices and institutions to achieve development and prosperity
• Liberalization


  Reduction or removal of government restrictions and regulations on economic activities, emphasizing the promotion of free markets, competition, and private enterprise, leading to decreased government intervention in the economy
• Generally Recognized As Safe (GRAS)


  A regulatory designation used to promote the safety of edible products, particularly perishable items, emphasizing the importance of safety assurance in food consumption, enhancing consumer trust and confidence in the product
• Peter Panning


  A strategy of capturing people's attention through nostalgia or familiarity in product development, aiming to evoke emotional connections or associations with past experiences, effectively engaging consumers and driving interest in the product
• Asking the WH questions

  Exploring various aspects of a situation or problem to gain a comprehensive understanding, helping identify patterns by examining who, what, when, where, why, and how factors, providing assurance through thorough inquiry and analysis
• Finite Variability


  A strategy of collecting feedback and comments from buyers to ensure the continuous improvement of products, used by online selling platforms like Lazada, Shopee, and Zalora to gather insights from customers, identify areas for enhancement, and adapt their products to meet consumer preferences better
• Planned Obsolescence


  A strategy of deliberately designing products to become obsolete or outdated after a certain period, compelling consumers to upgrade to newer versions, as seen in Microsoft's decision to stop supporting Windows 10 by 2025, encouraging users to transition to newer operating systems and ensuring continued revenue for the company
• Incubation


  The stage of intuition where thoughts and ideas are processed subconsciously, allowing for indirect or implicit formulation, where the mind works on problems or ideas in the background, often leading to sudden insights or solutions without conscious effort
• Network


  A group of people with whom we interact daily, including family, friends, colleagues, and connections made through technology, comprised of nodes (individuals, organizations) and ties (relationships)
• Networks


  • Density: Measured by the number of connections between actors
  • Hierarchy: Actors establish relations across different groups in the community, not limited to one group
  • Complexity: Extent to which links between actors serve multiple relationships and interests
  • Interdependence: Dependence of individuals or things on each other, promoting cooperation and social capital, benefiting the community
• Symmetric ties


  Reciprocated ties, often seen in direct family relationships
• Asymmetric ties


  Non-reciprocated ties, typical in encounters with strangers
• Strategic Thinking


  Involves conceptual, imaginative, systematic, and opportunistic thinking about future success
• Intuitive Thinking


  Cognitive process based on instinct, gut feelings, or tacit knowledge, drawing on past experiences, pattern recognition, and subconscious processing for quick insights or judgments
• Bounded Rationality


  Refers to the limits individuals face in decision-making due to constraints in time and resources, impacting policymakers and leading them to focus on specific issues at a time
• Globalization


  Processes of international integration involving exchange of world views, products, ideas, and cultural aspects, transformation of economies from self-sufficient to interconnected and interdependent global economy
• Types of Globalization


  • Economic: Movement of goods, capital, services, technology, and information
  • Socio-cultural: Sharing of ideas, hobbies, values, facilitated by internet and media
  • Political: Trend towards multilateralism, emergence of NGOs as watchdogs
• Causes of Globalization


  • Improved Communication: Development of technologies like internet, email, and satellite TV, facilitating multinational operations and worldwide marketing
  • Improved Transportation: Refrigerated and container transport, bulk shipping, and air transport, enabling mass movement of goods globally
  • Free Trade Agreements: Promoted by MNCs and rich capitalist countries, supported by organizations like WTO and IMF
  • Global Banking: Modern communication technologies allow capital to flow freely, massive trading through international stock exchanges
  • Growth of MNCs: Investment in farms, mines, factories globally, production and sale of goods and services on a massive scale
• Effects of Globalization


  • Changed Food Supply: Availability of food regardless of seasons or locations
  • Division of Labor: Production processes moved to cheaper locations, affecting job markets
  • Less Job Security: Jobs becoming more temporary and insecure, leading to multiple job changes
  • Damages to the Environment: Increased transport leading to more fossil fuel use and pollution, climate change poses a serious threat
  • Cultural Impact: Connectivity through platforms like YouTube, homogenization of cultures, removal of local competition by MNCs
• Positive Effects of Globalization


  • Introduction of efficient technologies
  • Opportunities for businesses to expand internationally
  • Access to capital flows, technology, and larger markets
• Negative Effects of Globalization

  • Worsened income inequalities
  • Dominance of transnational corporations
  • Lowered environmental standards in pursuit of competition
  • Disruption of family structures due to migration
  • Lack of environmental protection in developing countries leading to pollution
• • Duration of Time: - Longer staying power compared to fads. - Products or ideas have a longer period of popularity. - Acceptability: - Accepted by many industries and people. - Receives popular support from consumers and companies. - Cultural Basis: - Rooted in people's cultural traditions, beliefs, and values. - Persists due to connection with society's culture. - Transitory Increase and Decrease: - Shows temporary increase or decrease. - Can last longer periods but eventually may slow down and decline.
• • Duration of Time: - Longer staying power compared to fads. - Products or ideas have a longer period of popularity