Contents
Unit 6: Business Decision Making
Module objectives
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Objectives
Types of research
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Types of research
Competitor analysis
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Competitor analysis
Trends
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Trends
The marketing plan
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The marketing plan
Case study: Unique selling point
Module 3: Using research to justify the marketing of a business

Trends

 

Trend can be defined as 'the general direction in which something develops or changes' or quite simply, 'fashion'. Businesses that can adapt to external trends will often be more successful.

Economic trends
'Economic trends' are movements in the economy over a period of time. We have already seen how this can affect businesses and how the state of the economy affects how businesses market their goods.
Market trends
'Market trends' are new developments in a market . The term 'market' refers to the market for a business product or service, that is, the people within the business’ area of activity.
Social trends
'Social trends' represent a change in the structure and behaviour of society at large. For example, UK society is ageing and people are also having fewer children. This affects what, how and to whom businesses market their products and services.
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