Trends & Fad
Elements and Characteristics of a Trend
- Duration of Time - Acceptability - Cultural Basis - Transitory increase of decrease
Characteristic of a Fad
- Fad is confined to particular segments in society. - Fad is trivial because of its short life expectancy. It is prone to being outmoded. - Fad is not created but it is just revived from a style that existed all along in the lives of some subgroup.
Strategic analysis
- is the process of using rationality or reason to formulate a strategy to solve a problem. You rely on strategies and methods when making a decision.
SWOT
-Strengths include the advantages. -Weaknesses include areas that still require improvements and things that need to be avoided. -Opportunities include possible area of growth or development in the future -Threats include obstacles to achieving one's objectives or external factors that are beyond that are beyond one's control that could put one's strategy at risk.
intuitive thinking
-refers to sensing or knowing without using rational process such as facts and instructions. "Gut feeling" You rely on your intuition when you are making a decisions.
Progress of identifying a Trend
1. Fringe Stage - In this stage the entrepreneurial and business firms participate to develop and innovate ideas. 2. Trendy - In this stage, consumer and public awareness of the trend grows as the early adopters participate together with innovators to increase the perceptibility of the trend. 3. Mainstream - During this stage, the conservative consumers" join the trend. The idea's popularity and acceptance continues to increase. * The majority of the consumers tested the product or idea.
Example of Strategic Analysis:
1. WHO Solidarity Trial 2. Bayanihan to heal as one act or RA 11469 Rubnicki and Vagner (2014,176) describe Strategic Analysis as the system or process of conducting research on the business environment within which an organization operates and on the organization itself, in order to formulate strategy.
Another version, which is shorter but compact, is provided by Rubnicki and Vagner (2014,176):
1.Identification and evaluation of data relevant to strategy formation; 2.Definition of the external and internal environment to be analyzed; 3.A range of analytical methods that can be employed in the analysis.
Some scholars specify the stages of problem-solving or decision-making. Here are the stages:
1.Identification of the Problem 2.Obtaining necessary information 3.Production of the possible solutions 4.Evaluation of such solutions 5.Selection of a strategy for Performance
Cultural Basis
A Trend is rooted on the people's cultural tradition, beliefs and values.
Trend
Ideas that are rooted on the people's cultural traditions, beliefs and values. * Is basically a pattern or conceptualized idea that has the prospect of providing or having a continuing influence for a longer period of time due to its increasing and sustained presence and effect or even demand among its consumers in the case of products.
When is the best time to use Strategic Analysis and Intuitive thinking?
Intuitive thinking is done when one needs to arrive quickly at a judgment while strategic analysis is done when one have more time to figure things out.
Fad
It enjoys a few month of unexpected popularity, but disappears just as quickly as it appears. It appears in a single industry and rarely crosses over into others. * Is a short-lived idea or temporary event that is usually called as "flash in the pain" because the popularity and reception of consumers for this idea fades away easily over a short period of time.
Example of Analytical Method:
SWOT Analysis SWOT (strengths, weaknesses, opportunities, and threats) analysis was conceived originally to aid decision-makers in the areas of business and industry.
Two basic kinds of thinking processes or systems when making decisions:
SYSTEM 1= Intuitive Thinking SYSTEM 2 = Strategic Analysis
3 Possibilities
They could accept or reject the idea. 1. If the idea's rejection occurred over a short period of time and its appeal was limited to a small numbers of consumers. *The trend reduced into a fad. 2. If the idea's acceptance occurred over a long period of time and its appeal was limited to a large number of consumers, the trend is called *classic. - A classic refers to a look or trend that is always present in some form that is appropriate across diverse occasions and accepted by diverging consumer groups. 3. A trend fragmentation or microtrend happen when there is a recent development in the trend or a reinvention which leads to the fringe stage of a trend. .
Transitory increase and decreases
Trend shows a transitory increase or decrease of a particular idea, event or phenomenon. There are trends that have lasted for a long period of time like for example the human population growth or the number of HIV-Aids victims in the Philippines. But all trends have the potential to eventually slow down and decline.
Acceptability
Trends are popularly accepted by many industries and people. Trends tend to stay longer because they receive popular support from consumers and companies.
Duration of Time
Trends have longer staying power and enjoy a longer period of popularity. The lifespan of products or ideas that become trends do not disappear quickly as opposed to a fad.
Decision making
We always make decisions, be they about what food to eat, what show on television to watch, what kind of music to hear, what religious institution to belong to, what course to take in college, whether to accept a friend's invitation, what clothes to wear, what brand of cellphone and laptop to buy, and so many others.
Trends and Fads
it can be an event, phenomena, idea, or product. Trends & Fads serve as a basis of most companies and business when they introduce new ideas, good, and services in the market.
