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Being a business you should know about the trends occurring inside your market in order to advise you regarding your future business and marketing plans. Identifying the marketplace trends that may impact on your company lets you achieve a competitive advantage by identifying future opportunities before your competition, protect yourself against possible threats on your business and more importantly identify the best way to better meet the requirements of one’s customers now along with the future.

A trend is any significant switch to your market (both positive and negative) your business ought to answer. For instance, a trend inside the food store may be a proceed to low GI products as a result of a boost in health consciousness amongst consumers. A trend in the accountancy market can be a proceed to clients wanting additional services like management consultancy.

The outcome of specific trends will be different considerably by market or industry so it’s important to only know the trends that will influence your business performance in the future. Trends that could impact your organization include changes to:

Customer demographics eg. alterations in age, marital status or income

Customer needs eg. customer attitudes and/or behaviour eg. changes to customers purchasing habits

Service or product benefits and features eg. innovations

Market pricing eg. move to discounting or permanent price reductions

Technology eg. internet usage, electronic ordering, global access or production improvements

Economic factors eg. changes to exports, imports, employment, inflation, economic growth or interest rates

Government regulations and policies eg. taxation laws, tender processes, pricing restrictions or alternation in government

Global factors eg. terrorism, wars, free trade agreements or developments in Asia

Social behaviour eg. changes to health, safety, environmental concerns, multiculturalism or workforce make-up

Kinds of media people use eg. internet, pay TV, changes to readership and viewing patterns or even the introduction of latest media such as websites

Cyclical patterns (one industry affecting another) eg. a modification of housing demands impacting from the market

When attempting to identify the marketplace trends that can impact on your organization it is usually helpful to examine overseas information to see which trends are occurring within an equivalent market to yours. Trends can happen per year roughly ahead within an overseas country and being aware of them now enables you to arrange for the near future. If you do not actually have entry to overseas information, the internet is an excellent place to start your quest.

Trends can be recognized by profiling your customer looking at what the requirements and desires are actually and just how they’re more likely to change. Performing a survey along with your existing customers that specifically covers these problems will enable you to start out identifying your market trends.

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