Marketing: Trend Spotting Exercise.
Work Product:
When you have finished your analysis, you will submit and present a well-conceived, well-written document consisting of the following:
General description of each trend:
Your description should have both quantitative and qualitative components. That is, you should be able to quantify the trend in terms of those factors that matter (e.g. size of market, spending power, etc…) as well as describing the overall impact on markets for consumer goods and services.
Environmental Analysis:
Each environment factor should be analyzed in the context of the trends you identify, and in particular, how they contribute or impede the trends you identify. You should also analyze the dynamic influences that one factor may have on another. For example, how do retiring baby boomers influence the direction of the economy?
Marketing Implications:
Finally, your trend spotting exercise should develop a concise set of marketing takeaways that you believe will influence marketing best practices for firms in consumer goods and services industry. At least one of these should address the service industry or the service component of product marketing.
