why is it relevant to look at business trends and in what ways can businesses use...

why is it relevant to look at business trends and in what ways can businesses use them?

Expert Solution

Answer) It is relevant to look at business trends because that give you the crux of industry,right from how the industry is doing to what is the latest fad in the market to what is going to be the future based on these trends,one example could be of let us say travel industry,how people moved from living in hotels to private properties in trips,now industry can learn a lot from changes like these to cater to needs of their customers,in terms of how businesses can use these trends,they can customize facilities for their customers based on these trends,second they can predict what is going to be the new in-demand next big thing based on these trends,third they can convey a message that how flexible and customer friendly they are by adapting to these changes and finally theu can modify their own culture according to these trends,let us take an example from beauty industry which has eveolved a lot and a mojor change has been people actually coming out and not shying from discussing their beauty issues with their stylists and this trend can be and has been used by beauty industry to come up with professional consultants who discuss with customers how they feel about themselves and recommend them services and thereby creating an opportunity for cross selling and up selling.

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Rahul Sunny answered 3 years ago

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