Analyzing market trends and developments can help businesses identify key customer needs, as well as highlight opportunities in a market. Therefore it is a crucial component of market intelligence.
Market trends refer to the direction to which a market and the behaviour of its customers moves over a certain period. It’s generally seen that market trends are influenced by economic indicators or market conditions. Other external events, such as the current environmental challenges which drive the trend towards sustainability can also influence market trends. Following the trending movements is essential to discover valuable insights about challenges and opportunities and guide strategic decision making.
Now that you have an idea of what market trends are, let’s walk through steps to take to research and analyze them:
As you plan to move closer to your long-term goals, you must intently monitor market trends. Here are some ways to go about it.
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