Business Trends - Assignment Example

Marketing topics al Affiliation) Business trends Trendsare the changes that occur in the sectors that are focused by an activity and always affects the operations of the activity. In the management of the trends there is need to take risks and change the strategies that are used in the business in terms on the way the business sells. The trends that occur in the business in different perspective (Peters, 2005). Leadership trends have developed in the business sectors such that the leadership of the business decides on the best way to manage the resources and delegate duties to the workers well their duties. When there are changes in the management, the performance of the business will increase in terms of the production of the sales of the goods that are produced. The working spaces for businesses have also been a trend where the businesses expand to cover a wider range than the one they have been operating (Peters, 2005). The trend enables the business to have more consumers of the product increasing the production and the sales of the business. Using the media in the promotion of the business have also become a trend in the market. Many businesses have solved to promote their businesses through the use of the media since the media is able to reach more of the consumers. Product promotion through offers have made a trend where businesses make offers to the consumers so that they can be influenced to purchase many of the given product. Online selling and buying have increased in the business sector. The buying and selling is done through social networks and websites were the specification and terms of sale are included to have the consumers convinced to buy the product (Peters, 2005). The online business trend promotes and modifies the image of the business that uses the method. Production and marketing in a business can be enhanced through the method. Continuous changes in technology is also a trend in the business sector where new technology always comes about to be used in the marketing and sales in a business. Technology that are developed by the different sectors of a business always aim mainly in the improvement of the services that are offered by the business and increased production. The technology adjustments also aim in the creation of a base in efficient competition of a business to have an advantage over the others that have not adapted to the trend. Trend awareness to marketers The awareness of trends in a business for the marketers have a big impact on the marketers since the trends will increase the understanding of the product that they produce giving them the roles that each and every person have to play in the organization to catch up with the trends that have come up in the business. The trend makes the production and the marketing of the product linked. Awareness of the trends in a business enables fairness in the competition of businesses. The competitors will be much exposed to the to the activities that are carried out by the other competitors with the right strategies being drawn by each of the competitors to compete well with each other in the sales and the methods to promote the sales of the businesses. The awareness of the trends will also enable the understanding of the performance of the current market with the person that have much shares in a given market and the strategies that are put in the marketing of the others to achieve the sales that they have. Trends awareness makes the marketers speculate and predict about the future happenings in the economy and plan effectively top meet the marketing targets despite the changes that the business is able to go at the given period of time. The trends enable the understanding on the past of the business that is much important in the prediction of the future occurrence in the policies, the methods and the prices that are used in the sales. The awareness of the trends enable the marketers to change the marketing techniques that they use in terms of the technology that have come up and also using the desires of the consumers that use their products. The trends in the consumption behavior enables the changes. Choices of a consumer When a consumer is faced with increasing amount of choices, there is the choice to show that the choices of the consumers are unlimited and influenced by the different behaviors of the consumers. The choices that are made by the consumers are in terms of the roles of the user of the product, the desires of the person that buys the good and the seller of the good that the consumer needs in the satisfaction of a want. The behaviors that the consumers have in the making of choices are always difficult to predict. The decision of the consumers in the buying of the products comes after there is evaluation in the alternatives that are in the market (Cant, Brink and Brijball, 2006). The intention of the consumer is also much influenced by the seller which most of the time influences the consumers in buying a product that they do not intend to buy. Some goods that are used with the consumers are habit forming such that once a consumer uses the good, the desire to purchase more of the good. Some of the goods that come with the habit of increase use include alcohol and cigarettes. The choices of the consumers are also complementary such that the acquiring of one product will lead to the need of another product. The choices that the consumer have will be increasing due to the need to acquire the other good that is used together with the acquired good (Cant, Brink and Brijball, 2006). Example of goods that are complementary is that of a car and fuel. After a person acquiring a car the person will have no choice but to buy fuel for the car. The choices that are made by consumers also depend on the income of the consumer. The fundamental theory of demand states that the demand of goods increase when there is an increase in the income that a consumer has. The increase in the income will make the consumer have more choices to fulfil (Blythe, 2008). This increases the purchase of more goods than even the required due to the influence of the money and the sellers of the products. Strategies to control choices The strategy to minimize the choices that are made by the consumers include those such as budgeting and also consideration of factors such as opportunity cost. Budgeting is more essential in the choices that are made by the consumer. The budgeting restrict the goods that are bought and the time that the purchases are done (Cant, Brink and Brijball, 2006). Budgeting will also restrict the influence to purchase the unnecessary goods that are not needed by the consumer. Opportunity cost will enable the consumer forego some of the alternatives that are available to him. Marketers and consumer choices Management of the decisions and choices that are made by the consumers can be influenced by the marketers in different ways. The marketers are able to advice the consumers on the best products that they can use in the satisfying of the numerous wants that they have. The choices that are influenced by the income that the consumers have can be managed by the marketers through the restriction of the goods that are to be bought by the consumers. When there is restriction of the amounts that a single consumer buys, the satisfaction of the consumers wants will be satisfied without wastage of the income on some choices. The markets will also help in the choices that are made by the marketers when there is knowledge on the needs and the wants of the consumer. This makes the consumer aware of the required elements adjust on the behavior in the purchases that they make. The marketers should help the consumers in the evaluation of the alternatives that they have (Craig-Lees, Joy and Browne, 1995). The evaluation will enable the consumer to have the best alternative to satisfy the want and not much choices that do not fully satisfy the want of the person. The use of the products that are made choices are also important in influencing the consumer to make a better choice than the one they made. The marketers will advise and explain on the use of the products that are needed by the consumers to enable the consumer to make better choices in the purchases. Cova (2002) tribalisation of society The concept of brand tribalism is the situation in which a group of people in the society have and share the belief they have on a given brand on the society (Blythe, 2008). According to Cova, he described tribe as not being influenced by the religion or the geographical location but by the education and the knowledge that one has on a product and are contested by the consumption that are made by the person. The formation of the tribes are influenced by the identification of a brand by an individual. The factors that contribute much in the formation of the tribes include the experience in the process of interaction with the brand and the authentication of the brand. Sense of belonging to a group also much influences the formation of the brands The understanding of brand tribalism is important to the marketers. Through the tribal branding, the marketers are able to identify the areas were the products that they engage in are much needed and consumed (Solomon, 2006). The maximizing of the sales in the areas by the marketers will be when the brand that the marketers offer is favored within the tribe. The marketers will be able to know on the best regions or tribes to carry out their product promotion such that they can reach the desired target group. The identification will prevent the wastage of resources on the tribes and groups that are do not need the brand (Blythe, 2008). There will also be the possibility in the persuasion of the groups that are not using the brand. Through persuasions, the marketer will also add an advantage if there will be influence and the group use the product. The building of the consumer relationships with the groups will be essential where there is tribal branding of a product that is sold by a marketer. The finding of the reason why there is tribalism of a brand is much necessary for a marketer. When the marketer finds the information, there will be probability and the ability of the marketer improving on the factors that makes the product to be branded (Cowton and Haase, 2008). This will enable the removal of the content and features that are not desired by the consumers and increase the essentials needed by the consumers of the product. The marketing of the products will then increase when the identification has been made and the necessary adjustments made. Competition by the marketers is much influenced by the tribal branding, the competition in the market will be enhanced when the marketer has identify the strategies that make the product to be branded. The fair competition of the marketers will come when there will be lack of the tribal branding of a product (Cowton and Haase, 2008). The formation of the tribes and groups should be analyzed by the marketers such that the mentality of the branding is corrected and the people are influenced to use the products. The choices that are made by the consumers on the product will be influenced such that the opportunity cost by the consumers will influence the buying of the product. The influence of the formation of the tribe branding is through the factors such as pricing of the product in the market. The problem that comes about through the pricing can be solved by the marketers when there will be fair pricing by the marketers. This will enable the people to change in their opinion on the prices of the product. The target group by the marketers should be focused on the basis of the age and the sex such that the goods are delivered and sold to the right people to avoid the branding that comes as a result of the influence from the age or sex that do not use the product. The environmental factors of the group may also lead to the tribe branding of the products. The marketers should make the supply of the product that they produce in the favor of all the environments of their consumers to prevent the tribe branding Companies involved The companies that engage with the behaviour include the advertising companies and also the media. The companies that involve in the product promotion are the ones that majorly involve in the tribalism in the societies. References Blythe, J. (2008). Consumer behavior. London: Thomson Learning. Cant, M., Brink, A. and Brijball, S. (2006). Consumer behaviour. Cape Town, South Africa: Juta. Cowton, C. and Haase, M. (2008). Trends in business and economic ethics. Berlin: Springer. Craig-Lees, M., Joy, S. and Browne, B. (1995). Consumer behaviour. Brisbane: Wiley. Peters, T. (2005). Trends. London: Dorling Kindersley. Solomon, M. (2006). Consumer behaviour. Harlow, England: Financial Times/Prentice Hall. Read More