Market Trends and Technologies
At Elm, we are wholeheartedly committed to bolstering the values of community partnerships with entrepreneurs in times of emergencies. In line with that, we hosted at our Elm 11th virtual seminar Mr. Waleed Al-Balaa to explore market trends and ways to understand its strategies. The seminar focused on the meaning of market trends, its components, the importance of understanding the market and its transformations.
About market trends
Market trends is assessing individual behavior and preference toward business and products. It also pivot entrepreneurs' strategy to attract potential customers. The importance of understanding market trends lies in comprehending the values of any shifts in the market, knowing the recent pricing power and pinpointing dominant companies in the market. Market trends comproised of:
What does cause a market trend?
Demographic shifts play a pivotal role in causing market trends, for example, the shift in social media from Facebook to Snapchat then Tiktok due to more privacy. Also, social and economic shift can influence market trends between costumers.
Correlation between innovation and market trends
Innovation can shape market trends. Without innovation, Nokia would be shepherding the smartphones industry! Yet innovative smartphones has reshaped the market landscape from traditional phones to smart devices that unlocked unrealized possibilities.
Strategies to understand market trends
Understanding market trend is a pivotal to fathoming its future shifts, but it is not enough. Understanding market trends to increase the engagement of brands with potential customers is vital for startups. The most prominent strategies for reading market trends are: