Marketers are constantly scanning the environment to find new trends. They need to recognize how external forces shape organizations and marketplaces. The lifestyles of consumers are refreshed as consumers are exposed to new ideas and trends. As environmental forces impact organizations, they can also influence consumer behavior. The five environmental forces – social, economic, technology, competitive, and legal – are continually challenging companies, products, and services.
These forces are in play when consumers explore new ways to live, eat, communicate, work, play, learn, and much more. And, with the advent of a new hyper-connected lifestyle (thanks to social media) consumers are quickly exposed to the latest social trends and new ideas.
What are some of the recent trends? According to Mintel Trends, here are some of the recent top trends in the marketplace:
- Consumers in transit: Adidas released 500 pairs of limited edition shoes that act as a valid annual ticket for BVG public transportation in Germany.
- Home safety: Vivint has a new app called Streety that allows users to share footage from their outdoor cameras with neighbors.
- Automotive: Luxury car manufacturer Infiniti teamed with Q & A Web site Zhihu to jointly host a 10-hour live streaming event where an entire car was dismantled so that consumers could learn about the different parts of the car and gain more knowledge about technology and performance.
- Consumer goods: Coca-Cola launched Coca-Cola Coffee Plus in Australia, a beverage that has twice as much caffeine as regular Coke but has just 42 calories.
Look around. What new trends do you spot?
Group Activities and Discussion Questions:
- Start by discussing how trends impact products and services.
- Bring up the Mintel top trends site: http://www.mintel.com/blog/new-market-trends/hotspots-january-2018s-top-trends-observations?utm_campaign=9103901_Mintel%20newsletter%20-%20NAM%2025%2F1%2F2018&utm_medium=email&utm_source=dotm&dm_i=2174,5F4M5,NVC5O0,KZ95H,1
- Information about the Adidas sneakers: https://www.npr.org/sections/parallels/2018/01/17/578598875/berlins-new-adidas-sneakers-feature-sewn-in-transit-tickets
- Vivint Streety information: https://www.vivint.com/resources/article/streety-new-neighborhood-watch-app
- Coca-Cola Coffee Plus: http://www.coca-colacompany.com/stories/coca-cola-plus-coffee-no-sugar–a-blend-of-two-favourites
- Which of these trends do students think have staying power?
- Poll students: What trends have they observed lately?
- Ask students to utilize the Internet to research trends. What are their findings?
Source: Mintel (25 January, 2018). Hotspots: January 2018’s top trend observations.