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Fads and Trends

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Title: Fads and Trends


1
Fads and Trends
  • COPY THE BLUE TEXT

2
Seeking Opportunity
  • By studying what is going on around them
    entrepreneurs identify changes in the needs and
    wants of consumers
  • Societal changes create opportunity for
    entrepreneurs to enter into business ventures

3
Fads and Trends
  • Changes in society can develop over a long period
    of time or emerge and disappear in a matter of
    weeks or months
  • Entrepreneurs must be careful to identify what
    societal changes will become fads and what ones
    will become trends

4
Fads and Trends
  • By paying attention to trends, entrepreneurs can
    take advantage of the opportunity to start and/or
    maintain a business dealing in that trend
  • Entrepreneurs must learn to tell a fad from a
    trendan important skill for an entrepreneur who
    wants to stay in business

5
Identifying Fads and Trends
  • Sales quotas reflect that the public has accepted
    a fad or a trend
  • The cool factor
  • A buzz exists amongst people regarding the
    product or service
  • People are willing to spend large amounts of
    money to purchase an item or service that is a
    fad or trend

6
Fads
  • Societal changes that lead to short term
    adjustments in the way we live are called fads
  • Fads are usually here today gone tomorrow
  • Entrepreneurs can only take advantage of fads for
    a short time if they wish to stay in business

7
Fads
  • Because fads are so unpredictable, they can be a
    high-risk venture
  • When a fad dies, it dies very quickly
  • Many businesses have been caught with a large
    product inventory that no one wants to buy

8
Examples of Fads
  • A fad is often referred to as a rage or a
    craze
  • Novelty products, toys and games are most common
  • Fads can include
  • Movies, books, songs, television programs, and
    video games
  • Phrases, gestures, and expressions
  • Fashions, hair styles, and home decor

9
Popular Fads Over Time
10
Trends
  • A trend has staying power
  • Some trends start out as fads, then move on to
    become trends or even classics
  • (For example In-line Skates)
  • Trends provide opportunities to entrepreneurs
    over time

11
Trends
  • Trends are an evolution, meaning they adapt or
    improve over time
  • Something becomes a trend if it lasts more than 5
    years

12
Turning Trends into Opportunity
  • When you spot what appears to be a trend, ask
    yourself
  • What caused this trend to start?
  • How long will it probably last?
  • What effects will it probably have?
  • What product or service might fill the needs
    generated by this trend?
  • How can I adapt my existing product to fit with
    this trend?

13
Creating Fads and Trends
  • Create an atmosphere where every person wants one
  • Keeping supply low during periods of high demand
  • Low supply helps create product buzz
  • Develop advertising and promotion that makes a
    person feel special by owning the product or
    using the service

14
Creating Fads and Trends
  • Create an atmosphere where every person wants one
  • Advertising talks about how popular the product
    or service is
  • Cool celebrities promote the product or service
  • Product become suddenly available before a
    holiday or special event
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