For f its sense, it is difficult to predict the future. To begin with, nobody can predict exactly what will happen next. This is similarly true with business. Nobody, not even the greatest entrepreneurs, can predict the future of businesses. This is because of the ever-changing customer.
The customers’ changing moods and preferences affect the ability of the company to predict future consumer trends that can help them prepare, or to introduce new trends for consumers to subscribe to. It is possible that when a company slates a new marketing plan for their product, another company can capture a better way to attract the customers or the customers may not be entirely interested at all. There may also be a possibility where a company puts off what it thinks is an uncompetitive marketing plan, only to find out another company succeeding in its efforts using similar plans. In the end, no one will ever know.
However, it should be noted that customers often dictate trends. They have the power to lift up or bring down a product or a brand by merely buying it or skipping it in his or her buying list. The consumers are so powerful; they can lead a company to closure just by not buying their products or services. To deter this from happening, companies find ways to please the customers. In doing so, companies go through all the drama of trying to capture what consumers would fancy—creative marketing, powerful public relations, outstanding branding, and best value for the buyers. This leads to more expenditure for the retailers, and it is a game of chance. If the customers liked the efforts, revenues go up. If not, losses beset. Either way, it is a chance worth trying matched with careful planning and risk management.
What do you think about the methodology used to come up with the six consumer mega-trends noted in the case?
The research used a study of the marketplace, with consultations with market retail leaders. The numbers of the population used in the study is reasonable, and it may be said that its fractions embody the generalities of consumers. The involvement of experts also played a good part in the study. This made the study more accurate and reasonable.
Upon identification of the six consumer mega trends, discussions were made and initiated among ten market leaders from ten leading retailers. This is good for the study at point. The market leaders called for the discussion are proven to be experienced and have the know-how on managing consumers and buying behavior. They have the background backed by years of experience and knowledge.
However, there is no representation of the smaller retailers. While expertise was received from the ten market leaders, it is notable that there is still a big segment or small and medium enterprises whose market activity and perception of customers is different from the bigger retail stores. There is also no indication of the factors considered when the study was undertaken. It should be noted that buying power is influenced by age, gender, social strata, and even education. Thus, these are indispensable factors to the study.
Despite this, the study may be considered as a clearer view at an otherwise blurry ground. Having an idea of the consumer mind using the six mega trends brings retailers a step closer to predicting how customers will react with a specific plan. Thus, if a prediction is set the retailers will find out if the future is bleak. Still a game of chance, but the odds of winning are higher.