trend-forecasting

Vocabulary Word

Definition

When you hear 'trend-forecasting,' think of a weather forecast but for things that people like or do. It's a method used to predict future trends or behaviours in a particular area like fashion, technology, or business.

Examples in Different Contexts

In market research, trend forecasting is used to predict changes in consumer behavior and market demand. A market researcher might explain, 'Trend forecasting allows us to anticipate market needs and adjust our product development strategies accordingly.'

Practice Scenarios

Tech

Scenario:

Emerging technology trends show an increased focus on cybersecurity. How should we update our products to meet this demand?

Response:

Considering the trend-forecasting, it would be wise to integrate advanced cybersecurity measures in our product update.

Business

Scenario:

Market trends seem to suggest that our customers are searching for more customizable options. What should our strategy be?

Response:

Based on our trend-forecasting data, we can develop a range of customizable options for our consumers.