As an individual, you will analyze five (5) trends you see as impacting today’s society and which impact the opportunity or business concept you want to explore. These trends should cover areas such as environmental, political, social, economic, micro- and macro-level factors. The focus should not solely be on technology trends or industrial issues. Take a broad look at the external environment. You will in one paragraph each describe what the trend is, evidence for the trend, opportunities the trend supports, and threats the trend creates. If there is also a counter-trend you should identify it.
To do this assignment you need to first, identify the trend, second, what do you consider this trend (opportunity, threat, or both for different industry), finally, what is the industry or industries that would be affected by this trend.
Brief example, the percentage of working women is increasing (social trend), this is creating opportunity for many businesses. E.g. Day care, restaurants, fashion industry, food industry
The trends paper should be no more than three pages in length. Footnote citations to evidence are appropriate and suggested.
Below are the five trends that are impacting today’s society –
1. Environmental – Using wastewater for energy production and waste products for recycling and reuse. This trend is not only conserving the environment and natural resources but also creating business opportunities for waste management and recycling companies.
Waste products and water are used as combustible elements which reduces the usage of fuel from natural resources thus reducing costs and conserving resources.
2. Political – Increase in protectionism in United States and call for employing native Americans in the firms in US by the president Trump is impacting the inflow of skilled resources from other countries which contributed to the economy of US.
This is resulting in increasing costs for businesses as they need to pay high for native Americans for the same jobs that can be filled in with cheaper resources.
3. Social – Increasing acceptance of diversity in the workplace in various countries due to globalization and communication through various channels, deploying skilled resources by firms etc.
The impact of this trend on business is very positive as it helps the businesses in expanding globally.
4. Economic – The top economic trends include lower interest rates and increase in cross currency exchange investments leading to strengthening of currencies of other countries.
The impact of this trend on the business is encouraging as the currency in the respective country in which the firm operates increases.
5. Technological – The latest technological trends include smart mobility which is the increased use of mobile devices and wearable devices for commuication and work etc.
Work can be done from any place and increase of communication are the various business advantages that these technological trends bring in.