Effects of taste nd trends in business environment

1. Effects Of Taste & Trends In
Business Enviornment

2. What is
Business
Environment?
• Business environment is
an aggregate of all
conditions, events and
influences that surround and
affect it.
• It is broad and ever changing
as its separate elements
interact.
• It is complicated
and continuously changing.

3. Why is Consumer Taste is
important?
• Since taste is the number one
purchase driver for food and
drink products, A superior
taste is key to creating a
strong product.

4. How does taste
of Consumer
Affect
Demand?
• Demand will be influenced by the taste and
preference of the consumer positively. If the
tastes and preferences are positive then
demand will be increased and vice versa.

5. How can taste
be used in
Marketing ?
• In experiential
marketing, taste has the
ability to change both mood
and brand perception. The
concept of sensory marketing
dates back to the 1940s, as
marketers explored ways of
delving deeper into
consumers' psyches through
television advertising.

6. How Consumer changing
Taste & Trends affect
Business?
• Consumer tastes change, and
this can present opportunities
for entrepreneurs to develop
new products and services. For
example, the changing attitude
towards unnecessary plastic
packaging has created
opportunities to open “zero-
waste” supermarkets that allow
customers to bring their own
reusable containers that can be
filled within the store.

7. Why Spotting Taste & Trends
is Important in Business?

8. • Business trends change because the wants, needs, and tastes of the
consumer change. There could be a number of reasons for this, but the
fact that it happens at all is the only reason you need to begin
understanding why it happens.
• Since the customer is what drives your company’s success, you want
to make sure that your products and services are always in line with
what they want and need.
• There’s no way that a business would be able to stay relevant or, in
some cases, even exist, without knowing about how the customer is
spending his or her money. With that in mind, one of your business
processes should be staying current with developing trends and making
sure that you devote some of your marketing efforts to taking
advantage of those trends.

9. Tips for
identifying
Trends in
Business?
Network with Others – As the leader of your business,
its important for you to make connections with others.
Doing so will allow you to take advantage of a wider
variety of resources and insight that could prove
useful.This will allow you to get in on something early
and benefit from it as much as possible in the long run.
Study Relevant Websites and Blogs – Identifying
business trends through this method can be particularly
easy because there seems to be a site or blog for just
about anything you can think of.Find some that are
related to what you do and compare them to other
similarly themed sites.So follow what others are talking
about and you’ll be able to capitalize on it.

10. Do Some Market Research – If you want
to get information straight from the
source, then you should set up some
way of gathering information right from
your customers.Try sending out surveys,
providing polls through social media, or
conducting market research that will
offer insight into the behavior of people
who buy from you.
Look at Industry Leaders – The leading
companies in your industry may be in
their position in part because they jump
on trends before anyone else.Keep that
in mind when working at identifying
business trends and you may notice
newly-adopted practices that are
keeping those companies ahead of the
game.

11. What Happens
When a
Business Does
Not Meet the
Demand of
Consumers?
• Companies must learn to survive and adapt in a
competitive world with rapidly changing
business conditions. Small businesses face
additional pressures because they have to
compete against other small businesses, as well
as large and well-established players in the
industry. Companies that cannot satisfy
consumer demand may suffer such
consequences as lower sales, higher inventory
and lower profitability.