The document discusses the differences between trends and fads. Trends are general movements or inclinations that have staying power and influence society over an extended period of time. Examples include social networking sites, business process outsourcing, and cashless transactions. In contrast, fads are short-lived interests or styles that gain quick popularity but then decline just as rapidly. Classic fad examples mentioned are pet rocks, Tamagotchi pets, and fidget spinners. The document provides guidance on how to identify trends versus fads and stresses the importance of distinguishing between the two concepts.