Trends in Today’s Business
World
P2 + M2
What is a Trend?
• In pairs, discuss what you think the word
“TREND” means.
• “A general development in a situation or in
the way that people behave.”
Cambridge Business Dictionary
• What “trends” can you think of?
Trends in Business
• There are 4 types of trends in business:
– Social
– Technological
– Environmental
– Ethical
Social Trends
 Social trends:
population changes (increasing life expectancy,
households and families e.g. more couples cohabiting)
 Education e.g. increasing achievements at GCSE,
Labour market e.g. increase in flexible working
Increasing travel for work e.g. longer commutes to work.
• P2 - In a Word Document, explain what each of these are
and how they can affect businesses.
– E.g. Population changes means an increase or decrease in the
number of people in the country. This can affect a start up business
as they must try to meet everyone’s needs. When this changes, they
may need to change what they do or sell and how they do it.
Technology Trends
–Technology trends:
• increasing use of information technology,
• telephony
• web developments.
• In the same Word Document, explain what each of
these are and how they can affect businesses.
– E.g. More and more businesses are developing the work they
do on the Internet. This means that a start up business will
need to put more money into these projects to ensure they
keep up with the competition and stay in the market place.
Environmental Trends
– Environmental trends:
• increase in renewable energy and recycling.
• In the same Word Document, explain what each of
these are and how they can affect businesses.
– E.g. Businesses must now prove that they are
environmentally friendly. A start up business must make sure
they take part in recycling things like their packaging. This
means they are following the law and looks good to their
customers.
What are ETHICS?
• In pairs, discuss what you think ETHICS
means.
• “A system of accepted rules about
behaviour, based on what is considered
right and wrong.”
Cambridge Business Dictionary
• Why do businesses have a code of ethics?
Ethical Trends
• Ethical trends:
–
ethical concerns of potential customers e.g. carbon footprint,
inadequate pay, values of an organisation and contribution of business
to the community.
• In the same Word Document, explain what each of
these are and how they can affect businesses.
– E.g. Businesses must make sure they are aware of the ethical
concerns of their customers. A start up business must show
their new customers that they are sticking to their values and
do what is right. Other wise, their customers might not like
what they do and will stop going to them.
M2
• You must use the table on the shared area,
M2, to compare how two trends have
impacted on a start-up business so it is
easier for people to understand how they
might be affected.
D1
• Assess the current risks, opportunities
and trends in the business environment
for a start-up business
• In a Word Document (this can be added onto your P2
document), assess how each of the four trends you
have covered can be both a risk and an opportunity for
a start-up business giving examples.