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What is an industry trend?
An industry trend is a specific pattern or trend within a particular industry. Industry trends can come in many forms and relate to many different areas concerning the business within a specific industry.
Here are some examples of items industry trends may concern:
Pricing trends
Cost trends
Consumer purchasing patterns
Marketing strategies by business entities in a particular industry
The demand for certain products within a specific industry
Manufacturing practices being performed by a majority of companies within one industry
Sales methodology for organizations in a given industry
These are just some examples, and there is a myriad of different concepts and data points an industry trend can refer to. Business entities watch industry trends closely because they want to remain competitive, current, and profitable within their industry.
Industry trends can also be influenced by a number of different factors. Legislation can lead to shifts in industry trends. A prime example is laws regarding safety issues within a specific industry causing an industry trend of shifting safety policies, procedures, and protocols.
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