It's never easy to keep up with market trends - every day you have a business to run, after all.

However, it's important to recognize that the industry is constantly changing and to stay ahead of the curve and avoid competitors passing you by; you need to be able to move with the times for long-term business planning.

Analyzing market trends doesn't have to be as scary as it sounds. It is simply a comparison of industry data over a specified time, designed to identify trends or consistent results that can be used to map your business strategy - aligning it with the general direction of the industry in which you specialize.
Market trends tend to be heavily influenced by consumer habits and behaviors. By doing certain ways of analyzing industry trends, you can determine the moves that may directly affect your overall business performance, which I will expand on in the lecture.