Introduction
S1:
- This study is based on the “problem solving and research method for the managers” on the current challenges implying “unable to respond in market trends”
- This issue of failing to respond to market trends has been depicted from the global perspective
- In order to bring growth to the business of the organisation following the market trends is important with the contribution of the managers
This study gives stresses the problem-solving of the managers and the focus is on the failure of the trends of the market by the managers.
Problem definition
S2:
- The managers of the organisation sometimes fail to make a better understanding of the trends of the market and that becomes a huge risk for them
- The managers of the companies have to identify the present condition of the market with the understanding of the demand of the customers (Barber, 2021)
- The inability to meet the trends of the market can hamper the business process of the managers and for this, the managers are the major responsible
In the case of the failure of market trends, the managers of the organization are the main responsible role, and the failure of this segment can damage theb bsueiss of the orgnaization on a large scale.
S3:
- Due to the incompleteness of the information about the market like the preferences of the customers, digitalization, and cost-effectiveness, the managers are unable to make understand the trends of the market
- Supply and demand is a major factor in market trends and the lack of this segment the managers fail to strengthen the flow of the market trend (Golan et al. 2020)
- The global business scenario implies globalization which presents opportunities for businesses in order to gain profit through the expansion of markets with the arrangement of wider resources, if this has not fulfilled then the market trend has been failed
The market trend can be failed due to the lack of knowledge about the preferences of the customers, digitalization, and cost-effectiveness.
Current business issue
S4:
- The current business issues from a global perspective depict the failure of the market trend to the misconduct of the managers of the organisation
- The analysis of the failure market from a global point of view amounted to USD 7.32 Billion in 2028 (Databridgemarketresearch, 2021)
- Due to the disruption of the supply chain, the market trends have failed and especially in the time of Covid-19 the supply chain has been largely damaged from a global perspective (Ijaz et al. 2021)
The current business challenge depicts the lack of fulfilment of the market trends by the managers and this can happen due to the lack of supply and this has been affected by Covid-19.
S5:
- The competition of the organization in the market is an integral part of the market trend and due to the lack of understanding of the competition, the market trend can be failed
- The lack of digitalization like the lack of use of technology in business such as IoT, AI, and Machine learning becomes the cause of the failure of the market trend (Ma and Sun, 2020)
- Due to the ineffectiveness of the production as well as the lack of proper allocation regarding the production, the organization can face issues regarding the market trend (Muthukrishnan, 2018)
The ineffectiveness of the production, lack of understanding of competition and lack of use of technology become teh barriers to market tend.
S6:
- Market trend majorly indicates the understanding of the preferences of the customers in a region, due to a lack of this understanding the market is not sufficient for an organization (Anshari et al. 2019)
- Cost-effectiveness is a vital part of the market trend of the companies and due to the misuse of cost-effectiveness the organization face challenges regarding market trend (Jakovljevic et al. 2020)
- The lack of proper control of the organization such as the control of the management becomes the other reason for the failure of the market trend
Market trends can be failed due to the lack of proper management, lack of understanding of customer preferences and the lack of use of cost-effectiveness.
Research approach
S7:
- The secondary data collection process has been maintained in this research to represent the “unable to respond to market trends” (Ruggiano and Perry, 2019)
- Most importantly, qualitative data has been collected to state the cause of the failure of the market trends from the global perspective
- In order to collect the secondary, qualitative data journals and websites have been used to present the issues of market trends in a deeper manner
- Inclusion and exclusion criteria have been used for this study (Bartlett et al. 2019)
- At first 45 journals has been selected and through exclusion criteria, 15 has been rejected and 25 journals have been selected for the final presentation of this topic
The secondary, as well as the qualitative data and information, has been collected in order to state this research on this topic. The journals along with the websites have been used to complete this research on this topic. Most importantly, the exclusion, as well as inclusion criteria, has been used for this study. In the first part of this study, 45 journals have been taken and through the use of the exclusion criteria, 15 journals have been removed. Finally, through the inclusion criteria, 25 journals have been selected to process this study on this topic.
S8:
- Interpretivism research philosophy has been used for this study to depict the market trend issues with the stress on the social world (Alharahsheh and Pius, 2020)
- Most importantly, the inductive approach has also been used regarding the unable to respond to market trend
- The use of the inductive approach supports gaining a better conclusion of this topic on a large scale (Linneberg and Korsgaard, 2019)
- On the other hand, the descriptive research design has been utilized to present the data and information in a good manner regarding this topic as it shows the situation of the market regarding the failure of the trends from the perspective of the companies (Cr, 2020)
Interpretivism philosophy has been utilized to present the issues of the market trend from a global point of view. On the other hand, the inductive approach has been utilised to get a logical conclusion regarding this research. Descriptive research design supports presenting the situation of the market trend from the business perspective of the organizations.
Finding and analysis
S9:
- The finding part depicts the incapability to fulfil the market trend from the global business perspective of the companies (Ballinger et al. 2019)
- The supply chain plays an integral role in the maintenance of the market trend of the companies in the several markets
- The major issues of the supply chain have been faced by the companies due to the effect of Covid-19 and this damaged the market trends on a large scale
- Due to the insufficiencies of the supply of the products, as well as the raw materials along with the other essential materials the companies are not able to respond to the market trends in a good manner (Garin et al. 2019)
- The finding of this topic implies the role of competition which is the other vital part of the maintenance of the market trends
The findings of this study depict the incapability to the meeting of the market trend and it also implies the insufficiencies of the supply chain this happened due to the advent of Covid-19 and the business of the organization has been hampered. Competition is a vital part of the marketing of the business and it is important to mountain teh competition among the companies which boosts the segmentation of the market trend on a large scale.
S10:
- Digitalization is too vital for the maintenance of the market trend by the management of the organization with the use of AI, IoT as well as machine learning (Cioffi et al. 2020)
- Due to the lack of use of all these tools the digitalization of the business is not possible and it directly hit the market trend in a negative way
- Demand is a vital factor of the market trend and the business manager is responsible to make a better understanding of the demand of the market, without this it is not possible for marketers to meet the market trend (Baptista et al. 2018)
- The lack of resources is the other reason for the incapability of the fulfilment of the market trend of an organization
The marketers of the porganization ahs to give stress the demand otherwise the market trend can be failed. The insufficiencies of the resources are the other cause for not meeting the market trend in business. On the other hand, the lack of the use of digitalization is the other issue which has been affected by the management of the organization and it affects the trend of the market.
Discussion
S11:
- The customers are one of the major components regarding the maintenance of the market trend and without an understanding of the need and preferences of customers the market trend cannot be followed (Hsu et al. 2019)
- Allocation, as well as production, is the other vital factor regarding market trends without sufficient production it is not possible for the management of the organization to maintain the market trend
- After the Covid-19 pandemic, the preferences of customers has been changed and that give a negative impact on the market trend (Bhatti et al. 2020)
- The less control over the management of the organization is the other reason for the failure of the trends in the market
Covid-19 hamper brings huge changes in the tastes of customers regarding several products and this brings a negative impact on market trends. Due to the changes in the preferences of the customers, marketers face difficulties to meet the trends in the market. The lack of production of the goods becomes a barrier in the case of the market trend. Due to the lack of managerial control, the market trend has not been met by the marketers and it affects the business f the organization.
S12:
- The lack of a proper plan regarding cost-effectiveness can hamper the market trend on a large scale
- The current condition of the market is vital for the market trend and the marketers have to gather data regarding the present condition of the market trend otherwise the business of the organization can be failed (Mourtzis, 2020)
- Externalities play an integral role in the case of the maintenance of the market trend from the perspective of the organisation from a global point of view.
- Sometimes marketers do not give stress much to the externalities and for that, the market trend has suffered and give a negative impact on the business (Pan et al. 2021)
Cost-effectiveness plays an integral role in the market trend and the lack of this the business has been affected. On the other hand, due to the lack of collection of proper data regarding the market marketers cannot properly follow the trends of the market. Due to the lack of awareness of the externalities, the markers cannot cope with tthe market trend and that is why the business of the organization gains a negative impact.
Recommendation
S13:
- Regarding the mitigation of the issues in marketing trends, it can be recommended that the activation of the employees become a vital concern for the marketers
- On the other hand, it is necessary for marketers to give stress the “story-driven content visualisation” at the time of marketing the goods of an organization and it can enhance the effectiveness of the market trend (Bhavsar, 2022)
- In this regard, it can be recommended that the markets must be aware of the choices as well as the preferences of the customers in several markets and through that, it is possible to maintain the market trend
- It is vital to use digitalization in order to mitigate the issues in market trends with the implementation of the IoT, VR, AR, AI, as well as 3D immersive ( Businessnewsdaily, 2022)
In order to solve the issues of market trends it can be recommended that the use of digitalization such as IoT, VR, AR, AI, as well as 3D immersive has to be prioritized. It is important for marketers to use “story-driven content visualisation” while marketing the products. It is vital to make a better understanding of the changes in the preferences of consumers in several markets.
S14:
- In the case of the incapability to respond to the market trend, it can be recommended that the communication has to be enhanced by the marketers and it majorly suggests the conversational marketing process
- Customers in several markets prefer to talk with a person who welly knows the details of the products of a specific company which is why it is vital to boost the process of conversational marketing (Lies, 2019)
- In this regard, it can also be recommended that the marketers have to give stress the “strategic marketing transformation” in order to mitigate the risk regarding the market trend with the utilization of innovative as well as the latest technology (Marketinginsidergroup, 2022)
- On the other hand, it can also be recommended that the markets have to push notifications more so that the customers can be more aware of the usefulness of the products or goods of the organization
Communication plays an integral role in order to maintain the market trend in a good condition. In this regard, it can be recommended that marketers must give stress the conversational marketing process. On the other hand, the use of “strategic marketing transformation” is vital for marketers which support the utilization of updated technology on a large scale. In this regard, it can also be recommended that marketers have to push notifications more to the customer. Through this process, the customers of a specific organization can be more aware of the details of the products on a large scale and that supports boosting the sales of the organization.
Conclusion
S15:
- Throughout this discussion, it is clear that the markets of the companies have to look after more on the market trend more as the business of the organization strongly depends on the market trend
- In order to continue the business of the organisation the marketers have to face several issues regarding the trends of the market
- Through this study, it can be known that there is a huge importance of the use n of technology such as VR, AR, AI and IoT for the development of the market trend of the orgnaization
- Most importantly, communication is an integral part of the market trend and for that, the marketers of the organization must give stress conversational marketing to mitigate the issues regarding the trends of the market
- The preferences of the customer become too vital in order to maintain the trend of the market regarding the business
From the above discussion, it is clear that the market trends of the organization have faced several issues while implementing this by the markets. There is a large essentiality of the use of innovative as well as the latest technology which support to bring the development of the organisation and its development of the market trend.
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