Introduction
Global trends refer to the economic forces that shape the operations of businesses across the world. Such trends are directly linked to external factors that significantly impact businesses’ operations in all sectors of the economy. Global trends show how market forces are operating in attaining equilibrium in the demand as supply forces affect the prices of products across industries. The trends develop when a general development or change in a global situation affects many parts of the world. Different industries experience varied impacts whenever a global trend develops. As a company CEO in the technology industry, I would use sources like social media, industry news, and web resources to evaluate competitive advantage and value-creating opportunities.
Discussion
Social media is one of the most relevant sources of information in the modern world. In the 21st century, social media has significantly influenced how individuals communicate or pass information. Such technology has enabled the fast and easy transfer of information to different parts of the world (Wang et al., 2020). The nature of social media has transformed the world into a global community and has made it easy for businesses to be up to date on the current issues happening across the world. Such sources significantly impact social interactions, communication, and financial institutions (Wang et al., 2020). Social media platforms have influenced how individuals perceive and use technology, creating an opportunity to develop and adopt new technologies.
Industry news is also another critical source of information about global trends. Such news focus on the milestones and advancements made in the specific industry (Fedorov & Mikhaleva, 2020). News media focus on the various issues affecting the industry and the globe. Global news channels provide information on the various aspects that affect the globe. Their coverage and reputation in providing current trends make them a critical tool for providing information on the various changes or developments impacting different parts of the world (Fedorov & Mikhaleva, 2020). News companies have links that enable them to get firsthand information on developing issues, making them useful to keep industries informed on the aspects that are likely to influence their operations.
Another source of global trend information is web pages specializing in various global issues. Specialized web pages keep updated information on the developments, like their specialization, as they keep the industries informed on the current developments (Zhu et al., 2020). For example, web pages specializing in technology keep the industry informed on the new or updated technologies and their effectiveness. Such information is critical to industry players as they can use such information to modify their products to meet the identified needs.
Global trends and information play a critical role in the operation of businesses across the world. Organizational managers use such information to develop strategies that would enable them to overcome the challenges linked to the global issue. In such cases, the manager may use the information to develop products that would enable their consumers to deal with the issue. For example, technology industries may use information innovations to develop products that incorporate technology and enhance their well-being.
Conclusion
In conclusion, information on global trends is critical in developing opportunities for organizations to improve their products. Business managers use social media, global news, and web pages to monitor global trends and obtain information on different issues affecting countries. Evaluating such information enables businesses to develop products that would enable them to gain more profits amidst the issues. In addition, they can use such information to add value to their existing products or create opportunities for developing new products. Therefore, as a company CEO in the technology industry, I would use social media, global news providers, and web pages to monitor trends in technology and other global issues and use such information to provide products and services that would enable society to deal with the identified issues.
References
Fedorov, A., & Mikhaleva, G. (2020). Current trends in media and information literacy in research and scientific publications of the early 21st century. International Journal of Media and Information Literacy, 5(2). Web.
Wang, Y., Deng, Q., Rod, M., & Ji, S. (2020). A thematic exploration of social media analytics in marketing research and an agenda for future inquiry. Journal of Strategic Marketing, 1-21. Web.
Zhu, Z., Liu, Y., Kapucu, N., & Peng, Z. (2020). Online media and trust in government during crisis: The moderating role of sense of security. International Journal of Disaster Risk Reduction, 50, 101717. Web.