Entrepreneurs are good at spotting changes in society, and relating them to changing consumer needs that they can fulfill through new products and services. In this module, you reviewed several resources that report on societal trends, including TrendWatching, Mintel, and Business of Fashion. For this assignment, conduct research into current changes in society, and develop ideas for a new business that responds to societal trends. STEP 1 – 300 WORDS TOTAL Read through the resources posted in the module, including “The State of Fashion” and “Five Trends for 2020.” Select one trend that resonates with you, and briefly describe this trend in your own words (150 words). Have you observed this trend in your own environment? Share examples of this trend that you have experienced or noticed (150 words). Include images, if possible, to support your observations. STEP 2 – 200 WORDS Think about how this trend impacts consumers’ lives, needs, and wants. Research how businesses have responded to this trend. Now, develop an idea for a new business that creates a new product, service, or product/service blend to meet these new customer needs. Describe the new business idea by explaining the following: What will be the new product, service, or product/service combination? Athleisure Brand Product In what way does this idea respond to the trend that you described? What types of customers will be attracted by your new business? How will the idea respond to their changing needs? How will you price your products/services? How will you connect with the customer? Please answer the above questions briefly (200 words). Include images to communicate your ideas.
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