Posted in Marketing and Strategy Terms, Total Reads: 595
Definition: Trend Analysis
Trend analysis is the method of collecting data and attempting to spot a pattern in the data for future predictions. Analysis is generally used for predicting future events but can also be used to estimate past data like the two dates in which a king ruled. Trend analysis is used in various fields and areas of studies like project management, statistics etc.
It is also used for future sales predictions. Business data analysts, based on past data of our and other companies, attempt to predict the sales that the company will make in a particular period. It is used for financial and production planning. Trend analysis is also used in stock markets to predict the movement of stocks of a company depending on recent movements and past collaborative data. Trend analysis helps you understand how your business has performed and predict where current business operations and practices will take you. Done well, it will give you ideas about how you might change things to move your business in the right direction.
You can use trend analysis to help improve your business by:
• identifying areas where your business is performing well so you can duplicate success
• identifying areas where your business is underperforming
• Providing evidence to inform your decision making.