POINTERS TO REVIEW (Trends, Networks and Critical Thinking in the 21st Century)  Intuitive Thinking (System 1)

A. TRENDS AND FADS  Some major forms of heuristics:

 Identifying a Trend and Fad 1. Satisficing (satisfying and sufficing) - when we stop our
 Elements of Trends deliberation when we come to an alternative that is good enough for the
B. UNDERSTANDING LOCAL NETWORKS time being.
 Networks 2. Risk-Aversion - tendency to settle for a sure advantage or gain than
 Intuitive Thinking and Strategic Analysis to take risks
C. GLOBAL NETWORKS 3. Low-Aversion - thinking more weight to disadvantages of action
4. Availability - vivid memory of a related story or experience
 Global Networks
5. Affect - immediate response or negative emotional reaction to some
 Types of Globalization
idea, gut reaction or feeling
 Elements of Globalization 6. Association - what a word or an idea that reminds a person
 Effects of Globalization 7. Simulation - imagining various scenarios like people often imagine
 Labor and Migration how a conversation will go.
***REMINDER: Review the notes, additional reviewer and do some research 8. Similarity - what happened to someone else with who we have
related to each topic. certain similarities will happen to us as well
9. Anchoring and Adjustment - estimates start with one value as the
ADDITIONAL REVIEWER basis
TRENDS AND FADS  Strategic Analysis (System 2)
 BUZZ - when a trend pass through media networks (when a trend can be  Stages of Problem Solving: Identification of the problem,
featured in magazines, tv, social media). obtaining necessary information, production of possible solutions,
 Process of Identifying a Trend: evaluation of such solutions and selection of strategy for
1. Fringe - The business firms and entrepreneur participate to performance
develop a certain trend  Other methods:
2. Trendy - The “most fashion-forward brands and retailers” assess 1. Cost Benefit Analysis (CBA) - the strengths/advantages and
the viability of the concept. Consumer and public awareness of weaknesses/disadvantages are measured in monetary values and costs.
the trend grows. 2. Cost-Effectivess Analysis (CEA) - measure the effectiveness of the
3. Mainstream - The “conservative consumers” join the trend. It product
continue to increase.
 Other elements of Trends: GLOBAL NETWORKS
5. Duration of Time - Trends have longer staying power and enjoy a  Manuel Castells - Global Network theorist who believes that globalization has
longer period of popularity opposed to a fad. led to the erosion of cultural diversity
6. Acceptability - Trends are popularity accepted by many industries and  Other types of Global Networks:
people. 1. Advocacy - share particular values and exchange of information and
7. Cultural Basis - Trends is rooted on the people’s cultural traditions and services (human rights)
values. It has a connection with a society’s culture (Example: Buffet restaurant is 2. Business, trading and commercial - transnational economic,
popular here in the Philippines because Filipinos love to eat). enterprise and innovation networks
8. Transitory increase or decrease - All trends have the potential to 3. Friendship - looks into social communication, interpersonal and
eventually slow down and decline. social support
4. Imperial - usually done by historians who study spatial patterns of
DIFFERENCE BETWEEN
TRENDS AND FADS
TRENDS FADS connections
5. Information - where communication is the primary function
Number of Industries receive popular support from appears in a single industry 6. Knowledge/Intellectual - give importance to the transmission of
Affected consumer and companies
knowledge
Industry Acceptance larger companies tend to wait investing can be risky,
7. Migrant - migrants who left their countries and settled in new
to determine a trend smaller companies often
have the flexibility necessary territories
to promote a faddish item 8. Policy - set of relatively stable relations that are nonhierarchical and
Consumer Adoption items introduced in the market lose the products of false interdependent in nature
and Perception of that have greater consumer advertising 9. Professional - deals with the promotion of the mental and academic
Overall Quality adoption due to their interests
effectiveness 10. Religious - deal with religions practiced
Reason for Rise consumers’ needs emotional need to puchase 11. Terrorist - engaged in organized crimes
Incubation Period and develops slowly increase, decrease and 12. Women - these network focus on women themselves while others
Life Span eventualy die out quickly involve women in networks alongside men
Cultural Roots have cultural roots cross borders easily  3 Elements of Globalization:
 Identifying Emerging Trends: 1. Privatization - policies of the government to transfer government-
1. Documentation - being able to record your observations which you owned corporations and sell them to take control of the private sector.
consider related to any trend (like notebook and pen). 2. Deregulation - streamlining of government’s control over the industry
2. Archive or Memory - used to easily retrieve any documentation you for basic commodities like electricity.
have kept. 3. Liberalization - laws regarding restrictive imporation of products are
3. Analysis - stage where examination and combination happen. modified or totakky abolished.
4. Presentation - representing your findings for easy understanding as
a way of analysis.

UNDERSTANDING LOCAL NETWORKS

 Elements of Networks:
1. Actors (nodes) - composed of humans or nonhumans.
2. Links (ties) - connection among the actors in networks or they define
the relationships (marriage, friendship).
3. Flows - things that are being exchanged (given and received) by the
actors. We are not connected without a reason (exchange of knowledge,
money and values).
 Classification of Networks:
1. Human networks are humans. Nonhuman networks are television or
computers.
2. Social Networks are human networks for when people connect with
one another. Computer network is a group of interconnected computers
exchanging information such as a printer.
 Critical Thinking - form of higher-order thinking consciously controlled
reflective thinking that is focused on deciding what to believe or do.
 Critical Thinking concerned with correct reasoning
 Critical Thinking is important in everyday decision-making
 Critical Thinking as good thinking
 Core Critical Thinking Skills consist of the following cognitive skills:
1. Interpretation - to understand or express the significance of
situations
2. Analysis - to identify inferential relationships among statements or
beliefs.
3. Inference - to identify and gather information to form conclusion.
4. Evaluation - to assess the credibility of information.
5. Explanation - to clearly present the result.
6. Self-regulation - to self-consciously monitor one’s own reasoning. Prepared by: Ms. Melanie B. Sta. Ana
Reference/s:
 Attitude of the Critical Thinker:
1. Truth-seeking - remaining well-informed Biz Journal. (December 20, 1999)."Trend vs. Fad is a marketing question.”
2. Inquisitive - being curious about the things around you Accessed on July 18, 2016.
http://www.bizjournals.com/buffalo/stories/1999/12/20/smallb2.html.
3. Open-minded - being considerate or flexible to views or opinions
4. Analytical - having the disposition to understand complex concepts Supermarketnews.com. (2016). "How to spot difference between fads and trend" Accessed on June 10. 2016.
5. Systematic - being coherent and organized http://supermarketnews.com/blog/how-spot-difference-between- fads-and-trend.
6. Judicious - exercise of good judgment Singh, S.P. (Prof.) & Singhal, Hlmani. 2015. Intuition and Strategic Decision-making-a study of health care
7. Confident in Reasoning - trust in the process and having self- sector in Uttarakhand, India. International Journal of Business Quantitative Economics and Applied
confidence in one’s ability to reason Management Research. Vol 2, Issue 3, August 2015, 56-65. http://ijbemr.com/wp-
content/uploads/2015/09/Intuition.pdf