BUSS308: The External Environment and Consumer Sector Trends

This set of vocabulary flashcards covers the shifting consumer sector by 2030, the four potential business scenarios for 2025, and global megatrends identified in the lecture notes.

Megatrends

Large long term global changes that change and shape the future of business, technology and society.

Global Bazaar

A future scenario for $2025$ featuring highly globalised markets with strong international trade and digital innovation.

Cautious Capitalism

A potential scenario for $2025$ where economic growth continues but businesses operate carefully due to regulation and trust issues.

Territorial Dominance

A future business scenario where regional markets become more powerful and global integration weakens.

Regional Marketplace

A potential scenario for $2025$ where regionalisation increases and international businesses face more barriers.

Shifting geographies

A driver of change referring to the changing balance between globalisation and regionalisation, where economic power shifts between global integration and regional markets.

Blurring industry boundaries

A driver of change where technology allows firms to enter new sectors and increasingly compete across industries.

Evolving digital behaviour

A key driver of change highlighting how digital technologies and the internet are transforming consumer behaviour, communication, and business models.

Global middle-class spending by $2030$

An expected trend where spending will almost triple, especially in emerging markets.

Global internet and mobile access by $2030$

A projected trend where around $75\%$ of the world population will have connectivity.

Changing consumer demographics

A major force shaping the consumer sector, including increased urbanisation and aging populations.

Geopolitical shifts

One of the five major forces expected to drive significant changes in the consumer and retail industries by $2030$.

New consumption patterns

A force influencing future market structures and the specific demands consumers have for brands.

Technological advancements

A major force including AI, robotics, virtual reality, autonomous vehicles and quantum computing that changes industry functions.

Structural industry changes

One of the major forces expected to reshape how companies operate and shop in the consumer landscape.

Algorithms

Digital tools already being used to assist people in fields such as stocks and health-related areas.

Automation

A technology trend expected to take over a large part of human interaction in day to day work.

Big data and advanced analytics

Digital technologies that will become central to business operations and marketing strategies by $2030$.