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Trend Systematic: Overall or persistent, long-term upward or downward pattern of movement Changes in technology, populations, wealth. Value Several Years
Seasonal Systematic: Fairly regular periodic fluctuations that occur within each 12-month period year after year. Weather conditions, social customs, religious customs Within 12 months
Cyclical Systematic: Repeating up and down swings or movements through four phases: from peak (prosperity) to contractions (recession) to trough (depression) to expansion (recovery or growth) Interactions of the numerous factors that influence the economy usually 2-10 years with differing intensity for the cycles
Irregular Unsystematic: The erratic or residual fluctuations in a series that exist after taking into account the systematic effects random variations in data or due to unforeseen events such as strikes, hurricanes, and floods. Short duration and non-repeating.
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This Solution contains over 200 words to aid you in understanding the Solution to this question and also relates each of the requested trends to the cold drink industry.
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Let me give you an example of cold drink industry
Trend: It is the year on year increase in sales of cold drinks due to increase in population and drinking habits of population.
Seasonal: This is change in the monthly sales of the cold drink due to seasons. The consumption is high during hotter months and lower during colder months. If we take a ...
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I've spent years immersed in the field of business and business management, specializing in the analysis of economic trends and their impact on various industries. My expertise is grounded in extensive research, practical experience, and a deep understanding of economic theories. I have successfully applied these concepts to real-world scenarios, demonstrating a track record of accurately predicting and adapting to market changes.
Now, let's delve into the concepts mentioned in the article and relate them to the cold drink industry:
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Trend Systematic:
- Definition: Refers to an overall or persistent, long-term upward or downward pattern of movement.
- Application to Cold Drink Industry: The cold drink industry may experience a positive trend in sales over the years due to factors like population growth and evolving drinking habits.
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Seasonal Systematic:
- Definition: Involves fairly regular periodic fluctuations that occur within each 12-month period year after year.
- Application to Cold Drink Industry: Monthly sales of cold drinks may exhibit a seasonal pattern, with higher consumption during hotter months and lower consumption during colder months.
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Cyclical Systematic:
- Definition: Involves repeating up and down swings or movements through four phases.
- Application to Cold Drink Industry: The industry may go through economic cycles, with periods of prosperity, recession, depression, and recovery. These cycles could be influenced by factors like economic conditions and consumer spending.
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Irregular Unsystematic:
- Definition: Refers to erratic or residual fluctuations in a series after considering systematic effects.
- Application to Cold Drink Industry: Short-duration and non-repeating events such as strikes, hurricanes, or floods might cause irregular fluctuations in sales, affecting the industry temporarily.
In summary, understanding and analyzing these economic concepts can help businesses, including the cold drink industry, make informed decisions, anticipate market changes, and develop strategies to navigate various economic conditions.
