USE ONLY INFORMATION BELOW TO WRITE A PARAGRAPH HAVE 170 WORDS TO ANSWER THIS QUESTION, Conduct an in-depth analysis for Understanding the Demographics, Observing Tastes and Trends, Continue to Innovate Understanding the Demographics The demographics of your customer base is its makeup in tems of age, race, nationality and gender, along with other characteristics that can be statistically measured. While it may be counterproductive to simplify and profile different demographic categories for example, assuming that all women will be interested in wearing high heels you will most probably design a product differently if it's targeted toward men or toward women, or toward customers over 65 versus potential customers under 20. Shifting demographics is a social trend that will undoubtedly affect your business, so stay current on demographic research and keep your offerings relevant. Observing Tastes and Trends Tastes and trends are more fluid social influences than demographics, because they reflect personal preferences, which are more likely to change according to whim. But the seriousness of some trends should not be underestimated. A consumer preference for sustainability in everything from product sourcing to energy efficient manufacturing is a trend that has proven to have staying power and is unlikely to change as environmental awareness continues to grow. It's tricky to change your products to accommodate fleeting trends such as a preference for red shirts over blue ones, but it makes sound business sense to recognize and adapt to longer term trends. Continue to Innovate Regardless of the specifics of the social trends that affect your business, your company will always operate in a changing environment. Even if your business has built its reputation on qualities such as consistency and longevity, your customers may value these qualities differently in social and political climates that are increasingly less predictable. Whether your business changes rapidly in response to social trends or responds to them by cultivating consistency, it is useful to know how social trends are evolving and how you can respond to them with your products and marketing strategies