Several tools and techniques can assist in early detection:
SWOT Analysis: Identifying strengths, weaknesses, opportunities, and threats helps in strategic planning. Pestle Analysis: Examining the political, economic, social, technological, legal, and environmental factors that could impact the business. Trend Analysis: Regularly analyzing market trends can provide a predictive view of the future landscape. Customer Feedback: Gathering and analyzing customer feedback can provide early signals of changing consumer preferences.