Markets and Trends

In this lesson, you learn to assess the markets you are operating in. Also, you recognize trends affecting these markets.

Watch the Prezi video above on the steps you need to take to analyse the market situation. Then read the theory part and additional sources according to your own needs and interests.

A market is  “a means by which the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another, either directly or through mediating agents or institutions. It has expanded to include the whole geographical area in which sellers compete with each other for customers.” (Encyclopaedia Britannica 2021.)

A market analysis is needed

  • to identify  the key players in the markets,
    • position of your competition
    • market entry barriers
    • regulatory framework
  • to know your potential customers
    • volume and value
    • segmentation
    • buying behaviour
  • to know what kind of products are preferred by the customers
  • to know the problems with the products you are selling.

Sources for the latest information and data on trends and historical development of markets can be obtained from studies, magazines,  newspapers, journals, company websites, search engines and even from blogs on specific niches.

High-quality and extensive data sources are offered by various country or organization databases such as Statista , Visitory, the World Tourism Organization (UNWTO), Statistics Service Rudolf of Visit Finland , House of Lapland , and Metsähallitus.

Cloudeberries and duckboards
Photo: Outi Kähkönen


Task 1: Read the report Tourism and Nature. Key Market Trends and Important Implications for SMEs  and the  Factsheet prepared by European Tourism Futures Institute (ETFI).

    • Which trends do you recognize in your destination?
    • Do they affect your business? 
    • Have you recognized any other trends?

Task 2:  Analyse your company and fill in your remarks in this SWOT template (pdf file)  online. Save it for yourself (click the arrow down, top right, Save with changes).

Read more about

1. Various strategies

2. Trends and megatrends

In Finnish:


Business Finland 2021. Benchmark Report Developing Finnish Lapland as a year-round travel destination through outdoor activities

Cooper, C., Fletcher, J., Gilberg, D. & Wanhill, S. 1993. Tourism: Principles and Practice. Philadelphia, PA: Trans-Atlantic Publications.

Encyclopaedia Britannica  2021. Market.

Houston, K. 2013. Supply and Demand in Tourism.