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Accurate forecasting of changing elements in the environment is an essential part of strategic management. To aid in the search for future opportunities and constraints, Strategic Managers should take the following steps:
See Figure 5 - 2 that identifies some issues that may have critical impacts on a firms future success.
information.
If the firm can afford the time and expense, it should also gather primary data in such areas as market factors, technological changes, and competitive and supplier strategies.
Techniques available:
Economic forecast: General economic condition, Disposable income, Consumer price index, wages rates, and productivity. Econometric Models: Time series model (trend analysis) and Judgmental opinion). model (sales force estimates & Juries of executives
Social Forecast:
Population, Housing, Social security & Welfare, Health & Nutrition, Education & Training, Income, and Wealth & Expenditures. Political Forecast: The size of Government budget, Tariffs, Tax Rates, Defense spending, the growth of regulatory bodies, the extent of business leaders
Technological Forecast:
Such rapidly developed and revolutionary technological innovations as lasers, nuclear energy, satellites, other
1. The identification of the environmental factors that deserve forecasting such as sales forecast and competitive trends. 2. The selection of reputable, cost efficient forecast sources outside the firm that can expand its forecasting database. 3. The selection of forecasting tasks that are to be done in-house. Begin with less technical methods such as sales force estimates.