How To Think About the Future - Scenario Forecasting

A growing number of businesses use scenario forecasting to look into the future. But forecasting experts say that asking the right questions about the future may be more valuable than finding answers.

If you could see the future, what would it be? Great economic prosperity, another depression, or something in between? What will cause the next radical transformation of society?

An increasing number of business people are using a technique called "scenario forecasting" to think about these questions. They often begin the process with the expectation that they will learn how to look into the future. They soon learn that answering questions about the future isn't nearly as useful as learning how to ask them.

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Strategic Marketing Plan

The information for this article was derived from many sources, including Michael Porter's book Competitive Advantage and the works of Philip Kotler. Concepts addressed include 'generic' strategies and strategies for pricing, distribution, promotion, advertising and market segmentation. Factors such as market penetration, market share, profit margins, budgets, financial analysis, capital investment, government actions, demographic changes, emerging technology and cultural trends are also addressed.

There are two major components to your marketing strategy:

• how your enterprise will address the competitive marketplace
• how you will implement and support your day to day operations.

In today's very competitive marketplace a strategy that insures a consistent approach to offering your product or service in a way that will outsell the competition is critical. However,.........
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The Marketing Mix and 4 Ps

What is marketing? The definition that many marketers learn as they start out in the industry is:

Putting the right product in the right place, at the right price, at the right time.

It’s simple! You just need to create a product that a particularly group of people want, put it on sale some place that those same people visit regularly, and price it at a level which matches the value they feel they get out of it; and do all that at a time they want to buy. Then you’ve got it made!

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Net Present Value - NPV

The difference between the present value of cash inflows and the present value of cash outflows. NPV is used in capital budgeting to analyze the profitability of an investment or project.

NPV analysis is sensitive to the reliability of future cash inflows that an investment or project will yield.

Formula:

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