Business strategy and forecasting used in companies

Business strategy and forecasting used in companies

This is a paper discussion on Business strategy and forecasting used in companies. The paper is analyzing the steps involved in forecasting from a business perspective.

Business strategy and forecasting used in companies

Please answer each of the 5 questions in 1 page each, accurately and comprehensively. Remember that the paper is analyzing your critical thinking as well.

Firstly, Why is a good strategy so important, especially at high-tech companies? Why is crafting a good strategy so difficult?  Discuss some examples of strategies that have been implemented before by various companies. Were they successful or not? What are some of the pitfalls that a CEO needs to watch out for when crafting and implementing a strategy?

Secondly, choose an industry with a clear leader, then examine the differences between the leader and one or two of the other competitors in the industry. What are the roles of the leader in the organization? How do the strategies differ? What have the leaders done differently?

Thirdly, conduct a research and identify an example of a company that is launching a new product or service. Identify whether the company seems to be emphasizing ways that it has lowered costs (and will compete on the basis of price) or ways that it is adding features (and will compete on the basis of uniqueness). Or, does the company seem to be trying to do both? Are there companies that have used both methods?

Thirdly, explain the forecasting technique or method. Then, describe the steps involved in forecasting.  Give three examples showing why a business needs to forecast. Ensure you provide forecasting in detail while explaining the steps.
Describe the steps involved in forecasting used by current organizations.  Give three examples from your life in which you made a forecast of the future.  Were your correct in your predictions?