Case Study of Music Industry Employing Forecasting Only
Discussion will surround the foundational knowledge of the eight-step scenario planning process. This will be followed by an example of an organization that only employed forecasting methods and ended up being disrupted by technology which, interestingly, initially was a mutually beneficial partnership. Lastly, the discussion will touch on the author's rationale for the future use of the eight-step scenario planning process in future innovation ventures. Scenario-type Planning Scenario planning is made up of numerous scenarios, which potential substitute prospects may occur based on today's decisions. Typically, two to five scenarios containing adequate detail to determine the probability of success or failure of distinct strategic choices will suffice. The scenario's aim is an important aspect that must be considered and customization to a specific context. The scenario planning process is a systematic eight-step process consisting of 1. Issue focus, 2. Key fact
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