The First Step in the Forecasting Game Plan Is to Project

question 27

Essay

The first step in the forecasting game plan is to project sales and other other operating activities.Sales numbers are determined by both a volume component and price component.Projecting prices depends on factors specific to the firm and its industry that might affect demand and price elasticity.For the following types of firms discuss whether it would be likely that the firm would be able to raise future prices:
a.A firm in a capital-intensive industry that is expected to operate near capacity for the near future.
b.A firm in an industry that is expected to experience numerous technological improvements.
c.A firm with products which are transitioning from the growth to maturity phase of the product life cycle.
d.A firm that has established a well known brand name and image.

Identify the principles of scientific management ("Taylorism") and its focus on efficiency.

Comprehend individual and team-based performance pay plans and their effectiveness.

Recognize job design strategies (job rotation, enlargement, enrichment) for enhancing work satisfaction and performance.

Understand psychological empowerment and its components (meaningfulness, self-determination, competence, impact).

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Definitions:

Profit-Making

The act or process of generating revenue in excess of costs, leading to financial gains for individuals or organizations.

Armed Conflicts

Situations where two or more groups, including nations or factions within a nation, engage in military combat against each other.

Social Insurance

Government-sponsored programs that provide financial protection to individuals against economic risks (e.g., unemployment, disability, old age).

National Health Insurance

A system of insurance that guarantees health care coverage to all residents of a country, typically funded by taxes.