WEEK-4-BME Reading an uncertain futures.

Define key terms related to environmental scanning and strategic foresight.
Understand how uncertainty impacts strategy formulation.
Develop an approach to creating an information strategy.
Explore strategic planning in industries with high uncertainty and rapid change.
Identify and classify potential risks when launching a new business. Reading the Environment:

The process of gathering information about external factors that influence an organization, such as economic, social, technological, and environmental trends.
Scanning:

A broader, ongoing process of gathering data from various sources to identify emerging trends and issues that may impact an organization.

1. Reading an uncertain future Prepared by: Trisha Jhoy M. Almario , LPT

2. LEARNING OBJECTIVES: Define key terms related to environmental scanning and strategic foresight. Understand how uncertainty impacts strategy formulation. Develop an approach to creating an information strategy. Explore strategic planning in industries with high uncertainty and rapid change. Identify and classify potential risks when launching a new business.

3. ACTIVITY

4. Foresight monitoring scale balancing trends planning prediction brainstorming

5. Key Terminology in Strategic Planning Reading the Environment: The process of gathering information about external factors that influence an organization, such as economic, social, technological, and environmental trends. Scanning: A broader, ongoing process of gathering data from various sources to identify emerging trends and issues that may impact an organization.

6. Key Terminology in Strategic Planning Monitoring: The systematic tracking of specific indicators or trends over time to assess their development and potential impact. Prediction: Estimating future events based on current and historical data, often relying on trends and patterns.

7. Key Terminology in Strategic Planning Foresight: A structured and systematic way of exploring potential futures to anticipate change and prepare for various possibilities. Forecasting: The process of making informed estimations about future trends based on quantitative or qualitative data analysis.

8. Key Terminology in Strategic Planning Assessing: Evaluating available information to determine potential impacts, risks, or opportunities related to strategic objectives. Uncertainty: The lack of complete knowledge about the future, making it difficult to predict specific outcomes with certainty.

9. Key Terminology in Strategic Planning Risk: The potential for loss or adverse outcomes resulting from uncertainty, which can be managed through mitigation strategies. Scenario Building: The process of creating hypothetical but plausible situations based on various assumptions to explore different future possibilities.

10. Key Terminology in Strategic Planning Scenario Planning: A strategic tool that uses scenario building to develop flexible long-term strategies by preparing for different potential futures.

11. The Impact of Uncertainty on Strategy Making Lack of certain knowledge about the future influences strategy by: Reducing precision in planning : Without certainty, strategies must be flexible rather than rigid. Encouraging adaptability : Organizations must adopt agile approaches to respond to changes dynamically. Forcing risk management : Companies must identify and mitigate risks instead of assuming predictable outcomes. Driving innovation : Uncertainty can create opportunities for new ideas and adaptive business models. Increasing reliance on data : More emphasis is placed on gathering and analyzing data to make informed decisions.

12. Developing an Information Strategy: Steps to Establishing an Information Strategy: 1. Identify Strategic Objectives: Understand what the organization aims to achieve in the long run. 2. Determine Information Needs: Identify the types of data required (market trends, customer insights, competitor analysis). 3. Sources of Information: Internal reports, industry publications, government reports, social media, and analytics tools. 4. Analysis and Interpretation: Convert raw data into actionable insights through analysis and reporting. 5. Integration into Decision-Making: Ensure insights are used effectively in strategic planning processes.

13. Identifying and Classifying Business Risks When launching a new business or business unit, potential risks include: Market Risks: Shifts in consumer preferences, demand fluctuations, or new competitors. Financial Risks: Inadequate funding, fluctuating currency exchange rates, or cost overruns. Operational Risks: Supply chain disruptions, equipment failure, or production inefficiencies. Regulatory Risks: Changes in laws, taxes, or industry regulations. Technological Risks: Rapid obsolescence of technology or cybersecurity threats.

14. DO YOU HAVE ANY QUESTION?

15. Thank you for listening!

16. WEEK 4: SEATWORK # 4 Modified TRUE or FALSE. Write TRUE if the statement is correct if not change the underlined word/s to make the whole statement correct. 1-2. Monitoring involves evaluating information to identify potential risks or opportunities related to strategic goals. 3-4. Scenario building is a process of creating plausible hypothetical situations to explore future possibilities based on assumptions. 5-6. A strategic tool that uses scenario building to develop flexible short-term strategies by preparing for different potential futures.

17. WEEK 4: SEATWORK # 4 ENUMERATION: Give what is being asked. Identifying and Classifying Business Risks 7. 8. 9. 10.

18. False (Monitoring involves systematic tracking of specific indicators or trends, not evaluation of information for risks or opportunities, which is assessing.) True False- long term

19. WEEK 4: ASSESSMENT# 4 Customer Surveys (GROUP Activity): Design a customer survey that gauges interest in your product or service, allowing you to better understand shifting consumer preferences. Example Guide: Demographic Information: Product/Service Interest: Customer Experience & Satisfaction: Price Sensitivity: Market Trends & Future Intentions: Closing Questions: Create a Mix of Question Types: Multiple-choice or rating scale questions for easy analysis. Open-ended questions for detailed insights. Demographic questions (age, location, etc.) to help segment responses.

20. REFLECTION: How will I maintain an ongoing relationship with respondents, ensuring they feel heard and appreciated after completing the survey? How did I ensure that the survey fosters trust with customers and shows that their feedback is valued?

21. WEEK 4: ENRICHMENT # 4 Scanning the Market for Emerging Trends Create an infographic showing how organizations scan the market for new trends. Include data sources like news outlets, social media, industry reports, and customer feedback.

22. Reference: Giddens, A. (1990). The Consequences of Modernity. Cambridge: Polity Press.