Question
Scenario planning has several practical applications in various industries. It helps businesses visualize the bigger picture, taking into account potential risks and opportunities, making them more proactive rather than reactive to future events. It enhances the capacity to perceive change, interpret and respond to change, influence other actors, and enhance organizational learning. In specific industries, it can be used to forecast potential market trends, anticipate competitor actions, plan for potential regulatory changes, and prepare for possible economic shifts.
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When businesses visualize the bigger picture, taking into consideration potential risks and opportunities, they become more proactive rather than reactive to future events. In fact, a survey of 77 large companies conducted by René Rohrbeck of Aarhus University and Jan Oliver Schwarz of Germany's EBS Business School, discovered that formal "strategic foresight" efforts add great value through an enhanced capacity to perceive change; an enhanced capacity to interpret and respond to change; influence on other actors and an enhanced capacity for organizational learning.
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