Strategies of prediction are the approaches that a given company uses to assess the future dynamics of future business management within the same field and implement these plans ahead of the competitors (Mills, Bratton, Mills, & Orshaw, 2007). This implies that the business in this context studies the trends in the management systems of companies in this line of business and foresees the possible management practices in the future (Mills, Bratton, Mills, & Orshaw, 2007). This early preparation in the company in a competitive industry gives it the opportunity to prepare; and put in place all the management tools in order to manage the predetermined future business controls (Choudhury, et al. 2014).Therefore, a company that predetermines a managerial future ahead of others can take the lead in the industry and consequently make higher sales and profits (Staw & Kramer, 2002).
Examples of companies that can use the strategies of prediction in a business management approach include those in the Air transport where competition is high and alteration of systems of business very probable (Mills, Bratton, Mills, & Orshaw, 2007). In this case there is the example of Scandinavian Airline System, where the then manager predicted on the future dynamism of the airline services prediction and possibilities prior to the competitors. The company under the leadership of Jan Carlson, became a leader in the industry for several years and the rest, competitors struggled to align their strategies of management in line with the approach the SAS gave to the business. This is a strategy that has seen firms being successful due to the lessons they learn in the leading organization to predict the managerial possibilities in the future (Staw & Kramer, 2002).
Use your promo and get a custom paper on
"Examples of Companies that Use Strategies of Prediction".
Another example involved the changing and developing of managerial skills and practices that are in line with the new ways of thinking or as per the forecasted ways of thinking in the field of business. This is witnessed in the Nova Scotia Power Corporation. This company decided to change the cultural practices within the company, and this was influenced by the possibility that this could create and bring change in the managerial system and mode (Bartels, et al. 2012). This saw the company go miles ahead of the other competing firms within the same industry. All the company did was to alter their activities and programs to go in line with the predetermined culture. A culture defines the extents of sales and the ways in which the customers buy. Though it was kind of a unique approach to the managerial specialties, the company aligned its management systems into the predictions of other companies within the region. This was not inventive but rather innovative in incorporating all these factors of diverse industries into a well-balanced scope to win the industry (Choudhury, et al. 2014).
Within the strategies of prediction, there is a strategy of avoidance following the attempt to implement approaches that are rather considered unsuccessful (Mills, Bratton, Mills, & Orshaw, 2007). The company, therefore, tries to avoid these strategies and either maintain or alter the strategies completely. Under this category, an example included a change strategy in 1985 by Coca-Cola Company to end the production of its Classic Drink and introduce New Coke. Another example includes the Ontario Health Care System, which changed the designed and desired management practices (Bartels, et al. 2012). This strategy also defines the reasons as to why some religious organizations resist change and then strive to survive. This avoidance strategy was also witnessed in MI5, which is a British Security Services, which resisted a plan change majorly, in a way that it was led then. The government was convinced the former deputy secretary general to the state Office as the Director General.
This was unethical according to the members of this security Service unit. The person was an outsider, and they had deemed that the person could not achieve the goals of the institution. Several firms in competing industries have adopt
