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Social Forecasting - Relevance in Strategic Planning for Corporate Sector

Business Forecasting based on economic and technological forecasting has lead to serious errors in prediction of future. One of the tools suggested is social forecasting. The use of social forecasting stems from recognition that social pressures are becoming an increasing determinant for the success of any organization in the globalized economy. The various indicators indicate that the society will be experiencing a total change in next few years. Some of these changes have to be anticipated and must be incorporated in any strategic plans of an organization. This paper examines the need for social forecasting and provides frame work for analysis. Important key dimensions for better understanding of social forecasting are discussed.