Technological forecasting is defined as the process of predicting the future characteristics and timing of technology. Accurate forecasting by marketing managers is an imperative task which includes constructing the elements of the marketing mix to adapt to the preferences and needs of the target market and the larger context provided by macro-environmental forces and trends. Technological forecasting is a continuous operation for marketing management and many factors influence the progress and direction of technology. A successful organization will not only understand the elements, but also anticipate the changing factors and plan for ways to gain from the changes. “Accurate forecasts are essential to the efficient management of current operations, assessing new market opportunities, and evaluating the effectiveness of ongoing marketing programs.” (Finch, 20112)
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