Porter (1980) defined a number of “generic strategies” that organisations can use as a way to compete. He suggested that firms should follow one of these strategies and avoid being “stuck in the middle” between different strategies. Was he right? Explain each generic strategy and critically evaluate this statement, using examples and appropriate literature

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Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.