The applications of technological forecasting are as follows:
1. It helps the development programs into areas, which could utilize new technology to reduce costs or increase profits.
2. To concentrate on areas in which and where a new demand might exist or a product improvement might be required to protect the market share.
3. For the helping of research and development to meet both short-range and range corporate goals.
4. To help to find out new opportunities and possible competition in the technological arena this might modify corporate goals.
5. To properly canalize and schedule the resources and new technology so that the opportunities can be cashed into manufacturing.
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