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PSY390 Research Methods

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PSY390 Research Methods

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Course Code: PSY390
University: Singapore University Of Social Sciences

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Country: Singapore

Question:
Talk about how people see business in the past perspective way and not from a future perspective. and how important it is to see business not only in the past but the future too. Then, recommend a product to make the business to have a better growth in a future perspective way.
Answer:

Introduction 
The study is conducted to analyze and discuss the role and significance of future and past perspectives. It discusses how these perspectives are unique to make innovative strategies.
How people see business in the past perspective and not from a future perspective 
It is true that people see business in the only past perspective, they do not think from a future perspective to earn revenue and return. The past perspective is important because it helps in identifying and analyzing the biases of the historians. Thus, the people focus on the past perspective. Past perspective is further needed to resolve and handle the current problems and issues. This perspective is significant to set the good examples on the basis of past experience. On the basis of past perspective, the company can make good and dynamic strategies to attain long term goals and objectives. The company can use past perspective as a leadership tool. By using this perspective, the firm can set new targets and goals which can help in maximizing the profitability and outcomes (Huizingh 2011, 2-9).
Significance of future perspective 
Although, past perspective is unique and effective but still the people need to focus on the future perspective too to build and develop a dynamic image in the minds of the customers. By focusing on the future perspective, the people can hide short term failure to attain long term success and growth. The future perspective is needed to understand and evaluate the links between their own goals and objectives in the present and those of the future. It also helps in understanding and measuring the future risks, challenges and threats of the market. The future risks, hurdles and obstacles can be predicted by analyzing the business from future perspective. Effective and dynamic strategies can be made to stand out against the rivals globally. Future perspective helps in making unique and effective decisions within the organization (Hicks, 2018).  
Recommend a product 
Biscuit is one of the biggest examples that helps in bettering the growth and progress in a future perspective way. Everyone likes to eat biscuit and it is seen that it increases the growth and success of the business from future perspective. Biscuit is one of the biggest and well known snacks used in an average household. There are ample of variety of breads which are famous for breakfast and other meals. Different and tasty biscuits are being produced by the multiple companies to a large extent. It indicates the future progress and success of the company. The biscuits are made from combination of flours, leavening, raw material, water or milk. Wheat biscuit, sweet biscuit, and oats biscuits are popular in today’s era as it shows that it helps in growing the business internationally. It is one of the vital products that help in gaining competitive benefits. The companies who are manufacturing biscuits taking various benefits in today’s competitive market. In this way, it is noted that biscuit product helps in increasing and boosting growth of the business in a future perspective way (Prnewswire, 2018).
Conclusion 
It is concluded that people needs to focus on the both the perspectives future as well as past to compete with rivals and to augment profitability highly.
References 
Hicks.D.W. Teaching for a better world: Learning for sustainability, 2018, Accessed as on 27th November 2018, https://www.citefast.com/styleguide.php?style=Chicago&sec=Newspaper#h1 
Huizingh, Eelko KRE. “Open innovation: State of the art and future perspectives.” Technovation 31, no. 1 (2011): 2-9.
Prnewswire. Biscuits market-Global industry analysis and opportunity assessment 2017-2025, 2018, Accessed as on 27th November 2018, https://www.prnewswire.com/news-releases/biscuits-market—global-industry-analysis-and-opportunity-assessment-2017—2025-300584996.html 

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