Business Deals With Uncertainty as the Only Certainty

The video discusses two main types of uncertainty: demand and technological. It explains how different industries are affected by these uncertainties, using a quadrant model to map them. Industries like precious metals and utilities have low uncertainty, while software and medical equipment face high uncertainty. The importance of innovation in high uncertainty industries is emphasized. The video also touches on the role of social media and technology trends, highlighting the need for companies to adapt to these changes.

What are the two main types of uncertainty discussed in the video?

• Market and Financial

• Demand and Technological

• Operational and Strategic

• Environmental and Political

Which industry is considered to have low uncertainty due to stable demand and technology?

• Insurance

• Precious Metals

• Software

• Retail

How does technological uncertainty affect the insurance industry?

• It has no significant impact.

• It is influenced by big data and analytics.

• It requires constant innovation in product design.

• It leads to unpredictable demand.

Which quadrant includes industries like software and medical equipment?

• Lower right hand quadrant

• Upper right hand quadrant

• Lower left hand quadrant

• Upper left hand quadrant

What is a key requirement for industries with high uncertainty in both demand and technology?

• Strong marketing strategies

• Stable supply chains

• Cost-cutting measures

• Innovation and management skills