Elgar original reference
Edited by Laura Anna Costanzo and Robert Bradley MacKay
Robert Bradley MacKay and Laura A. Costanzo Foresight is a unique and highly valued human capacity that is widely recognized as a major source of wisdom, competitive advantage and cultural renewal within nations and corporations. (Chia 2004: 21) Strategy has traditionally been described as being concerned with the long-term development of the organization (for example, Chandler 1962, p. 13; Andrews 1971, p. 29). This suggests that strategy making is, in essence, a future-oriented process. Many scholars of strategic management seem to concur. In his seminal book on competitive strategy, for instance, Porter oﬀers a set of analytical techniques for predicting the industry’s future evolution (1980, p. xxii). Similarly, in his articulation of a resource-based view of corporate strategy, Barney also identiﬁes the future as an important determinant in building a competitive advantage. For Barney, ﬁrms that wish to generate above-normal returns for the implementation of product market strategies must have more accurate expectations about the future value of acquiring resources from factor markets, which are needed for strategy implementation (1986, p. 1239). Hamel and Prahalad also argue that successful, industry-leading companies compete for the future by identifying tomorrow’s opportunities in the present and developing capabilities to exploit them (1994a, 1994b). If strategy is concerned fundamentally with the future, then it stands to reason that strategic foresight is an essential managerial competency. Indeed, Ahuja et al. argue that all major theories of competitive advantage assume that managers must have some degree of foresight. If they didn’t, the argument follows,...