Strategic Foresight and Firm Performance: A Review of Literature
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Date
2022
Authors
Said, Abdi Elmi
Kinyua, Godfrey Muigai
Journal Title
Journal ISSN
Volume Title
Publisher
Globeedu Group
Abstract
Firms are always looking for ways to improve their performance. The winning card can be held by those who seek to
innovate, accomplish, and maintain performance. As a result, understanding and evaluating firm performance in a
continually changing environment is crucial. As a result, management teams and scholars have always been
interested in evaluating firm performance. Strategic foresight capability plays a vital role in generating and
developing new ideas, as well as managing future issues, according to the belief that strategic foresight is critical for
survival and success in business. Environmental scanning, strategic selection capability, network ties, and integrating
capability are some of the relevant bits and pieces that can be used to construct a coherent image of the future that
management should identify and pick. Firms typically scan the environment to comprehend external sources of
change and, as a result, design effective actions that will secure or strengthen their future position. The operations in
the Firm that deal with discovering an optimum option for change in the Firm's performance are referred to as
strategic selection. Firms in business-to-business markets must design methods for interacting with both customers
and suppliers inside the business network, and network relationships have major significance for them. Integrating
capability is critical for disseminating, reproducing, and preserving information throughout the organization. The
objective of the study was to look at the influence of strategic foresight on firm performance. A conceptual framework
was created that can be used to evaluate strategic foresight based on strategic orientation. Strategic foresight and
Firm performance are the two constructs.
Description
research article
Keywords
Strategic foresight, firm performance
Citation
Elmi, S. A., & Kinyua, G. M. (2022). Strategic Foresight and Firm Performance: A Review of Literature. The International Journal of Business & Management, 10(5).