Title: Foresight capabilities and SME product/service adaptiveness: the moderating effect of industry dynamism
Authors: Richard B. Nyuur; Ružica Brečić; Pauline Sobiesuo
Addresses: Newcastle Business School, Northumbria University, Newcastle upon Tyne NE1 8ST, UK ' Marketing Department, Faculty of Economics and Business, University of Zagreb, Zagreb, Croatia ' Department of Economics, Faculty of Social Sciences, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana
Abstract: This study empirically examines the impact of 'first-order' foresight capabilities on small and medium enterprise (SME) product/service adaptiveness (PSA). It further tests the moderating effect of environment dynamism (IND) on the associations between these first-order foresight capabilities and SME PSA. The results of the study have endorsed that foresight capabilities, specifically, environmental scanning, developing network ties, analysing, industry dynamics, and planning and visioning all have high level of direct impact on SMEs ability to strategically adapt their products or services to the market and customer needs. However, the results find no support for the interaction effect of industry dynamics on these associations. These findings contribute to the foresight and capabilities literature. Research and practical implications are discussed.
Keywords: Croatia; environmental scanning; foresight capabilities; industry dynamism; network ties; planning; visioning; product-service adaptiveness; small and medium-sized enterprises; SMEs; strategic adaptation.
International Journal of Foresight and Innovation Policy, 2015 Vol.10 No.2/3/4, pp.145 - 164
Received: 01 Aug 2015
Accepted: 07 Oct 2015
Published online: 25 Jan 2016 *