TY  - CHAP
AB  - Purpose Firms with market foresight – knowledge of market changes ahead of competitors – can convert that knowledge into creative and timely new product offerings. Based on a discovery-oriented process, working closely with managers throughout the research process, we develop and test a framework delineating market information determinants and new product outcomes of market foresight.Methodology Using data collected primarily from senior executives of industrial manufacturers, the hypotheses were tested using partial least squares.Findings The results indicate that external (active scanning, lead user collaboration, and market experiments) and internal sources (boundary spanner input and interdepartmental connectedness) of market information positively affect market foresight. Further, the effects of active scanning, market experiments, and interdepartmental connectedness on market foresight are positively moderated by the organization’s open-mindedness. These findings also provide evidence that firms with superior market foresight develop more creative products, introduce them to the market faster, and introduce them at a more opportune time.Practical implications Our findings demonstrate that managers’ knowledge of market changes ahead of competitors is enhanced through acquiring both external and internal sources of market information. Furthermore, market foresight is significantly enhanced by managers being open-minded to the information gained from these sources as it may challenge long-held assumptions.Originality/value This chapter introduces a new construct, market foresight capability, to the literature that will aid managers in developing greater insight into emerging shifts in the market. For researchers, this new line of inquiry expands our understanding as to the critical sources and new product outcomes of obtaining future-focused market information.
VL  - 15
SN  - 978-1-78754-828-2, 978-1-78754-829-9/1548-6435
DO  - 10.1108/S1548-643520180000015009
UR  - https://doi.org/10.1108/S1548-643520180000015009
AU  - McCardle Mike
AU  - White J. Chris
AU  - Calantone Roger
PY  - 2018
Y1  - 2018/01/01
TI  - Market Foresight and New Product Outcomes
T2  - Innovation and Strategy
T3  - Review of Marketing Research
PB  - Emerald Publishing Limited
SP  - 169
EP  - 203
Y2  - 2024/05/12
ER  -