An Exploratory Study on the Success Factors of Corporate Foresight – Based on the Case of Korea Material Companies

Kwon Eun Ju; Park Youngil

doi:doi:10.11648/j.ajmse.20230803.13

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An Exploratory Study on the Success Factors of Corporate Foresight – Based on the Case of Korea Material Companies

Kwon Eun Ju, Park Youngil

Published in American Journal of Management Science and Engineering (Volume 8, Issue 3)

Received: 8 May 2023 Accepted: 9 June 2023 Published: 14 June 2023

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Abstract

This study noted that the importance of systematic foresight activities increases as preparation for the future becomes difficult due to the high volatility of the corporate environment. The concept and characteristics of corporate foresight were analyzed, and significant issues arising from corporate foresight were derived through case analysis. Corporate foresight, referred to here, can be defined as a series of activities that predict an uncertain future at the corporate level to secure the ability to respond by detecting changes early. The study found that factors such as management commitment, organizational capabilities, and organizational culture influence the practice of corporate foresight. Also, the study confirmed that corporate foresight could generate meaningful results only when actively promoted based on management's understanding of future predictions. Rather than the accuracy of foresight, forming consensus inside and outside the organization and securing the validity of the future prepared by the company through the process of recognition, prediction, and probing of change was meaningful. Corporate foresight is a practice to increase revenue and improve intangible capabilities such as organizational culture and research and development capabilities. Notably, this study analyzed the characteristics and significant considerations of corporate foresight through the case of domestic companies in an environment where corporate foresight is often carried out confidentially, internally, and rarely systematically.

Published in	American Journal of Management Science and Engineering (Volume 8, Issue 3)
DOI	10.11648/j.ajmse.20230803.13
Page(s)	78-83
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Case Study, Corporate Foresight, Corporate Strategy

References

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Kwon Eun Ju, Park Youngil. (2023). An Exploratory Study on the Success Factors of Corporate Foresight – Based on the Case of Korea Material Companies. American Journal of Management Science and Engineering, 8(3), 78-83. https://doi.org/10.11648/j.ajmse.20230803.13

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ACS Style

Kwon Eun Ju; Park Youngil. An Exploratory Study on the Success Factors of Corporate Foresight – Based on the Case of Korea Material Companies. Am. J. Manag. Sci. Eng. 2023, 8(3), 78-83. doi: 10.11648/j.ajmse.20230803.13

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AMA Style

Kwon Eun Ju, Park Youngil. An Exploratory Study on the Success Factors of Corporate Foresight – Based on the Case of Korea Material Companies. Am J Manag Sci Eng. 2023;8(3):78-83. doi: 10.11648/j.ajmse.20230803.13

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@article{10.11648/j.ajmse.20230803.13,
  author = {Kwon Eun Ju and Park Youngil},
  title = {An Exploratory Study on the Success Factors of Corporate Foresight – Based on the Case of Korea Material Companies},
  journal = {American Journal of Management Science and Engineering},
  volume = {8},
  number = {3},
  pages = {78-83},
  doi = {10.11648/j.ajmse.20230803.13},
  url = {https://doi.org/10.11648/j.ajmse.20230803.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajmse.20230803.13},
  abstract = {This study noted that the importance of systematic foresight activities increases as preparation for the future becomes difficult due to the high volatility of the corporate environment. The concept and characteristics of corporate foresight were analyzed, and significant issues arising from corporate foresight were derived through case analysis. Corporate foresight, referred to here, can be defined as a series of activities that predict an uncertain future at the corporate level to secure the ability to respond by detecting changes early. The study found that factors such as management commitment, organizational capabilities, and organizational culture influence the practice of corporate foresight. Also, the study confirmed that corporate foresight could generate meaningful results only when actively promoted based on management's understanding of future predictions. Rather than the accuracy of foresight, forming consensus inside and outside the organization and securing the validity of the future prepared by the company through the process of recognition, prediction, and probing of change was meaningful. Corporate foresight is a practice to increase revenue and improve intangible capabilities such as organizational culture and research and development capabilities. Notably, this study analyzed the characteristics and significant considerations of corporate foresight through the case of domestic companies in an environment where corporate foresight is often carried out confidentially, internally, and rarely systematically.},
 year = {2023}
}

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TY  - JOUR
T1  - An Exploratory Study on the Success Factors of Corporate Foresight – Based on the Case of Korea Material Companies
AU  - Kwon Eun Ju
AU  - Park Youngil
Y1  - 2023/06/14
PY  - 2023
N1  - https://doi.org/10.11648/j.ajmse.20230803.13
DO  - 10.11648/j.ajmse.20230803.13
T2  - American Journal of Management Science and Engineering
JF  - American Journal of Management Science and Engineering
JO  - American Journal of Management Science and Engineering
SP  - 78
EP  - 83
PB  - Science Publishing Group
SN  - 2575-1379
UR  - https://doi.org/10.11648/j.ajmse.20230803.13
AB  - This study noted that the importance of systematic foresight activities increases as preparation for the future becomes difficult due to the high volatility of the corporate environment. The concept and characteristics of corporate foresight were analyzed, and significant issues arising from corporate foresight were derived through case analysis. Corporate foresight, referred to here, can be defined as a series of activities that predict an uncertain future at the corporate level to secure the ability to respond by detecting changes early. The study found that factors such as management commitment, organizational capabilities, and organizational culture influence the practice of corporate foresight. Also, the study confirmed that corporate foresight could generate meaningful results only when actively promoted based on management's understanding of future predictions. Rather than the accuracy of foresight, forming consensus inside and outside the organization and securing the validity of the future prepared by the company through the process of recognition, prediction, and probing of change was meaningful. Corporate foresight is a practice to increase revenue and improve intangible capabilities such as organizational culture and research and development capabilities. Notably, this study analyzed the characteristics and significant considerations of corporate foresight through the case of domestic companies in an environment where corporate foresight is often carried out confidentially, internally, and rarely systematically.
VL  - 8
IS  - 3
ER  -

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Author Information

Kwon Eun Ju

Department of Convergence Contents, Ewha Womans University, Seoul, South Korea
Park Youngil

Department of Convergence Contents, Ewha Womans University, Seoul, South Korea

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Plain Text BibTeX RIS

APA Style

Kwon Eun Ju, Park Youngil. (2023). An Exploratory Study on the Success Factors of Corporate Foresight – Based on the Case of Korea Material Companies. American Journal of Management Science and Engineering, 8(3), 78-83. https://doi.org/10.11648/j.ajmse.20230803.13

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ACS Style

Kwon Eun Ju; Park Youngil. An Exploratory Study on the Success Factors of Corporate Foresight – Based on the Case of Korea Material Companies. Am. J. Manag. Sci. Eng. 2023, 8(3), 78-83. doi: 10.11648/j.ajmse.20230803.13

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AMA Style

Kwon Eun Ju, Park Youngil. An Exploratory Study on the Success Factors of Corporate Foresight – Based on the Case of Korea Material Companies. Am J Manag Sci Eng. 2023;8(3):78-83. doi: 10.11648/j.ajmse.20230803.13

Copy | Download

@article{10.11648/j.ajmse.20230803.13,
  author = {Kwon Eun Ju and Park Youngil},
  title = {An Exploratory Study on the Success Factors of Corporate Foresight – Based on the Case of Korea Material Companies},
  journal = {American Journal of Management Science and Engineering},
  volume = {8},
  number = {3},
  pages = {78-83},
  doi = {10.11648/j.ajmse.20230803.13},
  url = {https://doi.org/10.11648/j.ajmse.20230803.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajmse.20230803.13},
  abstract = {This study noted that the importance of systematic foresight activities increases as preparation for the future becomes difficult due to the high volatility of the corporate environment. The concept and characteristics of corporate foresight were analyzed, and significant issues arising from corporate foresight were derived through case analysis. Corporate foresight, referred to here, can be defined as a series of activities that predict an uncertain future at the corporate level to secure the ability to respond by detecting changes early. The study found that factors such as management commitment, organizational capabilities, and organizational culture influence the practice of corporate foresight. Also, the study confirmed that corporate foresight could generate meaningful results only when actively promoted based on management's understanding of future predictions. Rather than the accuracy of foresight, forming consensus inside and outside the organization and securing the validity of the future prepared by the company through the process of recognition, prediction, and probing of change was meaningful. Corporate foresight is a practice to increase revenue and improve intangible capabilities such as organizational culture and research and development capabilities. Notably, this study analyzed the characteristics and significant considerations of corporate foresight through the case of domestic companies in an environment where corporate foresight is often carried out confidentially, internally, and rarely systematically.},
 year = {2023}
}

Copy | Download

TY  - JOUR
T1  - An Exploratory Study on the Success Factors of Corporate Foresight – Based on the Case of Korea Material Companies
AU  - Kwon Eun Ju
AU  - Park Youngil
Y1  - 2023/06/14
PY  - 2023
N1  - https://doi.org/10.11648/j.ajmse.20230803.13
DO  - 10.11648/j.ajmse.20230803.13
T2  - American Journal of Management Science and Engineering
JF  - American Journal of Management Science and Engineering
JO  - American Journal of Management Science and Engineering
SP  - 78
EP  - 83
PB  - Science Publishing Group
SN  - 2575-1379
UR  - https://doi.org/10.11648/j.ajmse.20230803.13
AB  - This study noted that the importance of systematic foresight activities increases as preparation for the future becomes difficult due to the high volatility of the corporate environment. The concept and characteristics of corporate foresight were analyzed, and significant issues arising from corporate foresight were derived through case analysis. Corporate foresight, referred to here, can be defined as a series of activities that predict an uncertain future at the corporate level to secure the ability to respond by detecting changes early. The study found that factors such as management commitment, organizational capabilities, and organizational culture influence the practice of corporate foresight. Also, the study confirmed that corporate foresight could generate meaningful results only when actively promoted based on management's understanding of future predictions. Rather than the accuracy of foresight, forming consensus inside and outside the organization and securing the validity of the future prepared by the company through the process of recognition, prediction, and probing of change was meaningful. Corporate foresight is a practice to increase revenue and improve intangible capabilities such as organizational culture and research and development capabilities. Notably, this study analyzed the characteristics and significant considerations of corporate foresight through the case of domestic companies in an environment where corporate foresight is often carried out confidentially, internally, and rarely systematically.
VL  - 8
IS  - 3
ER  -

Copy | Download