Business Commons^™

Market Foresight Capability: Determinants And New Product Outcomes, Michael Mccardle

Electronic Theses and Dissertations

To achieve and maintain a superior competitive position, firms must develop market sensing capability-the ability to sense events and trends in markets ahead of competitors (Day 1994a). According to Day, in firms with superior market sensing capability, "the processes for gathering, interpreting, and using market information are more systematic, thoughtful, and anticipatory than in other firms" [emphasis added]. Although Day asserted that market orientation captures the essence of a market sensing capability, researchers have suggested that market orientation, by itself, does not provide the requisite ability to develop competitive advantage because of its focus on detecting rather than anticipating market …