Scanning the periphery (business environment)

Citation

(2006), "Scanning the periphery (business environment)", Strategic Direction, Vol. 22 No. 4. https://doi.org/10.1108/sd.2006.05622dad.003

Scanning the periphery (business environment)

Scanning the periphery (business environment)

Day G.S., Schoemaker P.J.H. Harvard Business Review (USA), Nov 2005, Vol 83, No 11 Start page: 135 No of pages: 12

Purpose – to explain how companies can identify changes in their business environment as they emerge, in time to develop a response to potential threats and opportunities that may be important in the future. Design/methodology/approach – observes that some well-known companies have suffered significant loss of market share because they were unaware of the challenge represented by emerging competitors, products or technologies. Adds that many managers believe that their peripheral vision will need to be better in the future than their current capability permits. Presents a series of questions about the past, present and future that are intended to allow managers to identify blind spots in company or industry perceptions and draw on lessons from other industries. Provides a list of ways that companies can focus attention on peripheral issues and create accountability: assign responsibility to an existing functional group; mobilize ad hoc issue groups; create a high-level lookout; start new initiatives; invest in start-up ventures; or outsource the responsibility for peripheral vision to consultants. Practical implications – includes a “strategic eye exam” quiz that can be administered to each member of an organization’s senior management team to assess the need and capability for peripheral vision. Originality/value – concludes that organizations with good peripheral vision can gain advantages over their rivals if they are more responsive to change.Style: General reviewISSN: 0017-8012Reference: 34AZ003

Keywords: Business environment, Corporate strategy, Perception, Risk management