Strategic forecasting: theoretical development and strategic practice

Abstract

Current changes in business conditions are increasing interest in environmental scanning and external analysis within the area of corporate strategy. Thus, strategic forecasting is gaining prominence. Strategic forecasting can be defined as the area of business economics that deals with the study and the practical application of methods, theories, models and techniques for long-term analysis of the non-proximate environment of the firm with the purpose of conducting strategic change. This article distinguishes strategic forecasting from other analytical approaches and develops its theoretical basis. Finally, challenges in future theoretical development and implications for business economic theory and practices are elaborated.

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