Strategic foresight in the luxury industry: managerial perspectives

Item Type Journal paper
Abstract Luxury brands position themselves on creating offers created through unique savoir-faire. This positioning is commonly supported by substantial brand heritage. However, the ubiquity of heritage as a guiding compass to developing luxury brands leads to a new paradox: how does the notoriously heritage-conscious luxury industry deal with planning ahead? After all, today's luxury industry is not only an ever changing, ever more competitive environment - it is driven by consumer behaviour following the slightest changes in values and consumer culture. A lack of strategic foresight in such a volatile market might leave prestigious brands stranded missing critical turns of the market. In this study, we explored luxury executives' perceptions on strategic foresight. We identified five central factors that determine the degree of managerial engagement in strategic foresight. Moreover, we found three distinct perspectives based on different business sizes and ownership structures. Finally, we integrated our findings and outline a pragmatic research agenda.
Authors Berghaus, Benjamin; Bossard, Chiara & Baehni, Laure-Line
Journal or Publication Title Luxury Research Journal
Language English
Keywords strategic foresight; luxury; luxury strategy; qualitative research; deliberate strategy; emergent strategy; luxury industry; luxury management; managerial perspective; managerial behaviour; strategy
Subjects business studies
HSG Classification contribution to practical use / society
Refereed Yes
Date 4 June 2015
Publisher Inderscience Enterprises Ltd.
Place of Publication Olney, Bucks, UK
Volume 1
Number 1
Page Range 76-90
Number of Pages 15
ISSN 2041-3831
ISSN-Digital 2041-384X
Publisher DOI https://doi.org/10.1504/LRJ.2015.069827
Depositing User Dr. Benjamin Berghaus
Date Deposited 04 Jun 2015 13:28
Last Modified 20 Jul 2022 17:24
URI: https://www.alexandria.unisg.ch/publications/241423

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Berghaus, Benjamin; Bossard, Chiara & Baehni, Laure-Line (2015) Strategic foresight in the luxury industry: managerial perspectives. Luxury Research Journal, 1 (1). 76-90. ISSN 2041-3831

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https://www.alexandria.unisg.ch/id/eprint/241423
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