“…A number of practices and techniques have equally been suggested as essentials of foresight with notable ones being scenario planning, environmental scanning, technology road mapping, trend analysis, and real options analysis (Boyd and Fulk, 1996;Sarpong, 2011;Schoemaker, 1993;Vecchiato, 2015). Accordingly, these techniques enable firms to reduce the level of uncertainty and improve the ability of perceiving plausible future changes and challenges that can affect the firm or the entire industry (Amer et al, 2013;Chermack, 2005;Chermack et al, 2001;Paliokaitė et al, 2014).…”