I’m of the opinion that there is a continuum between foresight, strategy, innovation and design (in that order).  A recent article on strategy in the McKinsey Quarterly elaborates on this further:

Strategists must take trend analysis seriously. Always look to the edges. How are early adopters and that small cadre of consumers who seem to be ahead of the curve acting? What are small, innovative entrants doing? What technologies under development could change the game? To see which trends really matter, assess their potential impact on the financial position of your company and articulate the decisions you would make differently if that outcome were certain. For example, don’t just stop at an aging population as a trend—work it through to its conclusion. Which consumer behaviors would change? Which particular product lines would be affected? What would be the precise effect on the P&L? And how does that picture line up with today’s investment priorities?

via Have you tested your strategy lately? – McKinsey Quarterly – Strategy – Strategic Thinking. (free registration required)