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Describe the different approaches to integrate market and nonmarket strategies.
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Business and Its Environment
Edition: 7th
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Business and Its Environment
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One approach to developing an integrated strategy is to incorporate nonmarket strategy formulation into the process of developing a market strategy. For example, regulation pertaining to who may provide services, as in telecommunications, could be incorporated into the analysis of the rivalry among incumbent firms and potential new entrants. The drawback to this approach is that the institutions in which regulatory policies are established are quite different from markets, so the nature of the analysis is different. Moreover, in markets only the parties that transact play a role, whereas in nonmarket institutions, a wide range of interests are enfranchised to participate.
Market and nonmarket strategies could also be viewed as separate. Just as market analysis focuses on competitive forces, nonmarket analysis can focus on assessing threats (such as those arising from government, interest groups, and activist pressures) and on unlocking market opportunities. Viewing nonmarket issues as a separate force, however, risks missing the interrelationships between market and nonmarket issues and the complementarities between strategies to address those issues.
The most effective means of integrating market and nonmarket strategies is to incorporate both into the business strategy process. That is, market and nonmarket strategies should be chosen together in addressing forces in the market and nonmarket environments.
The nonmarket strategy component then focuses on specific nonmarket issues that affect market threats and opportunities and on nonmarket actions as complements to market actions.
For some companies such as those in the pharmaceutical industry, integrated market and nonmarket strategies are a conscious part of everyday management. For other companies
Strategy formulation is periodic but nevertheless when market strategies must be developed, nonmarket strategies should be developed at the same time.
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