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2 months ago
Highlight the differences between strategy formulation in the nonmarket environment and in the market environment.
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Business and Its Environment
Edition: 7th
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Strategy formulation in the nonmarket environment differs in a number of ways from its counterpart in the market environment. First, nonmarket issues attract a broader set of participants than those involved in markets. Second, important components of nonmarket strategies are implemented in public view, which requires sensitivity to the concerns of that broader set of participants. Third, the logic of collective and individual nonmarket action is different from the logic of market action. Fourth, in the nonmarket environment issues are not resolved by voluntary agreements as in markets but in most cases by government institutions with the power to set and enforce the rules of the game. In their strategy formulation and implementation, companies and other interests must ensure that their strategies are not only effective but also responsible. In the framework for the analysis of nonmarket issues, nonmarket strategies must be evaluated for responsibility in both the screening and the choice stages.
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