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2 months ago
Explain the different approaches used by managers to address nonmarket issues.
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Business and Its Environment
Edition: 7th
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The effectiveness with which a firm and its managers address nonmarket issues depends on their approach to the nonmarket environment. One approach is to respond to nonmarket issues only when they are strong enough to force the firm to act. A second approach emphasizes limiting the extent of the damage once the firm has been challenged by an issue. A third approach is anticipatory and is intended to prepare the firm to take advantage of opportunities as they arise and address issues before they become problems. A fourth approach is proactive with the firm and its managers not only anticipating nonmarket issues but also acting to affect which issues arise and how they will be framed. This approach recognizes that nonmarket issues and their development are affected by the way business is conducted. The fourth approach is the most effective, but it requires considerable sensitivity to the sources of nonmarket issues and how they progress. A fundamental step in anticipating nonmarket issues is to view the potential issue or business practice from the perspective of others who might be concerned about it.
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