Question

In our course, a business strategy is the integrated market and nonmarket strategies of a firm. Explain the different approaches used by managers to address nonmarket issues.

Answer 1

9. Business strategy is the integrated market and non-market strategies of a firm. It means business strategy affects the market system and the non-market strategies with the help of various factors affecting the organisation and the business environment.
The success of any business organisation totally depends on the perfect and specific business strategies so the concept is related to the perfect strategies in the market for the increase of the profit.
Different approaches used by the manager to address non-market issues are.
Demographic changes
Macroeconomic policies
Income distribution
Global warming
The demographic changes mean the changes of the quality of population in the environment and it affects the marketing strategies because the policy and the system of marketing strategies or totally dependent on the quality population of the economy and this is the only reason why people are thinking of making their decisions according to the latest trend and therefore all the organisations are considering the factors related to to the marketing strategies based on the consumers.
Various Macro Economic policies are also affecting the non-market strategies because macroeconomic policies include the rate of employment and the rate of unemployment which is a very essential factor for the establishment of the policies.
The effect of income distribution is also important for non-market strategies because the conjunction power totally depends on the income of the consumer and this is the only reason this non-market factor plays an important role in the market.
The concept of global warming is also a non-market factor which affects the strategies of the organisation in the establishment of a strong base for the market establishment.