Abstract
AbstractNonmarket strategy is a term applied to the aspects of business strategy that address relationships that do not unfold within commercial markets but still affect the company’s ability to reach its strategic goals. A company’s nonmarket environment is composed of various entities including regulators, governments, citizens, non-governmental organizations (NGOs), activists, and the media. The nonmarket environment has grown in complexity and importance, including, for example, intellectual property, health and safety, emissions and fuel standards, trade policy, consumer protection, competition policy, and diversity and inclusion. Consequently, “regulatory risk” and “reputational risk” have been ranked as top strategic risks by executives. Hence, this chapter presents the best practices, key pitfalls, tools, and templates for developing and implementing a firm’s nonmarket strategy, including a nonmarket issues lifecycle and a three-step nonmarket strategy decision process.
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